Financing Your Motorhome

While a RV loan is usually specific to the purchase or refinancing of a recreational vehicle, it works just like any other consumer loan. A financial institution or lender provides the money for the purchase and you return the money with interest for a certain period of time. RV loans are secured loans, which means they are backed by collateral, usually the RV itself. You have plenty of RV loan options, but here are six lenders to consider to help you get started with buying. Usually, the lender that offers you the lowest rates with included fees is your best option, but you should also consider payment flexibility and other benefits. However, if your credit score is below average, you may still be able to get an RV loan from a company that offers buyers subprime loans.

This means fewer incentives for lenders to lower rates, so it’s smart to compare prices. The national RV lenders below offer the same rates for new, used and refinanced RV loans. Depending on how much you want to borrow, they may have high income and credit score requirements and may require a down payment. For example, RV loans are offered both part-time and full-time, while many other lenders only offer loans to recreational homeowners. Loans include a variety of recreational vehicles such as Class A/B/C RVs, fifth wheels, travel trailers, pop-ups, truck campers, and even certain horse trailers. Credible lender reviews are reviewed by our editorial team with the help of our loan team.

On the other hand, if your credit score falls into the main range, you’ll see better new RV funding rates and better terms than buyers with lower credit scores. Like car loans, the interest rate on your RV loan will vary depending on several factors. Our RV experts can help you get the best interest rate for your RV financing. Many lenders consider a good credit Trailer Financing score for an RV loan to be one over 680 to 700. As with all types of financing, those with better qualifications can benefit from more favorable interest rates, larger loan amounts, and longer repayment terms. Peer-to-peer loans – A peer-to-peer loan can be a good option for borrowers with credit problems who don’t need as much time to repay an RV loan.

For an unsecured RV loan, people with good, excellent credit and little existing debt usually get the lowest rates. For a camper loan that you insure with the vehicle, the rates and credit requirements are often lower. Online lenders that offer unsecured loans usually allow you to qualify in advance so you can compare rates and terms without affecting your credit score. This isn’t as common with secured loans, as your rates are determined by the vehicle you’re financing. Loans for recreational vehicles are provided by dealers, banks and credit unions.

The terms of your loan are unsecured and are subject to our verification of your identity and credit information. To get a loan, you must submit additional documentation, including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including the purpose of your loan and our assessment of your creditworthiness.

Come to us and we will let you know what we can do for you and your camper dream. Many credit unions, banks, and RV dealers offer RV loans and RV financing options. Like other loans, you’ll need to fill out an application, provide your personal ID, and other documents that the lender will review to see if you qualify. We’ve partnered with the country’s leading RV financing providers to bring you the most flexible RV loan options and help you ensure a competitive rate.