Traveling in a house on wheels can save you money — if you can get the money to buy one. If you don’t, there financing available to buy RVs of all sizes. But be prepared for the extra costs that come with RV ownership.
4 providers that offer RV financing
| LightStream | $5,000 to $100,000 | 7.49% to 25.99% | 24 to 144 months | |
| OneMain Financial | $1,500 to $20,000 | 18% to 35.99% | 24, 36, 48 or 60 months | |
| LendingTree | $1,000 to $100,000 | Varies by lender | Varies by lender | |
| U.S. Bank | $5,000 to $150,000 | Starting at 7.99% | Up to 48 months | |
How can I finance an RV?
When it comes to financing your RV, you have a few options to choose from. The most common options are secured loans, where the lender uses your RV as collateral.
Dealer financing
Many RV dealerships offer to finance qualified borrowers when they choose to purchase an RV. Much like car dealerships, you should come prepared with another preapproved offer to negotiate for a better interest rate and terms.
You may be able to get a low rate if you have excellent credit and a down payment on your new vehicle. And if you need low monthly payments, some dealerships offer financing terms of up to 20 years.
RV loans with a direct lender
Some banks, credit unions and online lenders have RV loan options available, such as the direct lenders Lightstream or OneMain Financial.
Like an auto loan, RV loans are secured by the RV itself. They’re usually fixed-interest loans, repaid in monthly installments. One major difference between car loans and RV loans is the term length. RV loans can have much longer terms, sometimes as long as 15 to 20 years, whereas car loans usually cap out at seven years.
Unsecured or secured personal loans
Personal loans can work for a variety of purposes. You can apply for a personal loan from a traditional lender, like a bank or credit union, or a nontraditional lender that operates online. There are also unsecured and secured personal loans, and the secured options may be easier to qualify for because the RV could secure the loan.
Some lenders offer loan amounts up to $100,000, while others focus on borrowers who may have less-than-perfect credit, such as OneMain Financial. If you’re looking to purchase an RV and want funding before you set foot at an RV dealership, then a personal loan may be a good way to secure financing to give you a better idea of how much you can afford.
Compare more RV financing options
Select the tab to see your options in Car Loans or Personal Loans, and explore your options by minimum credit score, APR, loan term and requirements.
How should I compare my RV loan options?
- Look to the APR. Your loan’s APR is an expression of your loan’s interest and fees as a percentage. It’s the easiest way to compare costs on loans with the same term.
- Compare secured vs. unsecured RV loans can either be secured or unsecured. Unsecured loans can have less risk but they often have higher rates to make up for it.
- Are there flexible payment options? Most RV loans have flexible loan payments, offering anywhere from weekly to monthly payments.
- See what loan terms are offered. The amount of money you borrow will influence the term length. But have an idea of how long it’ll take you to repay the loan before agreeing to anything.
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Calculate your RV loan payments
Use our calculator to see how much an RV loan might cost you each month.
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How to use this RV loan calculator
- Enter how much you want to borrow under Loan amount.
- Type in your loan term in years under the Loan terms field.
- Type in your loan’s interest rate if it doesn’t come with any fees under Interest rate. If your loan does come with fees, enter the annual percentage rate (APR), which includes interest and fees combined.
- Click Calculate.
- Review your results.
Not only will our calculator show your monthly repayments, but also how much you’ll pay in interest over the life of your loan.
4 tips to qualify for a competitive deal
- Compare lenders and dealers. Comparing lenders can help you get the best rate, and comparing offers from dealerships can help you lower the price. Some offers can differ as much as $30,000.
- Check your credit report. Mistakes happen. Having an error on your credit report can cause your score to drop and limit your financing options. Make sure everything checks out before applying for an RV loan.
- Know your credit score. Knowing your score allows you to focus on lenders that specialize in financing for your rating. Don’t know yours? You can get an estimate online or through budgeting apps like Mint.
- Negotiate. Be prepared to negotiate both the price as well as the rates and terms of your financing. Pro tip: Consider getting preapproved with a lender and use those rates and terms to get a better deal at the dealership.
- Avoid impulse buys. You might be excited to get out on the road but buying impulsively likely means you won’t take the time to compare all of your financing options.
- Consider used. New RVs can depreciate even more than new cars during the first three years. Getting a used RV can help you avoid going upside down on your loan while also costing less.
RV loan calculator: Compare monthly costs
What to avoid with an RV loan
- Long loan terms. An extra long term might give you lower monthly repayments but you’ll pay more in interest and could end up owing more than your RV’s resale value.
- Not budgeting for the whole cost. Make sure to have room in your budget to cover maintenance, taxes, registration and other fees associated with buying an RV.
- High loan amount. Make sure you’re not borrowing more than you can afford. If you’re in a lot debt or if your credit is poor, it may be a better idea to pay other debt down before taking on more.
- No down payments. The less you pay upfront the more you pay in interest — and the more likely you are to go upside down on your loan. Especially with a new RV.
- Hidden surprises in your contract. Be sure to read the loan contract in full before you sign anything. Look out for hidden fees and terms.
How to apply for an RV loan
If an RV loan sounds like it’s right for you, applying for one is very easy.
Typically, to be eligible for RV finance you must be at least 18 years of age and a US citizen. You must also have a good credit rating and be able to provide the lender with your financial details — bank statements, pay stubs and any other documents relating to your personal income.
What documents will I need for my RV loan?
Your application will run much smoother if you have all your documents ready and available when you apply for your RV finance. You’ll need:
- Valid form of ID and Social Security number
- Employment information and proof of income
- Personal details
Are there any other costs I should expect with my RV?
Owning an RV is more than just paying the purchase price and driving away. When you commit to an RV, you need to make room in your budget for a number of related expenses.
- Maintenance. RVs need yearly maintenance. The cost will vary on the age of your RV and how often its in use. If you tow a trailer, you should also factor your primary vehicle’s maintenance into this cost as well.
- Fuel costs. It doesn’t matter whether you’ve opted for a diesel or gas engine — you’re going to be paying quite a bit in fuel. Before you start on a trip, look up average gas or diesel prices at regular points along your route and start saving.
- Park fees. Some parks and campgrounds charge per night. Depending on how long you want to stay, you might quickly find that just having your RV parked on a slip can be a pricey expenditure.
- Hookup fees. In a similar vein, you’ll likely have to pay to hook your RV up to electricity and plumbing. While it might not be as expensive as a hotel, you should still factor basic amenities into your budget when planning to buy an RV.
- Storage. Unless you plan on living in your RV year-round or you have a space to keep it, you’ll have to pay for storage in the off-season. This can range from a few hundred dollars to a few thousand depending on where you live and the storage unit’s facilities.
What types of RVs can I buy?
No matter which road you chose to travel, there’s an RV out there for you. Make memories in a towable RV or a full-sized motorhome, or anything in between.
RV or motorhomes
These have the comforts of home — all while you’re behind the wheel. With a full-sized roof, couch and often plenty of sleeping room, a whole family could comfortably enjoy traveling from coast to coast.
These vary in size and price — class As are the more luxurious and more expensive choice, while class B and C are smaller and cheaper, but have many of the same living accommodations. For example, buying a Jayco RV can run anywhere from $96,000 to over $300,000 depending on how much you’re looking to spend.
Full RVs are ready to go at all times — no setup or take down, and they offer lots of storage and protection from the rain, cold and heat.
Fifth wheeler RVs
A typical fifth-wheeler RV is larger than a pop-up but still are towed on a truck. You’ll get a lot of the same levels of luxury as the motor, but these can be less money. These RVs come without a conventional RV hitch, so you have to tow them on the bed of a utility or pickup truck.
Pop top or pop-out RVs
These are relatively small, towable RVs that pop out on the sides when you arrive at your destination. Some even pop up to make the ceiling higher.
These models are smaller and more aerodynamic, so you’ll likely spend less money on fuel. One drawback is that they’re smaller and it’s not as safe to ride in them while you’re driving down the road.
Folding RVs
Imagine a low camper trailer turning into an RV offering space to sleep. These are like pop-out RVs, but can take more time to set up and break down.
Teardrop trailers
Teardrop trailers are small and ideal for light travelers. They offer basic accommodations like a small sleeping space and some space for cooking.
Checklist for buying a camper trailer
Different strokes for different folk holds true when it comes to camper trailer shopping. But keep an eye out for a few things that can affect your travels if they’re overlooked:
- Chassis. This is the base frame> a trailer and plays a crucial role in holding it together. For more durability, look for a chassis made of high-quality materials — especially if you’re planning to carry heavy loads of drive off-road.
- Suspension. Suspension springs should be strong enough to take the weight of the trailer as well as the load that it carries. Make sure you pay attention to their condition and find out if they’re suitable for off-road driving.
- Tailgate and doors. Remember to check all seals, not just on the doors and the tailgate but also on all compartments and even the toolbox to avoid damage from water and rust.
- Towing. The towing coupling should be strong enough to take the camper trailer’s weight as well as all that it carries. For off-road driving, getting a coupling that turns 360 degrees is ideal. In addition, consider getting snatch points at the trailer’s rear section.
- Protection. Camper trailers tend to flick up stones from time to time — even on paved roads. Some trailers deflect these stones by using built-in stone guards or shade cloth attachments to bridge the gap between the trailer and the car.
- Tires. If you can manage to get the same set of tires on your trailer as on your main vehicle you can look forward to a smoother drive.
- Trim. The canvas on your camper trailer should be durable, given that it provides shelter. But remember that lightweight canvas is quicker and simpler to set up. Check for waterproof and mildew-proof materials with no holes.
- Bedding. Make sure there’s enough bedding for all your travelers — even measure the beds if they look small.
- Possible add-ons. While the list of add-ons can be very long, most camper trailers tend to include water tanks, jockey wheels and awnings.
RV buying guide
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Frequently asked questions
Can I get preapproved for an RV loan?
The majority of lenders will offer you preapproval on your RV loan. This can help with budgeting and your bargaining power when dealing with the salesperson.
How long are the terms for an RV loan?
It varies by lender, but most loan terms will last anywhere from 10 to 20 years.
Should I purchase a new or used RV?
It depends on how you plan on using your RV. Both can make for excellent vacation homes or long-term accommodations. New RVs will cost more, but many come with a warranty for the first year or two of maintenance. On the other hand, used RVs cost less, but you’ll want to carefully examine the service record for maintenance and repairs that have been done.
Do I need to have insurance on my RV?
Yes. If your RV is motorized, it will likely have to have its own policy. If you tow it, then it may be covered under your current policy, but you should still check and make sure. There are as many insurance options as there are RVs, so do your due diligence and research the best policies for your lifestyle.
How much does it cost for RV insurance?
There are a slew of factors that go into how much RV insurance costs based on the individual, however, the average cost for RV insurance is around $550 a year or $250 for a towable trailer without a motor.
Does Chase offer RV loans?
No, Chase only offers auto financing for new and used cars, as well as car loan refinancing. It also doesn’t offer personal loans, so you really have no RV financing options through Chase.
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