If you’re in the market for a new RV, or you’re refinancing your current RV to lower the interest rate, you want to find the best rates available. RV loan interest rates tend to follow the same trends as car loan rates and can vary by lender, credit score and loan term. To find the best RV loan rates, start by checking with several lenders who offer competitive rates for borrowers with your credit profile. You can also try to pre-qualify for a loan before submitting a full application to avoid impacting your credit score.
There are two main ways to finance your RV: secured and unsecured. Secured loans are backed by collateral, such as an asset like a home or car, which helps the lender reduce the risk of lending to borrowers with poorer credit. This type of loan typically has a low RV loan rate for those with excellent credit. Unsecured loans, on the other hand, aren’t backed by collateral and have higher rates than secured ones. This is because the lender takes on more risk without having an asset to seize in case you fail to repay the debt.
Whether you get a secured or an unsecured RV loan, you’ll still need to go through the same process to complete your loan application. This includes meeting minimum credit score and potential annual income requirements, submitting a formal application with the lender and providing financial information to verify your identity and the information you’ve provided on your application. You can usually do this online or over the phone, and most applications can be approved within one business day.
You’ll need to provide documentation, such as pay stubs and tax returns, to complete your loan. You may also be required to put down a down payment on the RV, depending on the loan terms and lender requirements. To make the process faster and easier, consider choosing a lender that accepts electronic signatures to submit your documents.
In addition to comparing RV loan interest rates, you should also review the maximum loan amount and repayment schedule of each lender. Ideally, you want to choose the lender that offers the lowest rate with fees included and has a flexible repayment plan that matches your budget. To help you narrow down your options, we’ve compiled a list of six top-rated lenders that offer competitive RV loan rates with no fees and a variable repayment schedule.