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Essex Credit RV and boat loans review

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Finance your next recreational vehicle or vessel at competitive starting rates.

  • Best for people planning to live full-time in their RV or boat.
  • Pick something else if you want to be preapproved before you borrow.

$10,000

Min. Loan Amount

$5,000,000

Max. Loan Amount

4.29% to 7.69%

APR

Details

Product NameEssex Credit boat loans / Essex Credit RV loans
Min. Loan Amount$10,000
Max. Loan Amount$5,000,000
APR4.29% to 7.69%
Interest Rate TypeFixed
Requirements690+ credit score, verifiable source of income, US citizen or permanent residence, be 18+ years old

Expert review

Kellye Guinan

Review by


Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

Expert review

Because Essex Credit doesn’t have a preapproval process, it should be the last lender you apply for. This helps keep your credit intact while you shop rates. But beyond a few minor drawbacks, it can be a good choice for RV or boat financing — especially if you plan to live in your RV or onboard your boat.

Borrowers with fair credit can apply, but the best rates go to borrowers with good or excellent credit. Current owners may want to look into refinancing with Essex Credit, with its low rates.

While other lenders place broad restrictions on refinancing, Essex Credit only restricts much older vehicles with higher mileage. And could take advantage of the competitive rates offered for new purchases.

First, am I eligible?

To qualify for an RV or boat loan from Essex Credit, you’ll need to meet a few basic requirements:

  • Credit score of 690 or better
  • Verifiable source of income
  • US citizen or permanent residence
  • At least 18 years old

A high debt-to-income ratio, unverifiable income, low credit, past bankruptcy and a history of delinquent payments may negatively affect your application.

What types of vehicle loans does Essex Credit offer?

Essex Credit offers loans for new and used boats and RVs. You could refinance a previous loan, and private party purchases are accepted.

RVs

Financing is available for seven types of RVs:

  • Class A, B and C motorhomes
  • 5th wheels
  • Travel trailers
  • Pop-ups
  • Truck campers
  • Horse trailers with living quarters
  • Bus conversions

If you’re purchasing used, your vehicle must be a 2009 model or newer. Refinancing is also available for gas engines under 60,000 miles or diesel engines under 100,000 miles.

Essex Credit will not finance park models, tiny homes, motorhomes in the “Toter” style and horse trailers without living quarters.

Boats

Financing is available for these types of boats:

  • Standard or custom power boats
  • Sailboats
  • Multi-hull boats
  • Pontoon boats
  • Electric boats

Essex Credit finances high performance boats, houseboats and boats with wooden hulls. However, these vessels may have different rates, restrictions and down-payment requirements.

While you can purchase boats as old as the 2000 model year, the best rates are reserved for 2010 models or newer.

Pros and cons

Pros

  • Taxes, title and registration fees included in loan
  • Available in all 50 states
  • No down payment option for vehicles under $50,000
  • 0.25% rate reduction for 100% electric RVs and boats

Cons

  • No preapproval offers
  • Higher rates for certain models
  • Inspections may be required

Compare more car loan options

Data indicated here is updated regularly
Name Product Filter Values Minimum credit score APR Loan term Requirements
PenFed Auto Loans
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2.99% (Starting at)
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LendingClub Auto Refinancing
Fair or better credit
7% to 24.99%
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Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
Lower your monthly car payments and save on interest through a fast and easy online application process.
Ally Clearlane
640
3.99% to 7.74%
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Monthly income of $2,000+, live in an eligible US state, ages 18+
SuperMoney Auto Loan Refinancing
600
Varies by lender
Varies by lender
Car must be less than 10 years old with fewer than 150,000 miles. Fair to excellent credit, an income source, US Citizen or Permanent Resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
LendingTree
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Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
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Compare up to 4 providers

How do I apply?

You can apply with Essex Credit by phone, mail or online. To get started with the online application, follow these steps:

  1. Visit Essex Credit and click Apply Now to get started.
  2. Read the disclosure, then enter your date of birth, state and the type of loan you want to borrow.
  3. Select if you’re applying individually or jointly, then select your marital status.
  4. Select the type of loan you’re applying for: New, used or refinance.
  5. Enter information about the vehicle or vessel you want to buy and your trade-in, if applicable.
  6. Enter the purchase price and sales tax, then provide your down payment amount.
  7. Choose a loan term and enter information about the seller.
  8. Enter information about yourself, including your Social Security number, government-issued ID and employment.
  9. Review your application, read the additional disclosures and click Submit.

A representative of Essex Credit reviews your application and gets back to you within one to two business days. If approved, it can take anywhere from one to two weeks for your loan to be funded.

What documents do I need to apply?

To complete an application with Essex Credit, you will need to provide a few documents:

  • Social Security number
  • Gross monthly income
  • Copy of government-issued ID
  • Proof of insurance
  • Proof of down payment
  • Purchase agreement (if applicable)

You may also need to have your vehicle inspected if it is used, a private party purchase or costs over $250,000.

How do repayments work?

Essex Credit doesn’t list how you can make repayments, but it does state that you can defer your first repayment up to 45 days. For more information, contact an Essex Credit representative to discuss your repayment options and potential monthly due dates.

Essex Credit focuses solely on RVs and boats, but it isn’t the only lender out there. You can compare more auto loans to find lenders that will cover leisure vehicle purchases.

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