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*Estimated APR, or Annual Percentage Rate, is the annual cost of the loan, which includes other charges and fees. Actual rate and term can vary depending on credit history, collateral type, age of collateral, loan amount, loan term, loan to value, vessel registration type (LLC/Trust), state of residency and other criteria. Rates and terms may vary and are subject to change without notice. Credit score can vary depending on the credit reporting agency. Payment example: A $76,000 loan for the purchase of a recreational use vessel for 20 years with a fixed rate of 5.49% would have an estimated APR of 5.49% and 240 payments of $522.37.

How Trident Funding Works

It’s as easy as 1-2-3!

1. Calculate Your Payment

Whether you’re a seasoned RVer or new to the camping world, this loved pastime is available to all road warriors. If you’re buying a new or used RV, camper, or motorhome, you can use Trident’s RV loan calculator to understand your financing options. Enter the monthly payment you can afford to get a loan amount or provide your total RV loan amount and loan terms to return your estimated monthly payments. 

2. Apply for a Loan

Now that you have an idea of your estimated RV loan monthly payment or total loan amount, you can submit your loan application. It only takes a few minutes! We’ll ask you to tell us about the type of RV, camper, or motorhome you’re looking for and a few details about your financial situation so we can match you to the recreational lender that’s right for you.

3. Get on the Road!

Once you submit your RV loan application, our dedicated team of loan officers gets to work! We usually have a response from a recreational lender in 24-48 hours. If we need additional documentation, we’ll reach out. All you have to do is dream about becoming a road warrior. We’ll help you find the interest rate and RV loan lender that fit your budget and lifestyle.

Frequently Asked Questions

How long is a typical RV loan for?

We offer a variety of terms ranging from 6 to 20 years depending on the RV loan amount. Generally, RV loans range from 10-15 years, but the maximum or standard term for an RV loan can be affected by the type of RV you’re financing, the RV model year, and the mileage.

What credit score do I need for an RV loan?

RV loans require a minimum credit score of 600. If the borrower’s credit score is less than 680, the maximum loan amount available is $50,000. Borrowers with lower credit scores can expect a higher RV loan interest rate or the request for a larger down payment from the lender.

How much RV can I afford?

Check out a RV loan calculator, to see how much RV you can afford. Affordability will be based on things like your income, credit score, debt-to-income ratio, purchase price of the RV, loan term, and interest rate. When you see the estimated RV loan monthly payment, remember that it doesn’t include insurance, parking or storage fees, maintenance, repairs, fuel, or license. So, make sure there is room in your budget to allow for these extra expenses.

The lender will take a look a your overall financial profile including your debt-to-income ratio to ensure that you can afford to purchase the RV and keep up with the monthly payments. Our RV loan calculator is a great place to start when you’re RV shopping.

Can I purchase an RV with bad credit?

You can purchase an RV with bad credit, but you probably won’t qualify for RV loans if you have bad credit. If your credit score is below 680, you may need to pay cash for the RV, work out an owner financing arrangement with the seller, or put down a large down payment. Other options may include taking out a personal loan, getting a loan from your credit union, or using RV dealer financing. Some RV loans may allow a qualified cosigner but the cosigner would have to meet the lender’s criteria and agree to be responsible for the loan.

Keep in mind that some lenders won’t work with you at all if your credit score is below 680, so it may be advantageous to raise your credit score first and then apply for an RV loan. The best interest rates and terms are reserved for the most credit-worthy borrowers. So, having a higher credit score will save you money over the term of the loan.

What are the best RV loan terms?

RV loan terms vary in length, anywhere from 10 to 20 years. There isn’t really a ‘best’ when it comes to RV loan terms. It’s all relative to your financial situation, the year of the RV, and the loan amount. If you have the extra money budgeted for larger monthly payments, and don’t want to pay additional interest, then a shorter-term RV loan may be better for you.

Conversely, if you’re buying an expensive RV or motorhome, and want the cheapest monthly payments available, then a 20-year RV loan term may be more suitable for you. When you apply with Trident Funding, they will go over different RV loan terms, interest rates, and monthly payment options with you.

Can a high credit score save me money when financing an RV?

Having a high credit score to finance an RV or motorhome will save you money in a few different ways. Firstly, you will get access to the best rates, terms, discounts, and the lowest-fee RV loans. You may also be able to choose your loan term, and your down payment requirements may be lower. 

For example, if you can afford the higher monthly payment of a 10-year loan term, instead of a 20-year loan term, you can potentially save thousands of dollars in interest because you will be paying off the loan over a shorter period of time. 

However, the main way that you save money on an RV loan is with a lower interest rate. Assuming that you have a high credit score, and get a 5.25% rate on a $200,000 RV loan, with a term of 20 years, you will have paid a total of $323,445.20 for the RV over the 20-year term. This only includes principal and interest and is only applicable if you have a fixed rate loan. 

Now, let’s assume your credit score isn’t great, and you get a 9.0% interest rate on the same $200,000 loan. You will have paid a total of $431,868.46. That means that a borrower with a higher credit score will have spent $108,423.26 less than the borrower with the lower credit score. That’s a huge amount of money that could be invested or even used to buy another boat!  

After I apply for an RV loan, is there anything that I should consider before the loan is funded?

After you submit your RV loan application, it is best to hold off on any big purchases, if possible, until the loan is funded. There are a few things you should avoid during the loan process, including applying for new credit cards (also keep all existing credit card accounts open), do not max out existing credit cards, do not buy a new car or do a trade in. It is best to keep in touch with your loan officer to ensure you are taking the right steps to close the deal on time.

How much do I have to put down on my RV loan?

Most RV loans require a down payment of 10% to 20%. For example, if you’re purchasing an RV for $75,000, you may be asked to put down $7,500 to $15,000. The down payment requirements vary based on the loan amount and the borrowers qualifications. Feel free to contact one of our knowledgeable loan officers to help answer any questions you have regarding RV loan down payments. Trident Funding also offers zero down RV financing for loans up to $70,000.

Is it hard to get financed for an RV?

Financing for an RV is a bit more difficult than applying for a car loan. In most cases, loan amounts of $150,000 or greater require proof of income and tax returns, like a home loan. Our dedicated team of RV loan officers will work with you to understand your RV loan requirements to help get you on the road.

Can I get an RV loan with a 500 credit score?

The minimum credit score to get an RV loan is 600. Credit scores of less than 680 have a maximum RV loan amount of $50,000. With a lower credit score, you should expect a larger down payment or a higher interest rate. Apply for your RV loan today.

What should I expect my RV loan APR to be?

RV loan APRs can vary depending on several factors. The APR is typically determined by your credit score, the size of your down payment, and the age of the RV, and the term of the loan. The higher the credit score, the larger the down payment, the newer the RV, and the shorter term, the better the APR will be.

What is the average RV payment?

Every borrower is different and their credit score and income will affect the RV payment. The interest rate, the RV term, and the purchase price of the RV will also affect the amount of the monthly payment. If you want to roughly estimate what your RV payment will be, calculate 1 to 1.5% of the value of the RV. For example, if you buy an RV worth $100,000, expect to pay between $1,000 and $1,500 per month. Keep in mind, this is just a rough estimate, and you can get a better idea of your monthly payment, by using our RV loan calculator.

What is the typical down payment on an RV loan?

The amount of the down payment on an RV loan varies. It’s usually anywhere from 10% to more than 30%. It depends on the borrower’s credit score, income, and overall financial profile. It also depends on the loan amount and the loan term. Generally, borrowers with lower credit scores will be required to put down a larger down payment. This is to mitigate some of the lender’s risk and it shows ‘more skin in the game’ because the borrower has more to lose if they default on the loan.

If you like to know the numbers and want specifics, here goes. New RVs can cost anywhere from $25,000 for a small travel trailer to $350,000 for a decked out motorhome. The average cost of a fifth wheel RV is $45,000. So let’s say the average cost of a new RV is around $70,000. If you have excellent credit, expect to put down at least $7,000. If your credit is less than excellent, you may need to put down anywhere from $14,000 to more than $21,000. This is just the amount needed for the downpayment and doesn’t include closing costs or insurance, etc.

What are typical terms for RV financing?

The length of the loan is referred to as a loan term. Loan terms vary depending on the loan product, the type of RV, the age of the RV, the loan amount, and your financial standing. However, most RV or motorhome loans range from 10- to 20-year terms. A 20-year term is usually the maximum term for an RV loan, however, sometimes a lender will consider a 25-year loan term. The next most common RV loan terms are 15 and 10 years. Typically loan amounts over $75,000 are 20 years and loan amounts under $75,000 are 10-, 15-, or 20-year terms.

What is the minimum credit score for an RV loan?

There is no definitive minimum credit score required for an RV loan, but there are some banks that will consider applicants with scores in the 640 or 670 range. You will typically need a credit score of at least 680 to get approved for an RV loan. The higher your credit score, the lower your interest rate will be, which will save you money over the term of the loan. Additional credit limitations and requirements will typically be required for scores under 700. Use our RV loan calculator above to determine your estimated monthly payment based on your FICO credit score.

Some tips to raise your credit score include

  • Make on-time payments to your creditors
  • Ask for credit limit increases on your credit cards but don’t use the additional credit
  • Pay down your credit card balances so they’re 25 percent or lower
  • Regularly check your credit report and dispute any errors