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My Financing USA, NASA FCU, and Southeast Financial stand out for RV financing
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Updated on March 22, 2024
Fact checked byBetsy Petrick
We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more. The best RV loan to help you finance your motorhome or recreational vehicle will depend on your financial situation and your personal preferences. The cost of an RV can be intimidating. Depending on whether you opt for a towable or motorized vehicle and the class of vehicle you choose, the average cost can range from $5,000 for a small folding camping trailer to $140,000 for a type A motorhome.Compare the best RV loans to find one that's right for your credit score, offers fast funding, covers the cost of your new RV, and more. To help you find the right loan for your needs, we identified the best RV loans based on their rates and fees, loan amounts, repayment terms, and vehicle requirements. Unsecured personal loans are another option if you need to finance an RV, although loan amounts may be lower than what you’ll find with RV loans. See the best personal loans to check your potential rates and terms. Best RV Loans for April 2024 Best RV Loans for April 2024 Final Verdict How to Choose FAQs Methodology Pros & Cons Pros Lowest interest rates among top lenders we reviewed Low credit score requirement of 550 Long loan terms available Offers refinancing and purchase loans Cons High loan minimum Document fee of $495 Application and approval process can take days to complete Why We Chose It We chose My Financing USA for the best RV loans for bad credit because it scored highly in our analysis and it has the lowest credit score requirement of all the lenders we evaluated. While some other lenders require borrowers to have good to excellent credit, My Financing USA has a credit score minimum of just 550. Plus, you can qualify even if you have declared bankruptcy in the past, a rarity for RV loans (but multiple or open bankruptcies may be disqualifying). My Financing USA works with a set of partners to offer loans for new and used RVs, and you can also refinance existing loans. You can purchase RVs from dealerships or private parties. Your loan must be above $10,000, which is higher than some lenders' minimums. My Financing USA’s loan process can also take longer. According to the company, same-day decisions are possible, but other factors can cause it to take longer. Borrower Qualifications Vehicle Qualifications If you intend to make your RV your primary residence, be aware that the majority of RV loan lenders won’t lend to full-timers. You’ll have to find a lender that offers loans specifically for full-time RV use, such as Alliant Credit Union, or use a personal loan. Pros & Cons Pros Low loan minimum Membership open to the general public Offers purchase loans and refinancing options Cons Cannot apply online Higher rates for older vehicles Shorter loan term maximums Why We Chose It When you’re shopping for a loan, a credit union can be an excellent place to start. As nonprofit organizations, they often have lower rates than banks and other financial institutions. However, credit unions often restrict their membership to certain groups. NASA Federal Credit Union’s membership is open to the general public—one reason why it's our choice for the best credit union for RV loans. NASA FCU has good rates and a low loan minimum, and it offers both purchase loans and RV loan refinancing. However, NASA FCU does not allow you to apply for a loan online. Instead, you have to visit a branch in person or call its customer service center. Though NASA FCU has competitive rates for its RV loans, be aware that the older the vehicle, the higher the rates: Borrower Qualifications Vehicle Qualifications Pros & Cons Pros Very high loan maximum Long loan terms available Low credit score minimum Cons $10,000 loan minimum Limits on older vehicles Low mileage restrictions for refinancing Why We Chose It Motorhomes and RVs can be significant investments. Motorized type A motorhomes average $100,000 to $140,000, but more luxurious versions can be in the seven figures. Some RV loan lenders have fairly low loan maximums of $150,000 or less for used vehicles, which is why Southeast Financial is our pick for the best lender for large used loans. With Southeast Financial, you can finance up to $4 million to purchase your dream RV or motorhome, and the lender will finance used vehicles that are up to 12 years old. Depending on your credit and the loan amount, you may have as long as 20 years to repay the loan. Southeast Financial does have a minimum loan of $10,000. And if you intend to refinance your existing RV loan, your vehicle must have fewer than 90,000 miles. Borrower Qualifications Southeast Financial doesn’t disclose its minimum income criteria, but you must meet these other requirements: Vehicle Qualifications Pros & Cons Pros Quick loan funding No vehicle restrictions Unsecured personal loans Cons Relatively short loan term maximum Relatively low loan maximum Good to excellent credit required Why We Chose It When you find a great deal on a used motorhome or RV, you may not have time to wait for a traditional RV loan lender to review your application. That’s why LightStream is the best for fast funding; you can borrow up to $100,000 and receive the money as soon as the same day you apply. LightStream can fund the loan the same day if you apply on a business day, your application is approved, and you review and sign the agreement and provide bank details by 2:30 p.m. ET. LightStream’s loans are unsecured, so it doesn’t have any age or mileage restrictions; it's worth exploring because its rates for RV loans (and other auto loans) are lower than for most other purposes. Good to excellent credit is required to qualify for a loan, and LightStream has shorter loan term maximums than other lenders. But for those who need $100,000 or less quickly, it can be a good choice. Borrower Qualifications Vehicle Qualifications Pros & Cons Pros Highest loan maximum Long loan terms available 0% down payment options Cons Rates vary by lender Most lenders will not lend to full-timers Processing fees may apply Why We Chose It When nothing but the latest, most luxurious RV model will do, LendingTree is an excellent place to find a loan. It connects you with partner lenders that offer financing up to $10 million, as high as any lender we evaluated. LendingTree’s partners are flexible, with loan terms as long as 20 years, and some partners have 0% down payment options. You can check rates and terms with several lenders at once, saving some time and hassle. Just be aware that LendingTree only has a select number of partners, and it’s probably worth your time to explore other lenders as well. Take note that eligibility requirements, rates, and added fees vary by lender. Mot of LendingTree’s partners will not lend to full-timers, so you’ll probably have to look elsewhere if you intend your RV to be a primary residence. Borrower Qualifications Qualifications vary by partner lender. Vehicle Qualifications Vehicle restrictions vary by partner lender. Whether you have your heart set on a vintage teardrop trailer or a posh motorhome, there are many options for RV loans. If you’re dealing with poor credit, My Financing USA is a good first stop. Some lenders, such as NASA FCU or LightStream, offer smaller loans with competitive rates for new and used vehicles. And if you want to shortcut the process and apply with several lenders at once, LendingTree can help you quickly check rates with a few popular lenders. An RV loan is a type of installment loan specifically designed for the purchase of travel trailers, campers, and motorhomes. They are usually secured, so the vehicle serves as collateral, and lenders typically require a down payment. RV loans usually have much longer repayment terms than car loans. Repayment terms can be as long as 20 years, while car loans usually have terms ranging from two to eight years. When shopping for an RV loan, keep the following factors in mind: Follow these steps to get an RV loan: Typically, the spring and summer are the busiest months for RV sales, so deals tend to be scarce. During the fall and winter, demand for RVs drops, so you’re more likely to score a deal. Learn more about how to get the best car loan so you can save money on your next vehicle. In some cases, you can deduct the interest you pay on your RV loan by taking advantage of the home mortgage interest tax deduction. To qualify, your RV has to serve as a second home, and the vehicle usually needs to have both kitchen and bathroom facilities. If you aren’t sure if you’re eligible, contact a tax professional. Several factors affect the rates on RV loans, but the best RV loans tend to have single-digit interest rates. Getting the best rates on a car loan can take some work, but it’ll pay off. From a purely financial perspective, a new RV is rarely a good investment. According to J.D. Power, RVs depreciate by about 20% as soon as they leave the lot. And their fuel and maintenance costs can be significant. However, you may find that an RV is still a good investment for your family. You may find that an RV allows you to go on inexpensive vacations, or increases how much time you spend together. In those terms, an RV can be well worth the cost. The Balance is dedicated to providing consumers with unbiased, comprehensive reviews of auto loan lenders. To rate RV loans, we collected hundreds of data points across 16 RV loan lenders, including interest rates, fees, loan amounts, borrower requirements, and vehicle requirements, to ensure that our reviews help users make informed decisions for their borrowing needs. Article Sources RV Industry Association. "RV Types, Terms, and Prices." My Financing USA. "RV Loans." My Financing USA. "Frequently Asked Questions," Click "What Are Your Rates and Terms?" My Financing USA. "Frequently Asked Questions," Click "What Are the Minimum Application Requirements?" My Financing USA. "Frequently Asked Question," Select "How Long Does It Take After You Apply." NASA Federal Credit Union. "Recreational Vehicle Loan Rates." NASA Federal Credit Union. "Recreational Vehicle Loan Rates." NASA Federal Credit Union. "Welcome to a Brighter Financial Future." Southeast Financial. "Motorhome Financing and Loans." Southeast Financial. "Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers," Click "What Amount of Money Will You Finance?" Southeast Financial. "Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers," Click "What Are Your Loan Terms?" RV Magazine. "The Most Luxurious RVs for 2022." Southeast Financial. "Motorhome Financing and Loans." Southeast Financial. "Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers," Click "What Amount of Money Will You Finance?" Southeast Financial. "Motorhome Refinancing." Southeast Financial. "Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers," Click "What Kind of Credit Do I Need To Meet Your Loan Requirements?" Southeast Financial. "Loan Tips To Maximize the Benefits From Your Recreational Vehicle Financing." LightStream. "RV Loans and Refinancing." LightStream. "RV Loans and Refinancing." LightStream. "RV Loans and Refinancing." LendingTree. "RV Loans & Rates." RV Share. "When Is the Best Time to Buy an RV?" Internal Revenue Service. "Publication 936: Home Mortgage Interest Deduction (2022)," Page 4. JD Power. "How Much Do Campers Depreciate?"Best RV Loans for April 2024
Best for Poor Credit : My Financing USA
Best Credit Union : NASA Federal Credit Union
Best for Large Used Loans : Southeast Financial
Best for Fast Funding : LightStream
Best Loan Marketplace : LendingTree
Final Verdict
Guide to Choosing the Best RV Loans
What Is an RV Loan?
Comparing RV Loans
How to Get an RV Loan
Frequently Asked Questions
When Is the Best Time to Get an RV Loan?
Is RV Loan Interest Tax-Deductible?
What’s a Good Interest Rate for an RV Loan?
Are RVs a Good Investment?
How We Find the Best RV Loans