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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Western Residents Most Interested in Buying RVs, While Southerners Look to Purchase Boats

Updated on:
Content was accurate at the time of publication.
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At long last, summer is here — warm weather included.

To get in the spirit, LendingTree explored consumer interest in financing recreational vehicles (RVs) and boats. Using data from the past two years, we determined when interest in RV and boat financing peaked at the national level, as well as which states were most interested in these modes of recreation.

Perhaps unsurprisingly, those who live under the big skies of the American West are more interested in purchasing an RV, while Southerners have their sights set on the sea — and a potential boat purchase.

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Key findings

  • Dating back two years, interest in RV financing on the LendingTree platform peaked in 2021. Researchers examined RV loan inquiries on our platform between May 2021 and May 2023, finding they peaked in July and August 2021. Overall, the number of auto loan inquiries for RVs in May 2023 was 7.1% higher than in May 2022 and 23.0% higher than in May 2021 (though the two-year peak came months later).
  • In the same two years, interest in boat financing on our platform also peaked in 2021. Boat loan inquiries peaked a few months earlier, in May 2021, but the second-highest number of inquiries were in May 2023 — a near-return to the peak. Overall, boat loan inquiries dropped 27.0% between May 2021 and May 2022 but jumped 35.6% between May 2022 and May 2023. There was just a 1.0% dip between May 2021 and May 2023.
  • Far and away, Oregon residents showed the most interest in RV financing in the past two years. 7.5% of auto financing inquiries in Oregon between May 2021 and May 2023 were for potential RV purchases — more than double the average across the U.S. of 3.5%. Montana and Wyoming tied for second at 6.9%. In fact, every state in the top 10 is in the West, though South Dakota (in the Midwest) snuck into a tie for 10th.
  • Florida residents were the most interested in boat financing in the same period. 3.8% of auto financing inquiries in Florida between May 2021 and May 2023 were for potential boat purchases — double the average across the U.S. of 1.9%. Alaska and South Carolina rounded out the top three, tied at 3.5%. Among the top 10, seven are in the South.
How we indexed our data for this study

LendingTree researchers analyzed data from May 2021 through May 2023 on the number of consumers who inquired about auto loans on our platform — and how many of those inquiries were for RVs or boats.

We indexed the results using the month(s) with the highest number of inquiries as 100, and valued the rest of the data accordingly. For example, a month with a value of 50 means there were half the inquiries of the month with the 100 value.

Additionally, we compared the number of inquiries for RVs or boats at the state level with the number of auto financing inquiries to determine the percentage of auto loan inquiries for each mode of transportation.

Interest in RV financing peaked in July and August 2021

During our data collection period, which ran from May 2021 through May 2023, interest in RV loans peaked relatively early in July and August 2021.

While we didn’t poll consumers for the reason behind their interest, the timing of the peak may be related to the COVID-19 pandemic. After months of being trapped indoors, an outdoorsy vacation sounded better to many of us, and the privacy of RV travel makes a socially distanced trip more possible.

Although sales have since dwindled, RV manufacturers experienced a boom in the early days of the pandemic. Even with declining sales, consumers are still showing plenty of interest in purchasing an RV.

Between May 2021 and May 2022, interest in purchasing an RV surged 14.8% — and then rose another 7.1% between May 2022 and May 2023.

Percentage change in RV loan inquiries

PeriodRV loan inquiries change
May 2021 to May 202214.8%
May 2022 to May 20237.1%
May 2021 to May 202323.0%

Source: LendingTree analysis of auto loan inquiry forms completed on the LendingTree platform for RVs from May 2021 through May 2023.

While there’s a great deal of seasonality, interest in RV financing trended downward through 2022 but seems to be ramping up entering summer 2023, perhaps owing to many ex-office workers’ new post-pandemic location independence.

Unsurprisingly, inquiries trend up during the summer months, when warm weather and clear skies call would-be adventurers to the road.

Chart: 2-year look at RV loan inquiries

RV loan inquiries on the LendingTree platform, indexed to maximum value

MonthRV loan inquiries
May 202161
June 202189
July 2021100
August 2021100
September 202189
October 202174
November 202151
December 202144
January 202269
February 202265
March 202281
April 202270
May 202270
June 202271
July 202274
August 202278
September 202264
October 202247
November 202232
December 202228
January 202342
February 202343
March 202357
April 202370
May 202375

Source: LendingTree analysis of auto loan inquiry forms completed on the LendingTree platform for RVs from May 2021 through May 2023. Note: The data is indexed to the highest count of RV loan inquiries for each month during the period covered.

Interest in boat financing peaked in May 2021

The roads aren’t the only way to get away. Between May 2021 and May 2023, interest in financing the purchase of a boat peaked at the beginning in May 2021. After a dip in 2022, consumers seem to be as eager as ever to sail away as interest trended just under the same level this past May.

Percentage change in boat loan inquiries

PeriodBoat loan inquiries change
May 2021 to May 2022-27.0%
May 2022 to May 202335.6%
May 2021 to May 2023-1.0%

Source: LendingTree analysis of auto loan inquiry forms completed on the LendingTree platform for boats from May 2021 through May 2023.

As with RVs, the privacy of boating may have appealed to travelers looking to create socially distanced vacations. Today, with most of the world back to normal (or at least the “new normal”), a sun-filled boat trip holds plenty of promise for relaxation and fun.

Trends for recreational marine expenditures support this hypothesis, as 2021 was a near-record year for the industry with $56.7 billion in sales, according to the National Marine Manufacturers Association (NMMA).

Although those numbers dropped in 2022, the boating world is doing very well for itself these days. According to U.S. Bureau of Economic Analysis data, boating and fishing are the top contributors to the overall outdoor recreation economy.

Chart: 2-year look at boat loan inquiries

Boat loan inquiries on the LendingTree platform, indexed to maximum value

MonthBoat loan inquiries
May 2021100
June 202195
July 202188
August 202169
September 202165
October 202144
November 202134
December 202129
January 202259
February 202268
March 202294
April 202278
May 202273
June 202274
July 202268
August 202260
September 202235
October 202229
November 202221
December 202224
January 202347
February 202365
March 202388
April 202385
May 202399

Source: LendingTree analysis of auto loan inquiry forms completed on the LendingTree platform for boats from May 2021 through May 2023. Note: The data is indexed to the highest count of boat loan inquiries for each month during the period covered.

Residents in Western states show most interest in RV financing

Once we explored when interest peaked in each of these different recreational transportation options, we examined where that interest was coming from. We started with RVs.

To complete this analysis, we compared the number of auto loan inquiries for RV financing at the state level to the number of auto loan inquiries, regardless of type. Between May 2021 and May 2023, 3.5% of auto loan inquiries on the LendingTree platform were for RVs.

Anyone who’s seen a map of the U.S. National Parks will agree that the West holds plenty of great RV travel opportunities — and the data backs this assertion. Each of the top 10 states with the most interest in financing an RV purchase is in the West, though South Dakota in the Midwest is in a tiebreaker at No. 10.

Oregon led the charge, with 7.5% of auto loan inquiries made there during that period being for RVs. Even zooming back nearly 30 years to 1995, Oregon was near the forefront of the RV industry, according to an Associated Press report published on the Los Angeles Times website.

Montana and Wyoming tied for second at 6.9%, with Alaska and Washington tying for fourth. (Alaska is home to eight national parks, second only to California’s nine — though several of them are inaccessible by road and must be flown, sailed or hiked into.)

States with the most/least interest in RV purchases

RankStatePercentage of auto loan inquiries that are for RVs
U.S.3.5%
1Oregon7.5%
2Montana6.9%
2Wyoming6.9%
4Alaska6.4%
4Washington6.4%
6Colorado5.8%
6New Mexico5.8%
8Idaho5.7%
9Arizona5.6%
10Nevada5.2%
10South Dakota5.2%
12Vermont4.8%
13Maine4.6%
14California4.3%
15North Dakota4.1%
16New Hampshire4.0%
16Utah4.0%
18North Carolina3.9%
19Oklahoma3.8%
20Virginia3.7%
21Florida3.6%
22Iowa3.5%
23Minnesota3.4%
23South Carolina3.4%
23Texas3.4%
26Alabama3.3%
26Arkansas3.3%
26Louisiana3.3%
26Tennessee3.3%
30Kansas3.2%
30Michigan3.2%
30Nebraska3.2%
33Delaware3.1%
33Indiana3.1%
33Missouri3.1%
33West Virginia3.1%
33Wisconsin3.1%
38Ohio3.0%
39Kentucky2.8%
39Mississippi2.8%
39Pennsylvania2.8%
42Georgia2.6%
43Maryland2.5%
44Massachusetts2.2%
44Rhode Island2.2%
46Connecticut2.1%
47Illinois2.0%
48New York1.8%
49New Jersey1.6%
50Hawaii1.4%
51District of Columbia0.9%

Note: Values represent the percentage of auto loan inquiry forms completed on the LendingTree platform for RVs between May 2021 and May 2023.

Residents in Southern states show most interest in boat financing

To ascertain where residents were most interested in financing a boat, we used the same concept as with RVs. Between May 2021 and May 2023, 1.9% of auto loan inquiries on the LendingTree platform were for boats. (To compare, that figure was 3.5% among RVs.)

Results are, again, unsurprising for those familiar with the warm waters of the Gulf of Mexico and Caribbean. Seven of the top 10 states on the list are in the South, with Florida in the lead at 3.8% of auto loan inquiries for boats. According to a January 2023 report from the NMMA, Florida in 2021 led the U.S. in new powerboat, engine, trailer and accessories sales at $5.4 billion, more than doubling the next closest state (Texas at $2.4 billion).

Alaska ties with South Carolina for second at 3.5%. Despite its icy temperatures, Alaska has more coastline than all the other American states combined (and, as mentioned, some of its remote locales are only accessible by air or water).

Other northerly states that made the top 10 include Minnesota and New Hampshire, while landlocked New Mexico and Nevada came in last at 0.6%.

States with the most/least interest in boat purchases

RankStatePercentage of auto loan inquiries that are for boats
U.S.1.9%
1Florida3.8%
2Alaska3.5%
2South Carolina3.5%
4Alabama2.9%
5North Carolina2.8%
6Louisiana2.7%
6Minnesota2.7%
6New Hampshire2.7%
9Arkansas2.6%
9Delaware2.6%
11North Dakota2.5%
11Wisconsin2.5%
13Maryland2.4%
13Montana2.4%
15Michigan2.3%
15Washington2.3%
17Kentucky2.2%
17Mississippi2.2%
17Oklahoma2.2%
17Tennessee2.2%
17Virginia2.2%
22Rhode Island2.1%
23Maine2.0%
23South Dakota2.0%
25Connecticut1.9%
25Hawaii1.9%
25Iowa1.9%
25Vermont1.9%
29Georgia1.8%
29Kansas1.8%
29Missouri1.8%
32Indiana1.7%
32Massachusetts1.7%
32Ohio1.7%
35Idaho1.6%
35Nebraska1.6%
37New Jersey1.5%
37Oregon1.5%
37Texas1.5%
37Wyoming1.5%
41Illinois1.4%
41New York1.4%
43Utah1.3%
43West Virginia1.3%
45Pennsylvania1.2%
46California1.0%
47Arizona0.9%
47Colorado0.9%
47District of Columbia0.9%
50Nevada0.6%
50New Mexico0.6%

Note: Values represent the percentage of auto loan inquiry forms completed on the LendingTree platform for boats between May 2021 and May 2023.

Whether you’re shopping for an RV or boat, here are 5 tips

If you’re planning a major purchase, it’s worthwhile to do your footwork ahead of time because it can save you financial stress down the road. Here are some savvy tips if you’re shopping for an RV or boat.

  • Shop around for your loan. Yes, traveling in your future RV or boat is more fun than talking to several different lenders while buying, but doing so could pay dividends down the line. In fact, it’s important enough that you should do it first, says Matt Schulz, LendingTree chief credit analyst. “The rates, terms, amounts and even the credit score requirements can vary,” he says, “so be sure to take the time to comparison shop and get preapproved for a loan before you go shopping.”
  • Understand the full terms of your financing. There’s more to the story than figuring out who’ll give you the most money upfront. You should also take the time to understand how much the loan will cost in total, including fees and interest. (A boat loan calculator can help.) Be sure to think about how the payment will fit into your monthly budget — and how much interest you stand to spend over the loan’s lifetime. “Just because someone will loan you a lot of money doesn’t mean you have to take it,” Schulz says.
  • Consider buying used. RVs and boats are vehicles — and just like cars and trucks, they tend to depreciate over time (with some exceptions). That’s why buying used might be a good idea, which can lower the overall price tag and ensure you get a vehicle that’s already a little “broken in.” However, keep in mind that it can be a bit more challenging to finance a used RV or boat, especially if it’s more than 10 years old or has extensive mileage.
  • Save up ahead of time. The good news? You don’t necessarily have to take out a large loan to purchase an RV or boat. Since it’s usually a discretionary purchase, you can save up ahead of time. “Often, when we buy a new car, we’re in a big rush to buy it because being without a car for even a short period can be disruptive to our lives,” Schulz says. “That’s probably not the case when buying a boat.” Even if you can’t hold back long enough to pay for the purchase in cash outright, the opportunity to put down a larger down payment could decrease what you spend on a loan.
  • If it’s a primary residence, take advantage of tax savings. Maybe you’re joining the growing troupe of remote workers who live nomadically full time — or just downsizing. Either way, if you’re planning to purchase an RV or a boat as a primary residence, keep in mind that you’re eligible for homeowner tax deductions just like someone who owns a brick-and-mortar home … so long as the RV or boat is used as security for the loan you use to purchase it. (In other words, this won’t work if you buy your new home with a personal loan.)

Methodology

LendingTree researchers used the counts of auto loan inquiry forms completed on the LendingTree platform to determine the changes in the number of inquiries received each month to finance recreational vehicles (RVs) and boats from May 2021 through May 2023.

Because our form count is proprietary and material to security markets, researchers indexed count values to the month with the highest total count.

Researchers also calculated the percentage of auto loan inquiries between May 2021 and May 2023 for RVs and boats by the states where consumers reside.

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