My Financing USA RV Loans Review 2024

Pros Explained

• Low minimum credit score may qualify: Some RV lenders will require good to excellent credit to qualify, meaning you must have a credit score of 670 or better. But with My Financing USA, you may qualify for a loan with a score as low as 550. 
• Low minimum APR: Those with good credit could qualify for My Financing USA’s lowest interest rate for used and new RVs, which is lower than almost all of the 16 lenders we surveyed.
• Allows co-signers: My Financing USA permits applicants to add co-signers to their applications to improve their chances of qualifying for a loan with a competitive rate. 

Cons Explained

• Full-time and commercial users aren't eligible: My Financing USA only offers financing to buyers who plan to use their RV as a vacation vehicle; full-time users will need another lender.
• Higher interest rates possible: Of the 16 lenders we surveyed, My Financing USA had one of the highest maximum interest rates, likely reflecting potential rates for subprime borrowers.
• Initial fee charged: On the online application's terms and conditions, My Financing USA mentions that it charges a fee—described as either a service fee or document fee—of $0 to $495 on all loans. This amount is financed into the existing loan amount, which means you’ll pay interest on it.

Types of RV Loans Offered by My Financing USA

Through My Financing USA, borrowers can connect to the company's network of partner lenders to purchase new or used RVs.

Eligible RV Types

My Financing USA's partners finance various vehicles, including motorhomes, travel trailers, and campers. The average cost of a new Type A motorhome—the roomiest and most luxurious type of RV—usually ranges from $100,000 to $140,000.

New RV Loans

• APR: 6.24%–19.95%
• Loan amounts: $10,000 and up
• Loan terms: 60–240 months

Whether you're shopping for a small camper or a Type A motorhome, My Financing USA's partners finance all types of RVs. The minimum loan amount is $10,000; you'll generally need a down payment of 10% or 15% of the purchase price. 

Used RV Loans

• APR: 6.24%–19.95%
• Loan amounts: $10,000 and up
• Loan terms: 60–240 months

My Financing USA's partners finance used RVs purchased from private parties or dealerships. Vehicles up to 20 years old may be considered, according to customer support.

Refinance RV Loans

• APR: 6.24%–19.95%
• Loan amounts: Over $75,000
• Loan terms: 60–240 months

Time to Receive Funds

According to My Financing USA, your loan may be funded within 48 to 72 hours. But the full process—completing an application via email, getting approved, closing your loan, and picking up your RV at a local dealer—could take four to eight days. The time it takes may vary based on the partner lender, closing documents, insurance, and your credit history.

Borrower Requirements

• Minimum recommended credit score: 550
• State availability: Available in all states except Hawaii
• Membership requirements: No membership required

To qualify for a loan from one of My Financing USA's partners, you must have a valid Social Security number; individual taxpayer identification numbers aren't accepted. 

While My Financing USA is relatively lenient with credit scores, the company also recommends that borrowers: 

• Have a debt-to-income ratio (DTI) under 40% or, in some cases, 50%
• Have ongoing income (not temporary)
• Not have large collections or multiple or ongoing bankruptcies
• Not have other loans in forbearance, such as student or auto loans 

Vehicle Requirements

• Maximum accepted mileage: No maximum
• Maximum loan-to-value ratio: 100% in some cases
• Maximum accepted age: 20 years old

My Financing USA RV Loan Features

• Origination fee: My Financing USA charges a $495 document or service fee on all loans. 
• Prepayment fee: There are no prepayment fees. 
• Discounts: Whether there are additional discounts, such as autopay reductions, varies by partner lender. 
• Can change due date: My Financing USA does not disclose whether borrowers can change their payment due dates. 
• Mobile app: My Financing USA does not have a mobile app. But, once you take out a loan, the partner lender may have a mobile app you can use to manage your loan and make payments. 

Co-Signers and Co-Applicants

My Financing USA permits borrowers to apply with a co-signer or a co-borrower. Applying with another person—someone with strong credit—can improve your odds of qualifying for a loan, and you may get a better rate than if you applied on your own. But there’s an important difference between co-signers and co-borrowers: Co-signers only become liable for the debt if the primary borrower fails to pay, while co-borrowers have equal responsibility for the debt and equal ownership rights over the vehicle.

Customer Service

My Financing USA's customer service department can be reached via text, email, or phone.

Customer Satisfaction

Although My Financing USA was not evaluated in any J.D. Power customer satisfaction studies, My Financing USA does have strong customer reviews on third party sites. In reviews, customers said that the customer service was excellent, with particular praise for the loan specialists who reviewed their loan options.

How to Apply For a My Financing USA RV Loan

My Financing USA’s website states that you can pre-qualify for a loan, although customer support informed us that the company doesn’t have a pre-qualification option, so you must complete an application and undergo a credit inquiry. However, the process is similar in either case and can be completed online in a few steps; in general, you must complete the following:

1. Fill out the application. The online application will ask questions about your personal details, income, employment, and the vehicle you want to buy. It may also prompt you to consent to a credit check. 
2. Wait for a decision. My Financing USA will review your information and make a decision within two to three business days. The company will send you a notification via email.
3. Talk to a loan officer. If approved, a loan officer will contact you to discuss your loan options and customize the loan's terms. The loan officer will also review what’s needed to close and purchase the vehicle. Depending on the vehicle and whether you're buying it from a dealer or a private party, you may receive a check or the lender will pay the dealer directly. 
4. Pick up your RV. You could pick up your new RV in as little as 72 hours from approval.

Alternatives to My Financing USA

The Bottom Line

Borrowers with poor to fair credit who have struggled to find RV financing may want to give My Financing USA a careful look. Applicants with credit scores as low as 550 may qualify, and it offers a range of loan terms with competitive rates. And because it has a network of partner lenders, its loan officers may have a better chance of finding you an RV loan with competitive rates than you'd have shopping on your own. 

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of RV loan lenders. To rate providers, we collected hundreds of data points for 16 RV loan lenders, including interest rates, fees, loan amounts, borrower requirements, and vehicle requirements, to ensure that our reviews help users make informed decisions for their borrowing needs. We also conducted a survey of 1,016 auto loan borrowers for attitudes and opinions about lenders and the loan approval and disbursement process.