How to Get an RV Loan


Recreation vehicles (RVs) act as rolling homes, allowing owners to travel comfortably. RV purchase prices vary from a couple thousand dollars to tens of thousands of dollars. Most financial institutions offer RV loans to borrowers. Before choosing a lender, it’s important to understand RV financing to secure the best interest rate and loan terms.

  • Decide on a loan term. Lenders typically offer terms from 60 to 180 months. With a longer loan term, the monthly payment will be lower. It’s important, however, to remember that extending RV financing will drive up the total financing cost as you will end up paying more interest. Choose the shortest loan term you can afford to minimize long-term costs.

  • Shop interest rates. Find financial institutions in your area that offer RV financing through Don’t forget to check out credit unions. These lenders are non-profit as the profits earned are returned directly to members in the form of lower interest rates. A credit union might not always have the lowest rate, but it’s worth checking out. Write down the lenders who offer the most attractive terms to investigate further. According to Bank Rate, interest rates on RV loans are usually risk-based. This means that borrowers with good credit will have access to the best interest rates.

  • After finding the best rate, fill out an application with the lender. A loan officer can take an application over the phone, at the bank or online in most cases. The financial institution will also need supporting documentation, such as recent bank statements and pay stubs. Lenders may require a down payment of 20 percent on the loan.

  • Sign RV loan documents. After processing the loan, the lender will set up a time to sign documents. Review RV loan documents to ensure the terms are correct. Check the interest rate and loan terms of the agreement. Loans typically fund within three days of signing loan documents, depending on the financial institution.

Tips & Warnings

  • According to Bank Rate, it’s wise to secure financing before shopping for the RV. In most cases, you’ll secure a better interest rate, which will drive down overall costs.

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