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Overview: RV

Financing Straight Ahead

There are as many reasons for wanting a Recreational Vehicle (RV) as there are makes and models. Some folks dream of adventures on the open road. Others hope to make family vacations more flexible and affordable. It’s not unheard of for couples to completely replace their house or apartment with a spacious RV and live in it year-round.

Whatever your motivation, an RV is a major purchase and a substantial investment. There are three basic types of RV loans you should be aware of before getting too far in your shopping. That way, you can have a pretty good idea which one is likely to make the most sense for you before you buy.

The first sort of camper financing is a traditional New RV Loan. These are offered by many dealerships, and operate in much the same was as a new car or truck loan. You agree to a total price and an interest rate, which are then locked in and broken into a specific period of time – say, 72 months. You pay the same amount at the same time every month until the loan is paid in full. In a traditional loan like this, the RV acts as collateral, just like any other new vehicle would. If you fail to make your payments, the lender has the right to repossess your RV.

The second common type of RV financing is a basic personal loan. The main difference is that a personal loan is unsecured – you’re not using the RV or any other property as collateral for the loan. This is most common when buying a used vehicle, since the value of the RV is more likely to fall below the balance owed on the loan at some point along the way, making it poor collateral. Because it’s unsecured, you may find it more difficult to qualify for this sort of loan. You should also expect higher interest rates. On the other hand, you can use these sorts of camper loans for a much wider variety of things related to your RV – repairs, maintenance, storage, park fees, etc. As personal loans, their use is entirely at your discretion.

Finally, there’s RV financing for bad credit. Structurally, these are simply personal loans for people with lower credit scores or other credit history issues. The reason these are often considered an entirely separate type of loan is their source. Some traditional financial institutions will offer bad credit RV loans, but they’re largely the purview of lenders who specialize in personal loans with poor credit. These lenders will look at your credit history and scores, but are more likely to consider your current situation as well – your job, your reliable income, how long you’ve lived in one place, etc. Too many old-school lenders are looking for reasons to say “no”; these lenders are looking for reasons to say “yes.”

There are likely to be additional fees up front and penalties for late payments may be more severe. Interest rates will almost certainly be higher. On the other hand, if approved, you’ll have that RV in no time. If you’re certain that camper or RV is the way to go, don’t let your past credit mistakes stop you. Shop lenders until you find something you’re happy with, and don’t hesitate to negotiate, even with bad credit RV loans. You’re still the customer and they don’t make anything if they don’t win your business.

Saving Money Through RV Living

RVs are expensive. There’s no point denying it. But that doesn’t mean that every RV purchase is a luxury purchase or that used RV loans are automatically acts of decadence or overspending. As with so many things, the dollars are in the details.

Choosing to live permanently in your RV offers obvious potential savings. Assuming the vehicle you choose costs less than a house or can be financed for less than your apartment rental, you’re already ahead. Of course, even the nicest RV has limited overall space, and you’ll still need somewhere to park it and connect to basic utilities – which means additional costs. Still, if your goal is frugal living, it’s an option.

With a little creativity, family vacations can quickly make the price of a moderate RV worthwhile. While it still costs the same to get into Disney World or fly to Paris, there’s much to be said for more camping trips or visiting the many natural wonders scattered across every region of the continental United States. By eliminating hotel rooms and making a few meals at “home” (using portable appliances or those in the RV), you can travel more for less and quickly pay for your motorhome with the savings.

Things To Consider

Unless you find a secured loan through a dealer or reputable online lender, most RV loans are personal loans. That means fees up front and possibly a high interest rate. Because these vehicles tend to be rather expensive, monthly payments may be closer to a house payment than what you pay for your car or truck. Traditionally, you want to make a down payment of at least 10% - ideally closer to 20%. Some lenders will make bad credit camper loans with a smaller down payment or no down payment, but that means much higher monthly payments and more interest paid over the life of the loan.

If you know you may have trouble qualifying based on your credit score or credit history, be prepared to document your current income and job history. Lenders who specialize in poor credit RV financing may consider your debt-to-income ratio and other factors instead of relying exclusively on your credit rating. If you still have difficulty, consider delaying your purchase until you can raise your credit score and save money for a larger down payment.

Loanry® is here to help you fulfill your adventure on the open road


Why Loanry?

Thanks to the wonders of the internet in the 21st century, you’ve probably done quite a bit of RV shopping and investigation online before going to your local dealership. The same time and care should be devoted to loan shopping and investigation. It wasn’t that long ago that most people had two basic options when it came to financing a major purchase. They could either take a day off work, put on their Sunday best, and make their case to a financial officer at the local bank, or they could simply accept whatever terms the dealer was willing to offer. These aren’t those times.

With the advent of online lending, you have more options than ever before. That doesn’t mean you shouldn’t try your local bank or credit union, or carefully consider whatever the dealership may offer. But it doesn’t have to end there. Using a lending marketplace like Loanry, you have access to reputable online lenders who’ve already been carefully curated by our experts based on their reliability and how closely they match your circumstances.

By providing just a little basic information about yourself and your situation, we’ll match you up with the lender we believe is most likely to meet your needs in a way you find satisfactory. The rest, of course, is entirely up to you – there are no commitments, no costs, and no pressure as to what you decide. You can research or apply from any connected device, anywhere, at your convenience and whenever you decide you’re ready.

We believe that with enough information and a few options, you’re in a position to get a better deal no matter where you end up borrowing. And that, after all, is the goal!


If you’re purchasing an RV primarily as a money-saving maneuver or as an investment towards the future, you’ll want to research your options not only for their comfort or features, but their lifespan and maintenance history. RVs require more maintenance on average than cars or trucks, and some lose their value easily. That may not be an issue if you’re primary concern is how you’ll be using it, but if there’s any chance you’ll want to sell at some point or use it as collateral for future loans, it matters very much how well your RV is likely to hold its value.

If, on the other hand, you’re mostly buying an RV to use, it’s still important to pay attention to long-term reliability and resale potential. It may be worth spending a little more up front to secure a maintenance package, if offered, and to invest along the way in caring for and maintaining your RV carefully. There’s nothing enjoyable about things breaking down or otherwise failing to perform at their fullest potential. You don’t want to spend half of your vacation trying to figure out why the water won’t get hot or where the rain is getting in at night.

Whatever your motivation, it’s essential that you be able to make your payments in full and on time every month. Make sure you’ve analyzed your household budget and have reason to believe you can make a new payment reliably. In the same way that your credit history and current credit score will shape what sorts of rates and other terms you can get on your RV financing, how you handle the loan going forward will in turn shape your credit history and score going forward.


It’s not always possible to know everything about RV life until you’re living it, but it’s certainly possible to learn a few things before you start. For example, you probably know that there are a wide range of RV types and price ranges in the 21st century. You might not know that the RV industry uses three general categories to describe most motorhomes.

Class A Motorhomes are your high-end, heavy-duty, grandest of the grand models. They accommodate multiple sleepers and include numerous amenities for life on the road. Needless to say, these are also the most expensive class of motorhome or RV.

Class B Motorhomes are closer to large vans than luxury yachts. They probably include the basics – a toilet, a kitchen, comfortable seating and a TV or stereo – but they’re much smaller. They usually lack the “slide-outs” common in Class A vehicles. They’re easier to park and less expensive to drive and maintain, but you’re not going to be very comfortable living in them for longer than a little vacation time here and there.

Class C Motorhomes are the “compromise class” between Class A and Class B options. They favor overcab sleeping and can accommodate more people than a Class B but in slightly less comfort than a Class A. While there’s certainly a spectrum transitioning from B to C to A, experienced RV aficionados can tell you pretty easily upon sight which is which.

At Loanry, we know a little bit about motorhomes and a LOT about taking effective control of your personal and small business finances. We’re not going to sell you an RV, but we can help you compare loan options. We have over a thousand informational blog entries covering everything from financial terminology to how to prepare for tax season to making an effective household budget. Our online tools will let you adjust interest rates, term lengths, and other factors to discover how each change impacts your monthly payment and total paid. And, of course, with a little basic information we’ll gladly help you find a reputable lender who may match your needs.


Did You Hear?

“I wanna hang a map of the world in my house. Then I’m gonna put pins into all the locations that I’ve traveled to. But first, I’m gonna have to travel to the top two corners of the map so it won’t fall down.”

Mitch Hedberg (American Comedian)

Educate Yourself

The ABCs of RV Travel and Living

If you’ve traveled recently, you know how expensive everything can be – the gas, the hotels, the restaurants... and that’s before you actually do whatever it is you’re there to do! The right RV can not only make traveling far more enjoyable – it might make it more affordable as well.

We’ll help you navigate budgeting for your purchase and prepare you for the financing process. It’s also probably time to talk real talk about your credit score and current credit history, and what you can do to improve them. At Loanry, and across the Goalry family, we’re all about information and options, especially when it comes to such a major purchase as a camper or RV.

Our belief is that if you’re given useful information and offered true choices, you’ll usually make pretty good decisions.

Explained in 3 easy steps

How all of
this works?

It all starts with a simple loan request that takes a few minutes to complete.

We provide that information, at your request, to participating members who might be able to able to assist you with your financial needs. Many lenders transfer funds to your checking account as soon as the next business day.


Step 1

Start Loan Shopping

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Step 3

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Funds are deposited directly to your bank account as soon as the next business day.

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Reasons for an RV Loan

Whether primarily intended to finance your initial purchase or to maintain and enjoy it once it’s all yours, there are several reasons you might consider a personal RV loan.

RV Purchase Loan

Purchasing an RV may be one of the biggest investments you make outside of your home. An unsecured personal loan from an online lender may be your best option. Some even specialize in bad credit RV loans - you to get the vehicle you want while rebuilding your credit.

RV Refinance Loans

If you’ve used dealer financing or secured a high-interest loan for your current RV, refinancing may let you lock in better interest rates, stretch the remaining payments out over a longer time period, or even pay your RV off more quickly. Refinancing isn’t free, but it offers greater flexibility and gives you options you may not have had when taking out your original loan.

RV Remodel and Repair

RVs require substantial maintenance to hold their value and remain reliable and enjoyable for many years. Even with insurance, the cost can be prohibitive if you don’t have options. The right personal loan can help extend the life of your RV or even remodel it to adapt to your changing lifestyle or family.

RV Park Loans

If you spend enough time on the road in your RV, or decide to live in it year-round, you know that park fees can become a significant expense. A personal RV loan is flexible and can help you combine park fees with other essentials of the RV life, all for one manageable and predictable monthly payment.

RV Rental and Travel Loan

Not sure if the RV life is the life for you? Consider renting a motorhome for a week, a month, or longer, and hit the road. By taking out one personal loan to cover the rental and other vacation expenses, you combine your travel spending into one easy monthly payment that lets you spread out the cost over several months or longer.

RV Storage Loans

When you’re not traveling, you need somewhere reliable and protected to keep your RV. The right storage can be expensive, but the right personal RV loan can combine storage rental with your other RV-related expenses so that it’s all not only doable, but manageable. That way, when it’s time to travel again, you can truly enjoy it.

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Find answers to some of the most commonly asked questions here

We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


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