RV Loan Calculator

A lender advances the purchase price, less your down payment, and you repay in fixed monthly installments. The RV secures the loan, so the lender can repossess it if you default. You can apply through a bank, credit union, online lender or dealer. Lenders check your credit, income and debts, and may set rules around the RV's age and type.

Common terms run from about 5 to 15 years, and some lenders go to 20 on larger, newer motorhomes. Smaller trailers usually get shorter terms. Longer terms mean a lower payment and much more total interest. As a rule, pick the shortest term that fits your budget, and check you can make extra payments without any penalty.

It varies with the price of the RV, with smaller loans often around 5 to 10 years and larger loans often 10 to 20. There's no reliable single average, since it depends on the lender and borrower. Compare your options at several lengths using the table above, and look at the total interest as well as the monthly payment.

Rates move with the market, and yours depends on your credit, the term, the loan amount and the RV's age. We don't list live rates because they change often. Check with a credit union, a bank and an online lender on the same day. RV loans often cost a bit more than auto loans, and used models often cost more than new ones.

A good rate is at or below what similar borrowers are being offered today. The way to find out is to compare several written offers for the same amount and term. Each percentage point matters on a long loan. On $75,000 over 15 years, going from 9% to 8% saves about $7,913 in interest.

Work backward from your budget. Decide what you can spend each month on the RV in total, then subtract insurance, storage, fuel and maintenance. What remains is the payment you can afford. Try different amounts above until it fits. Lenders will consider your debt-to-income ratio, but a loan they'll approve may be bigger than one that's comfortable for you.

Many lenders look for 10% to 20%. More is generally better, since it reduces your interest and lowers the chance of owing more than the RV is worth. On a $75,000 RV, 20% down is $15,000, which reduces the amount you borrow to $60,000. At 8% over 15 years, that lowers your payment by about $143 a month.

Many lenders prefer scores in the upper 600s or above for their best rates, and some will consider lower scores for smaller loans or larger down payments. Standards vary, so ask before applying. Prequalification often uses a soft credit check that won't affect your score. Improving your score first, even slightly, could save a lot over a long loan.

It depends on the lender. Many set an age limit, often around 10 to 15 years, and require an inspection on older models. If a traditional lender won't finance an older RV, you could look at a personal loan, though that usually means a shorter term and a higher rate. Also check insurance, as older models can be harder or costlier to cover.

They work the same way, with fixed payments and the vehicle as collateral. The differences are in the size, the term and the underwriting. RV loans are often larger and longer, and lenders treat them as a discretionary purchase, so they may ask for more documentation. See how the two compare using our auto loan calculator.

It can be if you'll use it often and the full cost fits your budget. Compare it with renting a few times a year, which avoids depreciation, insurance and storage. Add up your yearly payment, running costs and expected loss in value, then divide by the nights you'd actually use it. That cost per night makes the choice much clearer.

It depends on your down payment, your term and how fast the RV loses value. The chart above shows both lines. In our example, with $6,000 down, a 10-year loan and 10% depreciation a year, you'd owe more than it's worth until month 57. With no down payment, that stretches to month 72, and with a 15-year term, to month 147. Gap insurance can cover the difference if the RV is totaled.