Best RV Loans

Feb 25, 2024 By Susan Kelly

What Is an RV Loan?

A loan for RVs can help you finance the purchase of a brand new or used motorhome, RV, or camping trailer you cannot afford to purchase in full. Since RVs can range from small and inexpensive to big and expensive, loans for RVs are also available in a variety of dimensions and conditions. They are also distinct from auto loans because they're typically larger and more complex purchases. Based on the lender, RV loans range from $25,000 to $30,000, which are repayable over a couple of years; however, you can also get loans as large as $300,000, which are repayable in 20 or more years. If you are looking for a small number of RV purchases, you can have the option of taking out an individual loan instead. For instance, the Bank of the West asks customers to use personal loans for purchases of RVs less than $10,000 rather than RV loans.

Process for RV Loans

These loans are known as installment loans. You'll be able to receive the loan as an amount in one lump sum and repay it in monthly fixed installments, which include interest. The terms of repayment range between one and 20 years. Credit unions, banks, and online lenders provide RV loans. The kind of lender you select will likely depend on whether you'd like an unsecured or secured loan. Before you set out on the road, take note that most financial experts don't suggest using personal loans to make purchases that aren't considered discretionary. If you don't plan to reside inside your motorhome, you should think about the cost of financing, including the monthly installments that you could have to make for a longer period than the lifespan of that the car. If you choose to take loans, make sure you have a plan to repay them.

Alliant Credit Union

Our top recommendation for getting recreational vehicle (RV) loans is Alliant Credit Union. They offer a wide range of affordable RV loan options for those who plan to reside in their vehicle at least occasionally or for a long period with quick cash-out. While membership is not necessary to qualify for the loan to be eligible, joining the club is easy. You'll have to be employed by (or quit) one of Alliant's partner businesses or have a relative who is an Alliant member, reside in a specific area, or be a part of specific partner organizations. If none of the above applies to you, donate to Alliant's partner charities, and you'll be eligible for membership.

The loans for RVs offered by Alliant Credit Union are available to both part-time and full-timers. While most lenders offer credit to people who only use their RV for recreation, Alliant accepts applicants planning to live in the vehicle for a long time. The loans are available for up to $400,000 and have repayment terms of 20 years. The competitive rates vary between 4.24 percent APR to 5.24 percent APR, with auto-pay discounts. There are no prepayment penalties or charges associated with taking out the Alliant Loan for RV. Refinance loans can also be arranged for eligible applicants Both refi and original loans are available to borrowers from all 50 states.

The ability to fund on the same day is available in some situations, and loan pre-approval is offered if you're looking for a loan. Since Alliant is a bank that relies on membership, there are some details that Alliant does not make available on the internet. For example, they do not provide details about specific requirements like down payment requirements for RV loans or loan-to-value (LTV) limitations for refinancing. Additionally, prospective applicants aren't allowed to rate shop without joining an institution like a credit union.


GreatRVLoan, a SeaDream, Inc. company, is a major national RV loan provider headquartered in Costa Mesa, California. The firm has been operating since 2002. We picked GreatRVLoan as the top overall RV loan since you can finance RVs (e.g., travel trailers or fifth wheels) as high as $2,000,000, and GreatRVLoans can also provide up to $10 million for motorhome finance (e.g., Classes A, B, and C). In addition, it provides the option of financing for both brand new and used RVs and loans for those with good or bad credit and all with low rates.

Lightstream RV Loans

LightStream is an online loan provider backed by Truist (Member FDIC), well-known for its quick loan approvals and low rates of interest on a range of loans. LightStream has also received high scores on personal loans and auto loans. Therefore, it's no surprise that LightStream also provides affordable RV loans. Although this lender does not offer huge RV loans and the maximum amount of loans is $100,000, the common purchaser can fund their RV with ease within this range and receive a low cost of interest from LightStream to help. Although some lenders do not allow certain RVs, LightStream allows almost all types, including trailer-style RVs.

Related Articles