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Financing a used or new RV
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Here’s a breakdown of RV financing — what to expect, how to prepare, and some lenders you might check out. If you tell me your credit profile, how much you want to borrow, or whether the RV is new vs. used, I can run more customized numbers for you.
What is RV financing?
Like auto financing, an RV loan is a secured loan where the RV acts as collateral.
Because RVs tend to cost more and depreciate differently than cars, lenders often apply stricter criteria (credit score, down payment, age of RV, etc.).
Loan terms for RVs are generally longer than for cars.
Interest rates tend to be higher (relative to auto loans) because of higher risk, longer terms, and the specialized nature of RVs.
Key Features & Considerations
Feature What to Watch For
Down Payment / Equity Some lenders require 10–20 % down, especially for older RVs or used ones
Loan Term Terms often range from 5 to 20 years, depending on lender and RV type.
Interest Rates / APR Depends heavily on credit score, loan term, RV age, and whether it’s motorhome vs. travel trailer
Age / Mileage Limits Some lenders cap the RV’s age or mileage for eligibility
Insurance & Maintenance Because RVs are large and complex, lenders may require robust insurance coverage
Refinancing It’s possible to refinance an existing RV loan, potentially to get a lower rate or consolidate debt
Sample Lenders / Financing Sources
Good Sam Finance Center — specializes in new & used RVs and refinancing.
Alliant Credit Union — offers RV financing, including for “full-timers,” with terms up to 20 years.
LightStream (Truist) — a personal‐loan style offering for RVs and motorhomes.
First Citizens Bank — provides financing for new and used RVs (less than 5 years old), with terms from 5 to 15 years.
Southeast Financial — they specialize in camper & RV loans across the U.S.
Trident Funding — works with a network of RV lenders for various loan sizes.
What You Should Do to Prepare
1. Check your credit score — better credit = better rates.
2. Shop around / get pre-approvals — comparing lenders helps you negotiate at the RV dealer.
3. Decide on term vs. monthly payment tradeoff — longer term lowers the monthly payment but increases total interest.
4. Know the condition / age of the RV — lenders may decline older units or ones in poor condition.
5. Have documentation ready — proof of income, assets, RV specs, insurance quotes, etc.
6. Consider a down payment — placing more money down reduces loan risk and may lower rate.
If you like, I can pull together current interest rates and estimated monthly payments for RVs in your area (Illinois / Chicago) for both new and used models, given your credit score range. Would you like me to do that?
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