RV Loans and Financing

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There are many types of RV that you can buy: motorhome, pop-up camper, fifth wheel, slide-on camper and travel trailer. There are so many types that they’re classified into three categories: Class A, Class B and Class C.

Just as there are many types of RVs, there are also many loans to accommodate them. Using our SimpleScore methodology, we have invested hours of research and analysis, using expert studies and verified customer reviews to bring you the very best rates that the market has to offer you. These are our top picks for the best RV loans of 2020.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

  • The 5 best personal loan companies of 2020
  • What is an RV loan?
  • How do RV loans work?
  • Types of RV loans
  • Alternative for RV loans
  • How to choose the best RV loan for you
  • RV loans FAQ

The Best RV Loans or 2020

RV loans at a glance

Lender APR range Min. loan Max. loan Key Benefits
USAA Starting at 5.75% $5,000 $35,000 Low interest rates for military households
SunTrust Bank/Truist Starting at 4.25% $5,000 $100,000 Luxury secured loans also available
U.S. Bank Starting at 5.24% $25,000 $150,000 Apply in-person or online for extra convenience
Good Sam Starting at 4.29% $10,000 $2,000,000 Zero Down Program for RVs up to $50,000
Bank of the West/Essex Credit 4.29% – 8.59% $10,000 $2,000,000 Support from Essex Credit for your RV loan

Best for Long-Term Loans- USAA

USAA

You have to be a member of the military, but USAA gives smaller loans perfect for those more affordable purchases.

APR
Starting at 5.75%
Loan Amount
$5K–$35K
Terms
12–180 months
SimpleScore
3.75 / 5.0
close
SimpleScore
USAA
3.75
  • Rates
    N/A
  • Loan size
    1
  • Terms
    5
  • Support
    5
  • Fees
    4
With USAA, your RV loan is both smaller and shorter than most lenders. USAA caps RV loans at just $35,000, and terms range from only one to 15 years. Sign up for auto-pay, and you’ll earn an extra 0.25% discount off your monthly payments. However, USAA has very specific requirements for the payment you will need, so be careful to check the requirements.
Full review

Our Two Cents — USAA doesn't give loans beyond $35,000, so this is not your lender if your tastes run on the more expensive side.

Best Variable-Rate Option – Truist (formerly Suntrust Bank)

Truist

SunTrust is now Truist for RV loans with its unsecured loans provided through LightStream.

APR
Starting at 4.25%
Loan Amount
$5K–$100K
Terms
24–84 months
SimpleScore
3.75 / 5.0
close
SimpleScore
Truist
3.75
  • Rates
    N/A
  • Loan size
    3
  • Terms
    3
  • Support
    4
  • Fees
    5
Both SunTrust Bank and BB&T have merged into Truist for all of your lending needs. The basic unsecured RV loan is provided as a fixed-rate loan by LightStream, and there are no prepayment penalties if you decide to pay off your loan early. There’s also a convenient online application for easy applying, and you can get a 0.25% discount if you sign up for auto-pay.
Full review

Our Two Cents — If you want the finer things in life, Truist also offers luxury RV loans are also available up to $1.5 million with low interest rates.

Best traditional lender – U.S. Bank

U.S Bank

With loans up to $150,000, U.S. Bank makes the RV loan process easier than ever before.

APR
Starting at 5.24%
Loan Amount
$25K–$150K
Terms
12–240 months
SimpleScore
4.2 / 5.0
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SimpleScore
U.S Bank
4.2
  • Rates
    N/A
  • Loan size
    3
  • Terms
    5
  • Support
    5
  • Fees
    4
U.S. Bank isn’t as transparent as other lenders, but a sample loan on the site includes a 5.24% APR for a $25,000 loan with a 48-month term. There’s only a prepayment penalty of 1% if you close your loan within one year; otherwise, there’s no fee. Apply online, by phone or in-person at a branch. There is also a convenient chat feature for speedy service.
Full review

Our Two Cents — If you’re in a hurry, U.S. Bank will hook you up with a same-day decision, so you can get rolling that much faster.

Best for Competitive Rates – Good Sam

Good Same

Good Sam offers some of the best rates on our list for RV loans.

APR
Starting at 4.29%
Loan Amount
$10K–$200K
Terms
48–240 months
SimpleScore
4.2 / 5.0
close
SimpleScore
Good Same
4.2
  • Rates
    5
  • Loan size
    5
  • Terms
    5
  • Support
    3
  • Fees
    3
With terms of up to 20 years you can receive extra savings on Good Sam’s already low rates if you buy an electric RV. However, you will be charged an additional 0.25% for certain model years or face a 0.25% penalty if you use the Zero Down Program for loans between $10,000 - $50,000. Good Sam can give you more than $2,000,000 for your RV loan, but you will have to call for details.
Full review

Our Two Cents — Sign up for the Rate Watch program and let the low rates come to you for an even easier purchasing process.

Best Used RV Option – Bank of the West

Bank of the West

Using Essex Credit for RV loans, Bank of the West offers some of the lowest rates for your RV.

APR
4.29%–8.59%
Loan Amount
$10K–$2M
Terms
48–240 months
SimpleScore
4.8 / 5.0
close
SimpleScore
Bank of the West
4.8
  • Rates
    5
  • Loan size
    5
  • Terms
    5
  • Support
    5
  • Fees
    4
Bank of the West recommends a credit score of 700 or higher to benefit from its many lending solutions. You can use a personal loan if it is under $10,000 for your RV, and Bank of the West partners with Essex Credit for loans up to $2 million. There are no prepayment penalties, and you can receive a 0.25% auto-pay discount off your rate.
Full review

Our Two Cents — You have to come into a branch to finalize the loan, so skip this lender if you’re in a hurry or can’t make it into a branch in-person.

What is an RV loan?

With some RVs running up to $500,000 and more, most people don’t have the tens of thousands of dollars it takes to purchase a recreational vehicle, so they take out an RV loan instead. This is a form of long-term financing that allows you to pay off your RV over a period of time. Your RV loan can be used to buy a motorhome, travel trailer or camper.

How do RV loans work?

When you use an RV loan, you are committing to a long-term installment loan that you will pay off over a set period. Many lenders, such as Bank of the West, recommend a credit score of around 700 to qualify, but your options will vary depending on factors like your credit score, payment history and income. Lenders will also consider the year and make of the RV that you want to buy before making a final decision on loan terms and interest rates.

There are two types of RV loans that you can use: an unsecured RV loan and a secured RV loan.

Unsecured loan

An unsecured loan does not require any collateral for your RV loan. Instead, it relies upon your credit score to determine your interest rate and loan terms. In most cases, you can prequalify online by providing some basic details about the vehicle you are purchasing. You can receive funding as soon as the same day you apply, and you don’t have to worry about losing your RV to the bank if you default on your loan.

Secured loan

A secured loan is the exact opposite, using your new RV as collateral in case you fail to repay your loan. This can be preferable for some borrowers because secured loans usually carry lower rates and better terms. Just don’t default on the loan, or you could lose your new RV.

Alternative for RV loans

If you are not sure that an RV loan is the right fit for you, there are still plenty of alternatives.

  • A personal loan is very similar to an RV loan, but instead of being a specialized loan for just one purpose, it is used for a number of purposes – including your new RV.
  • A vehicle loan is another way to finance an RV if the price is comparable to that of a car.
  • A home equity loan or home equity line of credit (HELOC) is a way for you to use the equity in your home to finance your new RV.
  • Cash is always the preferred way to pay because there’s no interest. It’s always a good idea to save as much money as you can, so you finance the lowest possible amount of money.

How to choose the best RV loan for you

There are many lenders out there who supply RV loans, but you will quickly find that the interest rates and loan terms can vary significantly from one lender to the next. These are some things to consider when it’s time to choose the best RV loan for you.

1. Shop your RV.

Before you can take out a loan, you need to know how much money you need to borrow. Take the time to shop for your options, and when you decide on the RV that you want, you can begin searching for ways to finance it.

2. Decide what kind of loan you want.

Another major factor that will impact your loan is whether you apply for a secured or unsecured loan. If you have fair or poor credit, a secured loan could be easier for you to obtain, because it uses your RV as collateral.

3. Set a budget.

Your loan terms will greatly impact how much you end up paying for your RV loan when it is all said and done. Calculate your budget to see what you can reasonably afford each month for your loan payment. The length of your loan will also determine how much you pay each month because you will have lower payments the longer your loan lasts.

4. Choose your lender.

There are many different types of lenders, like banks, online lenders and credit unions, so we encourage you to take your time to evaluate your options. Eligibility and application requirements can also vary significantly, with some lenders unable to accommodate the higher-priced luxury models.

RV loans FAQ

Why is my credit score important for an RV loan?

Your credit score is one way that lenders can determine the risk of loaning money to you. If you have a high credit score and a clean credit report, a lender is more likely to feel confident in your ability to repay your loan.

Can’t I just use a car loan?

The rules vary here, with some lenders allowing you to use an auto loan for lower-priced RVs. You will not be able to use a car loan for a luxury recreational vehicle, but more modest-priced options may qualify for an auto loan, depending on your lender.

Can I have a co-signer on my RV loan?

Like auto loans, your ability to use a co-signer on your RV loan will depend on your lender. Co-signers are common for larger-sized loans, but you should check the details of your loan before you commit to any agreement.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

Too long, didn’t read?

When you are interested in purchasing a new RV, you will quickly find that the loan terms and even lender availability can vary significantly from one lender to another. However, RV loans give you several options to customize the terms to suit your needs, such as the ability to add a co-signer or use a luxury RV loan. Before you commit to a new RV, be sure to shop these options to see how our top picks can help you purchase the recreational vehicle of your dreams.

Methodology

The SimpleScore is our proprietary scoring metric to compare products and services at The Simple Dollar in a transparent, evidence-based way. Our editorial team identifies five quantifiable aspects to compare for every brand, determines the rating criteria for each aspect score, then averages the five aspect scores to produce a single SimpleScore. For RV loans, we compared interest rates, loan sizes, terms, support and fees for every major lender. Our ratings are meant to be a directional tool to help you in the process of choosing an RV loan provider. Be sure to continue your research and shop around for the best RV loan that fits your specific needs. Learn more about our methodology.

Keep reading

We welcome your feedback on this article and would love to hear about your experience with the RV loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

Ashley Mott
Ashley Mott
Contributor for The Simple Dollar

Ashley Mott is a full-time journalist with over 10 years of experience in small business management. Her work has been featured in USA Today and at Chron.com, The Knot, Yahoo! Finance and the San Francisco Chronicle.

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  • Andrea Perez
    Andrea Perez
    Personal Finance Editor

    Andrea Perez is an editor at The Simple Dollar specializing in personal finance. Prior to that she specialized in digital marketing content for online learning websites. She holds a master’s degree in journalism and media studies from the University of South Florida.