The best RV loans of 2021

Best Loans RV 4x3

 Summary List PlacementThe best RV loans (2021)

Bank of the West RV loans
SunTrust Bank RV loans

Getting an RV loan is more akin to getting a home loan than an auto loan  — RV loans can be large loans that are harder to qualify for. 

With multiple types of RVs available, ranging from small trailers pulled behind SUVs or trucks to luxurious Class A and C motorhomes, finding a lender that fits your purchase price and will finance the type of RV you’re interested in buying can take some work. 

Before you start shopping for financing, it’s important to know which type of RV you’re looking to buy. Whatever you’re looking to buy, there’s probably a loan for it. However, there aren’t nearly as many lenders offering RV loans as there are lenders offering auto loans or mortgages. 

Here are Insider’s top picks for RV financing in 2021.


LightStream is an online lender backed by Truist that’s known for quick funding and low interest rates on a variety of loan types. The bank has also gotten top marks from Insider for personal loans and auto loans. So, it’s no surprise that LightStream also offers competitive RV loans. 

While this lender doesn’t offer large RV loans — the maximum loan amount is $100,000 — the typical buyer can finance their RV comfortably within this amount and get a competitively low interest rate from LightStream in the process. While some lenders exclude some types of RVs, LightStream is open to most all of them, including trailer-style RVs.

Types of RVs financed: Any RV, including motorhome and trailer-style RVs

APR range: 4.29% to 11.89% APR with auto pay

Loan amounts available: $5,000 to $100,000

Watch out for: Credit requirements. LightStream only works with borrowers who have good or better credit, and that could exclude some individuals. The lender defines good credit as having several years of credit history, a variety of credit accounts open, solid repayment history without delinquencies, and stable and sufficient income to repay the loan.

Bank of the West RV loans

Bank of the West offers RV loans through its lending division, Essex Credit. Bank of the West RV loans offer competitive interest rates and some unique perks for RV-ers, and it is an especially strong option for those looking to live full-time in their RV.

Many RV lenders don’t allow the RVs they finance to be used as full-time residences, but Bank of the West makes this possible. And, this lender makes it more affordable, too — full-time RV-ers will find interest rates almost one percentage point lower than the typical RV used solely for pleasure. 

Types of RVs financed: Any RV, including Class A, B, and C motorhomes and trailer-style RVs. All RVs must be model year 2010 or newer. 

APR range: Start at 3.59% for full-time use RVs; rates starting at 4.49% for new or used campers

Loan amounts available: $10,000 to upwards of $2 million.

Watch out for: Increased rates for some trailer …read more

Source:: Business Insider


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