If you dream of hitting the road in a cozy RV, you’ll need to secure the right financing. But finding the best RV loan can be challenging. That’s why we’ve done the hard work for you, scouring the market to bring you our top picks for January 2024. In this article, we’ll introduce you to the most attractive RV loan options available right now. So buckle up, and let’s dive in!
Best RV Loans: Our Top Picks
LightStream RV Loans: Competitive Interest Rates
If you’re on the hunt for the best interest rates, look no further than LightStream RV Loans. Backed by Truist, LightStream is known for its quick funding and low interest rates across various loan types. Although the maximum loan amount is $100,000, most buyers can comfortably finance their dream RV while securing a competitive interest rate. LightStream is open to financing most types of RVs, including trailer-style RVs.
Truist RV Loans: Ideal for Large Loans
With secured loans for Class A and C motorhomes, Truist is your go-to lender for luxury RV purchases or financing larger motorhomes. While Truist’s loans may require a down payment, they offer competitive rates for both new and used motorhomes. However, it’s important to note that Truist does not allow the motorhomes it finances to be used as permanent dwellings. Additionally, loans are not available in Alaska, Hawaii, or Vermont.
Alliant Credit Union RV Loans: Versatile Financing Options
Alliant Credit Union provides financing for a wide range of RV types, including Class A, B, and C motorhomes, travel trailers, and park model RVs. With APR rates starting at 7.04%, Alliant offers attractive loans for RV enthusiasts. However, keep in mind that you’ll need a high credit score to qualify for one of their loans. To join Alliant and take advantage of their RV loans, you can work with one of their partner organizations or qualify through other means.
Southeast Financial RV Loans: Poor Credit? No Problem!
If you have less-than-perfect credit, Southeast Financial is the lender for you. Unlike many other RV loan providers, Southeast Financial welcomes borrowers with credit scores below 600 and even considers applicants with previous bankruptcies. You can finance any type of RV, with loan amounts ranging from $15,000 to a whopping $4 million. Just remember, the shakier your financial situation, the higher your interest rates may be.
Trustworthy RV Lenders
As we evaluated the various RV lenders, rest assured that we only included those with a strong reputation for trustworthiness. All of our top picks have received ratings of A- or higher from the Better Business Bureau (BBB). However, keep in mind that a high BBB score does not guarantee a positive relationship with a lender. To make an informed decision, we recommend conducting thorough research and seeking advice from individuals who have used the company’s services.
Other Considerations
While our top picks represent the best RV loan options available, it’s worth exploring alternative financing methods. Local credit unions often offer RV loans, and personal loans can be another viable option for smaller RV purchases. However, keep in mind that personal loans may come with higher interest rates compared to dedicated RV loans. If you can qualify for an RV loan, it’s generally the better choice.
How to Get an RV Loan
Securing an RV loan is not as straightforward as obtaining an auto loan. Most lenders require a credit score of at least 700 and significant down payments. When applying for an RV loan, be prepared to provide extensive information about your employment, income, and other loans. Additionally, you’ll need to have the RV inspected before finalizing the loan, and most lenders require the RV to be a model year 2009 or newer.
Our Methodology
At Insider, we considered several factors crucial to RVers when evaluating these lenders. These factors included the variety of RV types financed, interest rates, loan fees, Better Business Bureau ratings, and nationwide availability. Our intention was to provide you with a comprehensive list of reputable lenders that meet your RV financing needs.
So there you have it, our top picks for the best RV loans in January 2024. Now you can hit the road with confidence and start creating unforgettable memories in your new RV!
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