RV Loans and Financing

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RV loans make it possible to own the recreational vehicle of your dreams. To maximize your money, you’ll want to find the best RV loan rates possible based on your credit and the best financing for the shortest time period you can afford.

A camper loan will require an assessment of your debt-to-income ratio and your overall credit score by a lender. Well-qualified buyers will access the best rates and terms, but it isn’t impossible to find RV financing with less-than-perfect credit if you can make down payment or meet other criteria.

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 6 best RV loans of 2020

Lender Min. Loan Max. Loan Terms APR
Good Sam $10,000 $150,000 and up 5 to 20 years 4.39% – 7.69%
SunTrust $57,201 $1.5 million Up to 240 months 3.99% variable, 4.99%-6.50% fixed
Alliant N/A $300,000 120 to 240 months 4.49% – 5.49%
U.S. Bank $5,000 $150,000 Up to 240 months 3.99% variable, 4.99% – 6.50% fixed
USAA $5,000 100% of the cost Up to 240 months 5.75% and up
Bank of the West $10,000 $2 million 48 to 240 months 4.39% – 7.69%

The six best RV loans of 2020

Good Sam: Best high-dollar, long-term loan

Good Sam RV loans feature a clear-cut APR chart for loan terms in increments of 5, 7, 10, 12, 15 and 20 years. Low-dollar, short-term loans have higher rates with a 12-year loan for $14,999 carrying a 7.69% APR. High-dollar shorter-term loans, such as the 5-year option for a $50,000 to $149,999 loan, have the lowest rate at 4.39%. The ability to tap into a lower rate with a wide range of loans makes Good Sam an ideal option when you have a large budget for purchases and a good credit score of 690 or higher.

Alliant: Best early-payoff options

Alliant Credit Union in Illinois provides access to interest rates as low as 4.49% for new RV purchases and refinancing of existing RV loans. With a loan amount up to $300,000 and terms up to 20 years, the credit union makes it possible for eager owners to pay off a loan early without penalty. If you want to double up on payments on any given month, you can apply the extra payment to principal and reduce the interest on your loan. This makes the loan a great option for buyers who finance for a longer term to maintain cash flow but find themselves able to pay more at certain times. Always check with local credit unions regarding RV financing as many provide better terms or other discounts for existing customers.

U.S. Bank: Best traditional lender

U.S. Bank makes it easy for first-time or repeat RV owners to purchase a new motorhome at a competitive rate without financing at the dealership. To obtain the lowest rate of 6.24%, a new RV loan requires a term of 48 months or less and a loan amount higher than $25,000. Buyers must also have a U.S. Bank personal checking or savings account. Want a used camper? You may pay a higher interest rate, but U.S. Bank still offers competitive terms and fast approval for buyers. Loans are available for up to $150,000 and same-day approval is possible.

SunTrust: Best variable-rate option

For buyers who want access to the lowest rates possible, SunTrust offers a variable-rate RV loan with a starting APR of 3.99%. The rate is fixed for the first three years of a 20-year loan then transitions to Wall Street Journal prime rate plus 0.50%. A prepayment penalty of 1.50% applies in the first 12 months. This provides you with two years of lower interest rates with the option to pay off early. However, given the loan requirements of $100,000 to $1.5 million to qualify for the variable rate, only high-income earners will be able to maximize the opportunity if rates swing up. If the gamble is too much, SunTrust also offers fixed-rate loans with APRs as low as 4.99%.

USAA: Best 100% financing loan

Well-qualified buyers with access to USAA — veterans and certain family members of veterans or existing USAA account holders — can access a unique 100% financing opportunity. If you are purchasing an RV valued at the price you are paying, USAA will finance 100% of the cost plus tax, title and license fees. When you are ready to purchase an RV but do not want to reduce cash flow for a large down payment, this option is ideal. USAA smallest loan term is for 12-72 months on $5,000 and up and the largest is 20 years for amounts of $100,000 and above.

Bank of the West: Best used RV option

Not every RV owner needs to buy new. If you’re contemplating buying used but want to keep your options open, Bank of the West and its loan originator, Essex Credit, offers financing for a variety of new and used motor homes, including truck campers, travel trailers and fifth wheels. Bank of the West RV financing is for RVs made in 2008 and later so you can purchase a 10-year old unit for big savings and still obtain financing. Limits will apply, however: mileage is limited to 60,000 for gas engines and 100,000 for diesel, and an RV inspection is required on certain loan amounts based on the age of the RV.

What is an RV loan?

A recreational vehicle loan finances the purchase of a RV or camper for a set period of years. Most RV loans require a minimum credit score of 690, a competitive debt-to-income ratio of less than 40%, and a solid credit history. Depending on the dollar amount of your camper purchase and its age, your lender may offer financing terms up to 20 years with 20-year loans generally accommodating the most expensive purchases. If you are purchasing a used RV, prepare for a pre-purchase inspection for the lender to verify conditions as RVs are used as collateral for the loans.

How should I choose the right RV loan?

The right RV loan for you will be based on a variety of factors with cost being a primary consideration. Many lenders who offer RV loans accommodate the price ranges of most consumer models, but luxury RV enthusiasts will find their options more limited. Likewise, if you want to purchase used, the number of loan options diminishes. When you do have access to multiple lenders, look for a competitive APR and loan terms that will not penalize you for early payoff. Choose a loan period where you can easily make your monthly payments, but avoid spreading payments out too far to save on long-term interest costs.

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 bottom line

When you’re ready to take the plunge into RV ownership, visit the websites of your favorite lenders and use free tools to review your loan options. A basic loan calculator with compound interest capabilities can help you review potential monthly payments at different interest rates and show you the cost of the loan with different financing periods, such as 10 or 15 years. This information helps you develop a picture of what you can afford and want to pay for an RV. With this base of knowledge, you will be in the driver’s seat when you visit a dealership or scroll through resale options online.

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved, or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

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