How to Finance an RV

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Key takeaways

To get the best loan offer, start by checking your credit, setting a budget and prequalifying with multiple lenders.
Approval depends on factors like credit score, debt-to-income ratio and whether the specific RV meets lender criteria.
RV loan rates vary based on credit scores, and borrowers with good or excellent credit typically secure lower interest rates.

Buying an RV is a big investment — and for many people, that means taking out a loan to help cover the cost. This type of financing allows you to borrow money to purchase a variety of recreational vehicles (including motorhomes, campers and travel trailers) and repay it over time with interest. Whether you’re planning weekend trips or full-time travel, understanding how to finance an RV can help you make smart choices every step of the process.

How to get an RV loan

When you’re ready to explore your options, compare RV loan offers from multiple lenders to ensure you get the best deal. Here’s a quick overview of the process:

Check your credit score: Start by looking at your credit score. Multiple online sources, including LendingTree, let you check your credit score for free. That can help you determine what kinds of loan offers you might get, and whether it’s worth it to improve your score before applying. A higher credit score can lead to lower interest rates and better loan terms, potentially saving you thousands over the life of the loan.
Make a budget: Knowing how much you can afford helps you avoid financial stress down the road and ensures you choose an RV that fits comfortably within your overall budget. Be sure to estimate not just the RV loan’s monthly payment, but also additional costs like insurance, fuel and campground fees. An RV loan calculator can help you plan for this purchase.
Prequalify with multiple lenders: Prequalifying for an RV loan with several lenders can help you compare rates and choose the best deal without hurting your credit score. When comparing lenders, watch for high APRs, fees, the range of loan terms offered and any prepayment penalties that can affect the overall cost. In addition, consider customer service quality and lender reputation to ensure a smooth borrowing experience.
Sign your loan offer: Once you pick the offer that works best for you, it’s time to sign the paperwork. After that, your loan is approved — now you’re ready to buy your new or used RV and hit the road.

How to get approved for an RV loan

Credit score and history

Your credit score plays a major role in whether you get approved for an RV loan and the interest rate you’ll receive. Most lenders require a minimum credit score between 660 and 700, but you can get approved for an RV loan with bad credit through certain lenders.

Lenders also look at your credit history to see if you’ve made your payments on time in the past. Missed payments, high balances and bankruptcies can raise red flags.

Before applying, it’s smart to check your score and, if needed, take steps to improve your credit to ensure you get the best deal.

Debt-to-income ratio

Your debt-to-income ratio (DTI) shows how much of your monthly income goes toward paying down debt like credit cards, car loans and student loans. Lenders look at this number to decide if your budget can handle taking on more debt.

A lower DTI means you have more room in your budget for a new loan. Aim to have a DTI no higher than 43%, though a “good” DTI is typically considered to be 35% or lower.

To calculate it, divide your total monthly debt payments by your gross monthly income.

RV lender vehicle criteria

Each lender has its own criteria that your RV must meet to qualify for financing. These requirements typically consider the RV’s age, condition and value, as well as how it’ll be used. For example, it’s common for lenders to finance RVs that are 15 years old at most.

Some lenders may have restrictions based on where the RV is purchased or the type of RV it is. Because these guidelines vary, it’s important to review a lender’s specific requirements before applying.

Making sure your RV aligns with your lender’s standards can help ensure the approval process is smooth and prevent unnecessary delays or denials.

RV loan calculator: Find your estimated monthly payment

RV loan rates

Credit Type	Credit Score Range	Average RV Loan APR
Excellent	720-850	9.05%
Good	680-719	11.86%
Fair	640-679	14.09%
Poor	300-639	16.19%

Source: LendingTree user data on closed RV loans in 2024.

Types of RV financing

Dealer financing

Dealer financing is when you get your RV loan directly through a dealership. It’s convenient, as you can apply for financing right where you buy your RV. Dealers often work with multiple lenders and may offer special promotions or lower rates for new models.

However, it’s still a good idea to compare what the dealer offers with outside lenders to make sure you’re getting the best deal you qualify for.

Private party RV financing

Private party RV financing is available when you buy an RV from an individual seller, not a dealership. Banks, credit unions and online lenders extend these loans, and you’ll apply after you’ve chosen an RV to buy. Once you qualify for the loan, you’ll manage the car’s registration, title transfer and payment of sales tax.

Note, however, that private-party auto loans often come with higher interest rates than traditional auto loans.

Where are most people buying RVs?

A LendingTree study revealed that interest in RV financing was highest in the Western U.S. Oregon led the way, where 7.5% of auto loan inquiries were for RVs — more than double the national average of 3.5%. Montana and Wyoming followed at 6.9%.

Frequently asked questions

Getting RV financing can be uncomplicated if you meet the lender’s requirements, which often consider your credit score, debt-to-income ratio and the RV’s specifications.

Before applying, review the lender’s requirements. If you don’t meet these guidelines, it may be harder to qualify for a loan or get a good interest rate.

It’s common for lenders to ask for a down payment of 10% to 20% of the RV’s price. A larger down payment can help lower your monthly payments and improve your chances of getting approved.

Some lenders may offer low- or no-down-payment options, but those usually come with higher interest rates.

RV loan terms often range from five to 20 years, with longer terms reserved for higher loan amounts. Depending on the lender, shorter terms may be available.

Compare RV Loan Offers

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