Top RV Lenders 2023

RVs can be a great way to travel and explore the country, but they can also be expensive. If you’re looking for the best RV loan lenders in 2023, it’s important to compare lenders and find the best deal. In this article, we will cover the basics of RV lending, loan types, how it works, credit scores, interest rates, and introduce you to leading lenders.

What Is an RV Lender?

An RV lender is a financial institution that provides loans to people who want to purchase or refinance an RV. Whether you’re interested in a motorhome, travel trailer, camper van, or fifth wheel, RV lenders have loan options designed to fit your preferences. RV lenders typically offer a variety of loan options, including fixed-rate loans, adjustable-rate loans, and lease-to-own loans.

The type of RV loan you need for an RV will depend on your financial situation and the RV you’re buying. If you have good credit, you may be able to get a fixed-rate loan with a low interest rate. If you have bad credit, you may need to get an adjustable-rate loan or a lease-to-own loan. RV lenders offer two main loan types: secured (with collateral) and unsecured (without collateral). These loans fit various RV choices, from motor homes to trailers.

Is RV Financing Hard to Get?

In general, RV loans are more difficult to qualify for than car loans. This is because RVs are considered to be luxury items and they tend to be more expensive. Additionally, RVs have a shorter depreciation schedule than cars, which means that lenders may be more hesitant to lend money for them.

However, if you have a good credit score, low debt-to-income ratio, and stable employment, you should be able to qualify for an RV loan. You may also be able to get a better interest rate if you make a larger down payment.

Easiest RV Loans to Get

The easiest RV loans to get are typically those offered by credit unions and banks. Credit union loans may have more lenient lending requirements than other types of loans, such as bank loans. However, it’s important to shop around and compare rates before you choose a lender.

How Does RV Lending Work?

RV lending works much like any other type of lending, such as a car loan. You apply, get approved, and receive funds for your RV purchase. Many lenders offer online applications, making the process convenient to you. The lender will typically assess your creditworthiness and income to determine how much you can borrow. They will also look at the value of the RV you’re buying to make sure you have enough equity to cover the loan if you default. Repayment terms can vary, ranging from a few years to a couple of decades. Interest rates depend on factors like the borrower’s creditworthiness, the loan term, and the lender’s policies.

What FICO Score Do RV Lenders Use?

Your credit score (FICO) play a significant role in determining loan eligibility and interest rates. RV lenders typically consider credit scores in the same way as auto lenders. Higher credit scores usually result in better rates and more favorable loan terms. The minimum credit score for RV loan requirements can vary between lenders, RV lenders typically use a FICO score of 620 or higher to qualify for a loan. However, some lenders may be willing to approve borrowers with lower scores if they have a good credit history. For example, here is how you can get RV loan with 600 credit score.

What Is a Good Interest Rate for an RV?

The interest rate you get on an RV loan will depend on your credit score, the amount of the loan, and the term of the loan. A good interest rate for an RV loan in 2023 is typically ranges from 4% to 7%, depending on factors like credit and loan duration.

Types of RV Lenders

There are different types of RV lenders, each with its own advantages and disadvantages. Here are some of the most common types:

  • Banks and credit unions: Banks and credit unions are traditional lenders that offer a variety of loan products, including RV loans. They typically have lower interest rates than other types of lenders, but they may have stricter lending requirements. Credit unions have lower interest rates than banks.
  • Online lenders: Online lenders are a newer type of lender that offer loans directly to consumers online. They typically have less stringent lending requirements than banks and credit unions, but they may also have higher interest rates.
  • RV dealerships: RV dealerships often offer financing through their own in-house lenders. This can be a convenient option, but the interest rates may be higher than what you would get from a traditional lender.
  • Lease-to-own or rent-to-own: Lease-to-own is a type of financing where you lease the RV for a set period of time and then have the option to buy it at the end of the lease. This can be a good option if you don’t have a lot of money saved up for a down payment, but it’s important to read the fine print carefully before you sign any paperwork.
  • Peer-to-peer lending: Peer-to-peer lending is a type of financing where you borrow money from individuals instead of a traditional lender. This can be a good option if you have bad credit, but it’s important to do your research and choose a reputable lender.

Best RV Lenders

Here are some of the best RV lenders in 2023:

  • GreatRVLoan: GreatRVLoan is an online brokerage that specializes in refinancing RV loans for luxury coaches, motorhomes, 5th wheels, travel trailers, and horse/utility trailers. They only consider loan amounts above $75,000.
  • iNet Lending: iNet RV loans are low-interest RV loans with loan terms up to 20 years. You can get a RV loan for as low as $5,000.
  • Lantern: Lantern makes it easy for you to get the financing you need. Their online platform simplifies the loan application process, so you can get approved quickly and easily, whether you’re buying a compact camper or a luxurious motorhome.
  • LightStream: LightStream provides low-interest RV loans because it only lends to those with good to excellent credit. Their Rate Beat Program offers the best terms, no fees, and RV no down payments options.
  • Good Sam Finance: Good Sam Finance Center offers RV loans to borrowers with a minimum credit score of 600. However, borrowers with credit scores of less than 680 are limited to a maximum loan amount of $50,000.
  • PenFed (Pentagon Federal Credit Union): PenFed RV loans are extended to members nationwide, combining competitive rates with experienced guidance. Credit unions often offer lower interest rates than banks.
  • Upstart: Using innovative technology, Upstart’s inclusive approach considers education and employment history alongside credit scores for RV loans. Its data-driven model enables fair and personalized loan terms.
  • Alliant Credit Union: Alliant is a nationwide RV lender, offering loans up to $400,000 and terms up to 20 years.
  • Lampco FCU: Lampco Federal Credit Union (FCU) is an RV lender that specializes in RV loans for its members. You must be a member to obtain an RV loan.

Best RV Loan Rates in 2023

Who has the best RV loan rates? The best RV loan rates vary depending on the lender, the amount of the loan, the term of the loan, and the borrower’s credit score. RV loans typically have higher interest rates and longer terms than conventional car loans.

If you have a bad credit, you can still be able to get an RV loan, but you will likely have to pay a higher interest rate. Some of the lowest interest rates for RV loans are currently offered by:

  • iNet RV loan: 6.24% APR
  • GreatRVLoan: 6.99% APR
  • Alliant Credit Union RV loan: 6.99% APR
  • Good Sam Finance: 7.74% APR
  • LightStream: 7.99% APR with autopay
  • PenFed: 7.74% APR
  • Upstart: 9.99% APR

Best RV Lenders for Bad Credit

If you have bad credit, you may still be able to get an RV loan for bad credit. However, you’ll likely have to pay a higher interest rate and may have to put down a larger down payment. Some of the best RV lenders for bad credit include:

  • Southeast Financial
  • GreatRVLoan
  • My Financing USA
  • No Credit Campers
  • Paul Sherry RVs
  • Credit Acceptance Corporation
  • RV Depot
  • Credit Unions

Other RV lenders for borrowers with bad credit include peer-to-peer lenders. Peer-to-peer lenders match borrowers with lenders who are willing to lend money directly to individuals. However, borrowers with bad credit may have to pay higher interest rates and fees than borrowers with good credit.

Best RV Loans for Excellent Credit

The best RV loans for excellent credit are those that offer low interest rates, competitive terms, and few fees. Here are some well-known lenders and financial institutions that often provide RV loans for individuals with excellent credit.

  • LightStream
  • USAA
  • Bank of the West
  • Wells Fargo
  • Alliant Credit Union
  • PNC Bank
  • US Bank
  • State Farm Bank
  • Good Sam Finance Center
  • SoFi

Best RV Loan Banks

Some of the most popular and highly-rated RV loan banks include:

  • PenFed Credit Union
  • USAA
  • US Bank
  • PNC Bank
  • State Farm Bank
  • Bank of America
  • Wells Fargo
  • Navy Federal Credit Union
  • NASA Federal Credit Union

RV Lenders Near Me

To find RV lenders near you, you can use a search engine or online directory. You can also contact your local credit union or bank to see if they offer RV loans.

RV Lenders Near Me
RV Lenders Near Me. Check this map to search for RV loans close to where you are.

Top RV Lenders for 2023: Finding Your Ideal RV Loan

When choosing an RV lender, it is important to do your research and compare rates, terms, and fees. You should also consider the lender’s reputation and customer service.

There are several supplementary tips that can significantly contribute to obtaining the most favorable RV loan. Getting pre-approved for a loan before you start shopping for an RV will give you an idea of how much you can afford to borrow. Putting down a down payment will lower your monthly payments and the total amount of interest you pay. Shopping around and comparing rates from multiple lenders will help you secure the best terms. Lastly, read the fine print carefully before you sign any paperwork.

Best RV Lenders FAQs

Are RV loans hard to get?

Yes, RV loans can be harder to get than other types of loans, such as car loans or mortgages. This is because RVs are considered to be a depreciating asset, meaning that they lose value over time.

Are RV loans tax deductible?

RV loans are not eligible for tax deductions, including the interest paid on them. Nevertheless, certain expenses linked to owning an RV could potentially be tax deductible. These include depreciation of the RV's value over time, insurance premiums, costs of maintenance and repairs, and camping fees if the RV is utilized for business purposes.

What FICO score do RV lenders use?

RV lenders typically consider credit scores in the same way as auto lenders. Just like with auto loans, higher credit scores typically result in better interest rates and more favorable loan terms. While the minimum credit score required for an RV loan can vary between lenders, most RV lenders use a FICO score of 620 or higher as a starting point for approval.

Ndesanjo is an experienced writer and researcher on finance issues. With an MA from the University of Toledo, USA, he is a valuable asset to the FiFi editorial team, and his work helps to make finance work for everyone. He has lived in 5 countries and speaks 3 languages. Read more about the editorial team at FiFi and our editorial guidelines.