Insider's rating methodology for RV and boat loans

Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

If you want to get an RV or a boat but don't have the money to do so, a loan might be a great choice for you. There are many lenders to choose from. We critique them and their loan offerings in reviews and guides that help you make the best borrowing decision possible. 

To ensure we evaluate each of them equally, we use a rating system that considers a range of factors from interest rates and fees to customer support and ethics. We consider the pros and cons of each company and product, comparing them with others that are available so you can decide which RV or boat loan matches your particular needs. 

What we look for when rating RV and boat loans

We rate all RV and boat loan products in our guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

• Interest rate (20% of rating)
• Fees (20% of rating)
• Term lengths (15% of rating)
• Loan amounts (15% of rating)
• Maximum vehicle age and permissible use (15% of rating)
• Customer support (7.5% of rating)
• Ethics (7.5% of rating)

Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the total cost of your loan, so we put the most weight on those. While customer support and ethics are still important elements, they not directly tie to a loan's terms. Therefore, they have the least impact on the overall rating.

Interest rate (20%)

We look primarily at the minimum interest rate a lender offers to determine its rating. Many RV and boat loan lenders don't list their maximum rates, which makes it difficult to factor that into our rating. We look at how often the variable rate changes and what metrics are used to change rates.

Examples

• A lender will receive 5 out of 5 if its minimum APR is one of the lowest on the market (about 5.99%) and it keeps its rates relatively steady
• If a lender has a higher minimum APR but still has low rates (about 6.5%) and changes its rates a little more frequently, it will earn 3 out of 5. 
• Lenders with significantly high minimum rates and frequently fluctuating rates will get 1 out of 5. 

Fees (20%)

Lenders might charge a variety of fees, from origination fees to late payment penalties. We prioritize lenders that charge minimal or no fees. 

Examples

• Lenders that charge no fees will get a 5 out of 5.
• Lenders with a small origination fee and a reasonable late fee will receive 2.5 out of 5. 
• Lenders will get a 1 out of 5 if they charge sizable origination fees which take a large portion out of your total loan amount and late fees that stack up if you fall behind on payments. 

Term lengths (15% of rating)

We see if the company has a variety of repayment term lengths, with options for borrowers who want to pay off their loans quickly and save on interest as well as those who want to spread their costs over more years. We also examine if the company sets repayment terms or if the borrower is able to choose.

Examples

• A lender will earn a 5 out of 5 if it has a maximum term length of 20 years. 
• Companies with a maximum term length of about eight years get a 3 out of 5.
• Lenders will receive a 1 out of 5 if they select your term length for you from a limited number of options. 

Loan amounts (15%)

We also look at both a company's minimum loan amount and its maximum. A smaller minimum makes a company more accessible to borrowers who need a small amount of financing for their boat or RV. A high maximum enables borrowers to get a more expensive one if they choose.

Examples

• A lender will earn a 5 out of 5 if it has a loan minimum of at least $10,000 and a maximum of at least $250,000.
• Companies with a loan minimum of $20,000 or higher or a loan maximum of $100,000 or lower get a 3 out of 5.
• Lenders will receive a 1 out of 5 if they have very high loan minimums or very low maximums. 

Maximum vehicle age and permissible use (15%)

We determine the maximum age of the RV or boat you purchase. We also see if the company will allow you to live in the vehicle full-time or if it only approves vehicles for recreational use.

Examples

• Lenders that have a long range of maximum vehicle age (roughly 20 years) and allow all vehicle uses will get 5 out of 5.
• A company that has a slightly younger maximum vehicle age (roughly 15 years) or only allows vehicles for recreational use will receive a 3 out of 5. 
• Lenders will get a 1 out of 5 if they have a low maximum vehicle age and only allow vehicles for recreational use. 

Customer support (7.5% of rating)

We review the different ways you're able to contact customer support. For instance, we look at if you can contact someone over the phone, by live chat, through email, or regular mail. We also review customer service hours and give high marks for companies that offer around-the-clock service.

Examples

• A lender will receive 5 out of 5 if it offers several means of contact it and is open seven days a week for a significant portion of the day. 
• A lender with customer support available six out of seven days and many ways for you to contact it will earn 3 out of 5. 
• Lenders will get a 1 out of 5 if they have limited ways for you to contact them and are only available during certain hours of the traditional work week. 

Ethics (7.5% of rating)

We look into the company to see if there have been any scandals in the past three years. We research if the company is known for being racist, or sexist toward its customers or staff or has predatory lending practices. We also consider the company's Better Business Bureau rating.

Examples

• A lender will receive 5 out of 5 if it has had no scandals in the last three years and has an A+ rating with the Better Business Bureau. 
• If a company has no scandals and a BBB grade of about B, it will get a 3 out of 5.
• Lenders will get a 1 out of 5 if they have been a part of a significant scandal within the past three years or if they have a BBB grade of D or lower. 

Our ratings can help you determine which lender is best for you. RV and boat loan lenders that earn high marks in each category will be our lenders with the highest overall ratings. Still, consider options with lower overall ratings if they are a better fit for your individual situation.