Best RV Loans of May 2024 (2024)

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Getting an RV loan is more similar to getting a home loan than an auto loan. They can be large loans that are harder to obtain. However, there aren't nearly as many lenders offering RV loans as there are lenders offering auto loans or mortgages.

Best RV Loans

• LightStream RV Loans: Best for competitively low interest rates
• Truist RV Loans: Best for large loans
• Alliant Credit Union RV Loans: Best for wide range of RV types
• Southeast Financial RV Loans: Best for poor credit

Next Step: See if you're prequalified for a loan with no impact on your credit score.

It can take some work to find one. But whether its a small trailer to pulled behind your vehicle or a luxurious Class A motorhome, there's probably a loan for it.

Compare the Best RV Loans

RV Loan Frequently Asked Questions

Best RV Loan Company Reviews

RV loans have higher interest rates than auto loans, so we focused on options with relatively low rates to come up with our list of the best options. We focused on RV loans that apply to a variety of RV types and loan amounts. While RV loans generally require higher credit scores than other loan types, we found a good option for poor credit.

Lightstream RV Loans

LightStream is an online lender backed by Truist (Member FDIC) that's known for quick funding and low interest rates on a variety of loan types, including RV loan rates. The bank has also gotten top marks from Insider for personal loans and auto loans. So, it's no surprise that LightStream also offers competitive RV loans.

While this lender doesn't offer massive RV loans — the maximum loan amount is $100,000 — the typical buyer can finance their RV comfortably within this amount and get a competitively low interest rate from LightStream in the process. While some lenders exclude some types of RVs, LightStream is open to most all of them, including trailer-style RVs.

Truist RV Loans

Truist is best for RV loans over $100,000. While that figure seems high, it's probably necessary if you're considering one of the class A or C motorhomes that Truist finances with secured loans — these are generally more expensive RVs.

Truist is best for luxury RV purchases or financing large motorhomes. It's worth noting that Truist's RV loans may require a down payment since they're so large. Truist charges the same rates for both new and used motorhomes, which could be helpful for buyers looking for a used motorhome.

Alliant Credit Union RV Loans

Alliant has a litany of RV types it can finance. The RVs you borrow for must be less than 15 years old and have mileage under 75,000.

Alliant is a credit union, so you need to join Alliant to take out a loan. To qualify, you can work with one of the credit union's partner organizations, be a family member of an Alliant member, or work in a community near the credit union's corporate headquarters in Illinois. If none of those apply to you, you can qualify by joining Foster Care to Success, and Alliant will cover your $5 joining fee.

Southeast Financial RV Loans

Southeast Financial is best for borrowers with poor credit. Other RV loan lenders don't allow borrowers with credit scores below 600 take out a loan, but Southeast Financial welcomes borrowers with poorer credit. Even if you have previous bankruptcies, the lender will still consider you for a loan. Keep in mind that the shakier your financial situation, the higher an interest rate you'll likely pay.

You'll also be able to get any type of RV you'd like with Southeast Financial — you won't have to worry about the restrictions you'll have to keep in mind with other lenders. Provided you have solid credit, you'll be able to borrow up to $4 million, which is a significant amount of money to finance the vehicle you want.

Which RV Lender Is the Most Trustworthy?

The Better Business Bureau, a non-profit organization focused on consumer protection and trust, evaluates businesses using factors like their responsiveness to consumer complaints, honesty in advertising, and clarity about business practices. Here is each company's score:

All of our top picks are rated A- or higher by the BBB. Keep in mind that a high BBB score does not ensure a positive relationship with a lender, and that you should keep doing research and talking to others who have used the company to get the most comprehensive information possible.

None of our top picks have any recent public controversies.

Other RV Lenders We Considered

• Bank of America: Bank of America only offers RV loans indirectly through select dealerships. You won't be able to apply online on your own, or purchase outside of a dealership.
• Navy Federal Credit Union: Navy Federal's loans for RV purchases start with APRs higher than those found at other lenders.
• USAA: A popular option for financing for military families, USAA's interest rates are not the most competitive for RV financing.
• US Bank: Interest rates start lower at other banks. Additionally, a 1% prepayment penalty applies if you pay off your loan within a year of opening it.

Other ways to finance your RV purchase

The lenders we've looked at aren't the only way you can get an RV loan. You might want to consider checking with your local credit union to see if they have RV financing available. Oftentimes, credit unions offer these types of loans. If you're a member or are open to joining a credit union, it could be beneficial to find out if it offers RV loans.

Another popular way to finance small RV purchases is with a personal loan. However, these unsecured loans may have higher interest rates than an RV loan. If you can qualify for an RV loan, it's probably your best bet.

How can I get an RV loan?

RV loans are much tougher to qualify for than an auto loan, with most RV lenders requiring a minimum credit score of 700 and requiring large down payments.

There are several things to expect in the process of getting an RV loan once you've found the trailer or motorhome you want to finance.

• Gather information on your employment, income, and other loans: Since RV loans can be large, expect to be asked for a lot of info on your income and assets. Like a home loan, some RV lenders ask to see two years of income history and tax returns. You may also need information on where you live and other debts you have.
• You'll need an inspection on the RV: Like buying a house, you'll need to have the RV inspected before you're able to get a loan on it. An inspection will likely cost between $150 and $200.
• You'll likely need to get a newer RV in order to finance it: Most RV lenders require that RVs are model year 2009 or newer. If you're looking for a vintage RV or trailer, financing might not be ideal. In these situations, you might want to consider waiting until you can pay with cash, or using a personal loan instead.

Why You Should Trust Us: Our Methodology

Insider considered many factors important to RVers, including:

• A wide variety of RV types financed: We aimed to find lenders that accepted the most types of RVs, and tried to include lenders that financed both motorhomes and trailers when available.
• Interest rates: We compared the best interest rates from each lender, and the whole range if available.
• Loan fees:We looked for the lenders that have the lowest fees on RV loans, prioritizing those that have no fees.
• Better Business Bureau ratings: All lenders that took top spots in our roundup have A ratings with the BBB.
• Nationwide availability:We looked for lenders that had loans available in most states, if not all 50.

See our full ratings methodology for RV loans »