How to Get an RV Loan

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RVs are a unique way to travel and road trip, which is part of what makes them so appealing. They offer the convenience of built-in accommodations like beds, bathrooms, kitchens, storage and more, depending on the type of RV. Since RVs classify as their own type of vehicle and often cost significantly more than a car, potential buyers must typically obtain an RV loan. 

If you want to purchase a new or used RV, learn more about how to get an RV loan to finance the purchase. 

How Do RV Loans Work?

Similar to an auto loan, RV loans are a financing option for purchasing an RV when you're unable to front the entire cost. RVs can range in size from small camping trailers to luxurious motorhomes. RV loan amounts can range from a few thousand dollars to well over $300,000. RV loans work like any other type of loan — you apply to a lender for them to review your eligibility. 

They'll consider factors like your credit score, loan size, down payment and overall financial situation to determine your eligibility for the requested loan and what interest rate and loan terms you could qualify for. Your credit score is one of the biggest determining factors of your eligibility. A good credit score will get you better rates and terms, while others will make it more difficult to find a lender with decent terms. 

Regardless of your credit score, you have the option to shop around and find the best RV loan for your financial situation. When you find a lender that offers the terms and rates you can afford, get pre-approved for the loan before shopping for your RV.

Apply for an RV Loan

Types of RV Loans

RV loans are known as installment loans, which means the amount is paid in a lump sum, and you make monthly payments back to the lender to repay the loan over a specified term. RV loans are similar to auto loans and personal loans, some being secured and others being unsecured.

Secured loans require that something of value, typically the vehicle or RV being purchased, be put up as collateral. When your RV is used as collateral, the bank or lender can repossess the RV if you stop making payments. Unsecured loans are the opposite — they don't require collateral. They're more difficult to qualify for, as most unsecured loans are given to borrowers with great credit or for smaller loan amounts.

For RV loans, you'll typically find that larger loans for luxury RVs are secured since the risk is higher to lenders, though secured loan interest rates are often lower. Smaller RV loans are more likely to be unsecured and typically work similarly to personal loans. 

For RV loans, you'll typically find that larger loans for luxury RVs are secured since the risk is higher to lenders, though secured loan interest rates are often lower.

How to Get an RV Loan With My Financing USA

Applying for an RV loan with My Financing USA is quick and easy. To start, you'll want to check your credit score and determine your budget and what you can afford. Checking your credit score before starting the loan process gives you a chance to have any discrepancies corrected. When estimating your budget, be sure to consider a down payment — 10-15% Down Preferred — and determine what monthly payments you can afford in addition to the RV's operating costs. 

With this information in mind, you'll fill out our online application form. Applying only takes a few minutes, as the form is straightforward. After you apply, our team will contact you to discuss your application, goals and expectations so we can help match you with vendors that best fit your needs. Once we've verified your information, we will send your name to potential RV loan programs nationwide to find a match and get your funding quickly. 

We keep sending your information to lenders until we find you an ideal match and limit bureaus to three inquiries to help protect your credit score. Our services are personalized to help borrowers with poor credit find reasonable financing options. We'll also work with you to improve your credit score and consult with you throughout the process.

Learn About RV Loans

FAQs About RV Loans

RV loans and financing options can raise many questions. Find the answers to frequently asked RV loan questions here. 

What Are the Minimum Requirements to Qualify for My Financing USA?

To qualify for My Financing USA programs, applicants must meet the following requirements:

  • A credit score of at least 550
  • Loan amounts of at least $10,000
  • Consistent income
  • The unit being financed is 2011 or Newer Models (Older case by case)
  • No full-time or commercial uses

What Types of RVs Can I Finance?

We can help you finance various types of RVs, including both motorized and towable RVs. Motorized RVs, or motorhomes, include Class A, B and C RVs, which are drivable. Towable RVs include trailers, fifth wheels, pop-ups and lightweight campers, among others. Towable RVs, like the name suggests, can't be driven and must be pulled behind another vehicle. 

How Long Are RV Loans?

RV loan terms vary depending on the loan amount and lender. Terms can range anywhere from 12 months to 20 years or more. The length of your RV loan can affect the cost of your monthly payments and how much you pay in interest over the course of the loan. For example, a longer loan typically has a lower monthly payment and more interest. Short-term RV loans require higher monthly payments but accrue less interest over the loan's life.

How Hard Is It to Get an RV Loan?

As mentioned before, lenders will assess your financial situation to determine the likelihood of your ability to repay the loan. Certain credit scores can make getting an RV loan more difficult. Luckily, programs like My Financing USA specialize in financing borrowers with less-than-perfect credit.

Can I Have a Co-Signer on My RV Loan?

Co-signers are typically a spouse or loved one with a higher credit score that agrees to take on the financial responsibility of an RV loan with you. Their stronger credit history can help you get better loan rates and terms, and they will become responsible for making payments if you can no longer do so. Whether co-signers are permitted on an RV loan will depend on the lender. My Financing USA allows spouses to be listed as co-applicants.

Secure an RV Loan With My Financing USA

Secure an RV Loan With My Financing USA. Apply for a loan!

Ready to hit the open road with a newly financed RV? With My Financing USA, you could be approved for funding in as little as 48 to 72 hours after applying. Learn more about our financing process and apply for an RV loan today.

Apply for an RV Loan

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