Recreational vehicles (RVs) are big, fun and expensive. Luckily, you don't have to front the entire cost of an RV out of pocket. Similar to a car loan, an RV loan lets you hit the road now and pay off your debt later. And while some of the best RV loans come from lenders that specialize in this type of financing, personal loan lenders can also offer a great deal.
CNBC Select compared several lenders and rounded up some of the best options for financing an RV (learn more about our methodology below).
Compare offers for the best personal loans
Best for lower credit scores
OneMain Financial Personal Loans
Annual Percentage Rate (APR)
18.00% to 35.99%
Loan purpose
Debt consolidation, major expenses, emergency costs
Loan amounts
$1,500 to $20,000
Terms
24 - 60 Months
Credit needed
Poor/Fair
Origination fee
Origination fee starting at $25 to $500 or percentage ranging from 1% to 10% (depends on your state)
Early payoff penalty
None
Late fee
Up to $30 per late payment or up to 15% (depends on your state)
Terms apply.* Click here to see if you prequalify for a personal loan offer.
Pros
- Approves applicants with bad or fair credit
- No early payoff fees
- Reasonable loan minimums ($1,500) for smaller needs
- Can pre-qualify with a soft credit check (no hard inquiry right away)
- ACH funding within 1-2 business days (sometimes same day with proper paperwork)
- Option to apply for secured loan (with collateral) for potentially lower rates
- Borrowers can choose the date the bill is due each month
- Applicants may apply with a co-applicant or, if married, may apply for a loan separately from spouse
Cons
- High origination fee
- High interest rates
- No autopay APR discount
- No co-signers
*You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved. Loan approval and actual loan terms depend on applicant's state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral.
Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms. For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant's name with valid insurance. APRs are generally higher on loans not secured by a vehicle.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
OneMain charges origination fees allowed by law. Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount.
For information about these fees and minimum and maximum loan sizes available in certain states, visit omf.com/loanfees.
Current OneMain Customers: Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options.
Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If you are covered by the MLA, you are not eligible for secured loans.Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB's Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Time to Fund Loans: Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.
Who's this for? If you have poor to fair credit (FICO score below 580 to 669) and are having difficulty finding a lender, give OneMain Financial a look since it considers applicants in this range. If your score is even higher, you're more likely to qualify for better loan terms.
Standout benefits: OneMain Financial doesn't charge any prepayment penalties for paying off your loan balance early.
Best for fast funding
LightStream Personal Loans
Annual Percentage Rate (APR)
6.99% - 25.99%* APR with AutoPay
Loan purpose
Debt consolidation, home improvement, auto financing, medical expenses, and others
Loan amounts
$5,000 to $100,000
Terms
24 to 240 months* dependent on loan purpose
Credit needed
Good
Origination fee
None
Early payoff penalty
None
Late fee
None
Terms apply. *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.
Pros
- Same-day funding available through ACH or wire transfer (conditions apply)
- Loan amounts up to $100,000
- No origination fees, no early payoff fees, no late fees
- LightStream plants a tree for every loan
Cons
- Requires several years of credit history
- No option to pay your creditors directly
- Not available for student loans or business loans
- No option for pre-approval on website (but pre-qualification is available on some third-party lending platforms)
Who's this for? In a hurry to get your cash and close on your RV? LightStream offers unsecured loans that can get approved and funded within one business day (depending on the circumstances). If you apply on a banking business day and get the OK from Lightstream, all you have to do is review and electronically sign your loan agreement, provide Lightstream with your banking info and funding preference, and complete a final verification process by 2:30 p.m. ET.
Standout benefits: LightStream offers a 0.50% interest rate discount for borrowers who enroll in Autopay. Note that you can only capitalize on this offer prior to loan funding.
Best for large loan amounts
Southeast Financial
Annual Percentage Rate (APR)
Fixed rates starting at 6.99%
Loan purpose
RVs, trailers, boats, motorcycles for non-commercial use
Loan amounts
$10,000 to $4,000,000
Terms
Up to 240 months
Credit needed
Minimum credit score of 575
Origination fee
Not disclosed
Early payoff penalty
Not disclosed
Late fee
Not disclosed
Click here to see if you prequalify for a personal loan offer. Terms apply.
Pros
- Low minimum credit score requirement
- Offers long repayment terms of up to 20 years
- High loan amounts of up to $4,000,000
Cons
- Loan cannot to be used to purchase vehicles for commercial use
- Fees are not disclosed on the website
Who's this for? If the RV of your dreams costs as much as a house, Southeast Financial can help you out. This lender offers the highest potential loan amounts on this list — up to $4,000,000.
Standout benefits: Southeast Financial also offers repayment terms as long as 20 years, giving you plenty of time to pay off that seven-figure debt.
Best from a big bank
Discover Personal Loans
Annual Percentage Rate (APR)
7.99% to 24.99%
Loan purpose
Debt consolidation, home improvement, wedding or vacation
Loan amounts
$2,500 to $40,000
Terms
36, 48, 60, 72 and 84 months
Credit needed
Good
Origination fee
None
Early payoff penalty
None
Late fee
$39
Terms apply.
Pros
- No origination fees, no early payoff fees
- Same-day decision (in most cases)
- Option to pay creditors directly
- 7 different payment options from mailing a check to pay by phone or app
Cons
- Late fee of $39
- No autopay discount
- No cosigners or joint applications
Who's this for? Do you prefer the familiarity of a big bank? Discover is a well-known name in the industry and can be a good choice if you want your RV loan from the same place you keep a checking and savings account.
Standout benefits: Discover will perform a soft credit pull on your requested loan amount so you can see what your interest rate would be without having your credit score lowered by a hard inquiry.
More on our picks for best RV loans
OneMain Financial
While this lender doesn't charge any prepayment penalties, late fees can either be a flat fee of up to $30 per late payment or up to 15% of the late amount of your last monthly payment.
Loan amounts
$1,500 and $20,000
Loan terms
24, 36, 48 or 60 months
LightStream
LightStream doesn't require collateral and also doesn't charge any prepayment penalties. Borrowers can also receive funding on the same business day if their application is approved and all the required steps are completed by 2:30 PM Eastern Time on a banking business day.
$5,000 to $100,000
Loan amounts
$5,000 to $100,000
Loan terms
24 to 240 months dependent on loan purpose
Southeast Financial
Southeast Financial offers loans for RVs, boats, trailers and motorcycles. This lender considers credit scores as low as 575 but doesn't offer much information around its fees.
Loan amounts
$10,000 to $4,000,000
Loan terms
Up to 20 years
Discover
Discover borrowers who submit a complete, error-free application may be able to receive their loan disbursement as early as the next business day.
Loan amounts
$1,500 to $20,000
Loan terms
36 to 84 months
FAQs
What credit score is needed for an RV loan?
Generally speaking, the higher your credit score the more likely you are to get approved for an RV loan (especially one with good terms). Credit score requirements can vary from lender to lender, so it's important to double-check specific requirements before applying.
How much of a down payment do you need for an RV?
A down payment for an RV may not always be a requirement. But if your lender does require a down payment, this can typically range from 10% to 20% of the purchase price.
Is it hard to get an RV loan?
RV loans can be harder to get than a regular auto loan because RVs can be more expensive, requiring borrowers to apply for higher loan amounts.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best RV loans.
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Our methodology
To determine which personal loans are the best for financing an RV, CNBC Select analyzed dozens of U.S. lenders offering both personal loans that can be used to finance an RV purchase and lenders offering RV loans specifically. We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
When narrowing down and ranking the best loans, we focused on the following features:
- No (or low) origination or signup fee: The majority of lenders on our best-of list don't charge borrowers an upfront fee for processing your loan.
- Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
- Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your project budget and how long you need to pay back your loan.
- No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
- Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process.
- Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
- Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check.
- Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR .
Note that the rates and fee structures advertised for loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.
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