RV Financing Options in 2024: Best Loan Programs for Durham County Buyers

The recreational vehicle market continues to thrive in 2024, with Durham County residents increasingly seeking adventure on the open road. Whether you’re eyeing a compact Class B motorhome for weekend getaways or a spacious fifth wheel for extended travels, understanding your financing options is crucial to making your RV dreams a reality without breaking the bank.

Current RV Loan Market Overview

As of September 2025, RV loans come with interest rates as low as 5.99% for borrowers with excellent credit, making this an opportune time for qualified buyers to secure financing. The current RV loan annual percentage rate (APR) ranges from 6.49 percent for those with excellent credit to 35.99 percent at the higher end, demonstrating the significant impact credit scores have on loan terms.

Typical RV loan terms range from 60 months (five years) to 240 months (20 years), with longer terms reserved for larger loan amounts (often $50,000 and up), depending on the lender. This flexibility allows Durham County buyers to find payment structures that align with their budgets and financial goals.

Best RV Financing Programs for 2024

Traditional Bank and Credit Union Loans

Local and national financial institutions continue to offer competitive RV financing options. At First Citizens, the minimum credit score for an RV loan is 670, while their RV loan terms vary between 5 and 15 years, with the average term for an RV loan typically 5 to 10 years. With a required down payment of 20%, borrowers can finance up to 80% of the purchase price—or appraised value, if used.

Credit unions often provide particularly attractive terms for members. Alliant offers recreational vehicle financing for conventional travel trailers, fifth-wheel travel trailers, class A motorhomes, expandable travel trailers, class B motorhomes, and class C motorhomes, with all RVs needing to be no more than 15 years old and have mileage of less than 75,000 miles.

Specialized RV Lenders

Companies focusing exclusively on recreational vehicle financing often provide more flexible terms and specialized knowledge. With over 25 years of experience, the Good Sam Finance Center offers RV lending options for both new & used RV purchases, and RV refinance transactions. They provide loan options for credit scores as low as 600, with a minimum credit score of 600, and even offer a zero down loan program for up to $70,000.

Current rates for RV loans range from 6.49% and 19.95% based on several factors, such as the amount you’re financing, the type of RV, the age of the RV, your location, your credit score and your credit history.

Dealer Financing

Many RV dealerships, including the trusted rv dealership in durham county, NC, work with multiple lenders to offer on-site financing solutions. When you partner with dealerships for financing, they access networks of over 300 lenders to match you with the best option, working with both national and local lenders. This approach can be particularly beneficial as if you have a relationship with a credit union, they likely have a lender agreement set in place already and can facilitate your loan through them.

Factors Affecting Your RV Loan Terms

Several key factors influence the terms you’ll receive on your RV financing:

• Credit Score: Lenders typically look for minimum credit scores of at least 660, though the lowest rates are commonly reserved for borrowers with scores over 800
• Down Payment: Larger down payments typically result in better interest rates and lower monthly payments
• RV Age and Type: The APR is typically determined by your credit score, the size of your down payment, 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
• Loan Term: Choose the shortest loan term with monthly payments you can afford. The longer your loan term, the lower your minimum monthly payments will be — at the same time, you’ll likely pay more in interest over the life of the loan

Special Financing Programs

Several lenders offer unique programs for specific situations. Some lenders offer zero-down loan programs that require specific credit criteria to qualify, which may include your credit score, the requested loan amount, and your ability to make payments. In addition to zero-down, some programs offer the possibility of a deferred first payment.

For those with less-than-perfect credit, options still exist. While having poor credit can make you doubt whether you can afford to own an RV, you may still be able to obtain financing. A lower credit score can occur due to numerous reasons — and lenders understand that life happens.

Tips for Durham County RV Buyers

The best way to get an RV loan is to shop around and compare lenders. Apply to several lenders before accepting an offer. The credit bureaus allow a window ranging from 14 to 45 days for rate shopping — during this period, multiple applications won’t reduce your credit score any more than one would.

Before applying for financing, gather necessary documentation including vehicle details, employment information, and financial statements. When applying for an RV loan, lending teams will work with you to gather any personal information needed to process your application, including a full description of the vehicle—including year, make, model, engine type, Vehicle Identification Number, or VIN, and any equipment included.

The Durham County Advantage

Durham County’s strategic location in North Carolina provides RV enthusiasts with easy access to diverse recreational opportunities, from the Blue Ridge Mountains to the Atlantic coast. This central location makes it an ideal base for RV adventures, and local dealerships understand the unique needs of Triangle area buyers.

Working with experienced local dealers who understand regional preferences and can connect you with the best financing options for your specific situation often results in a smoother purchasing process and better long-term satisfaction with your RV investment.

With interest rates remaining competitive in 2024 and numerous financing programs available, Durham County residents have excellent opportunities to secure favorable terms on their dream RV. By understanding your options, shopping around for the best rates, and working with knowledgeable professionals, you can hit the road sooner than you might think.