What Are Typical RV Loan Terms? - Changing Gears (2023)

  • Andy
  • April 13, 2022
  • 3:39 pm

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RVs were never cheap. And since the COVID-19 pandemic began and global supply chains tightened, costs have skyrocketed. Today, even entry-level RVs can cost over $20,000! That’s a lot of money for a mobile weekend getaway.

Unless you’re lucky enough to have $30,000 cash burning a hole in your pocket, you’ll need to finance your RV purchase. Most buyers apply for an RV loan.

In our insider guide to RV financing, we explained the overall process of financing an RV purchase. In this post, we’ll be focusing on the RV financing loan itself. This guide is primarily for buyers of new RVs considering whether to finance their purchase. We’ll answer important questions like:

  • How much will my RV loan cost?
  • What are typical RV loan terms?
  • What is a typical RV loan interest rate?
  • What is a good credit score for an RV loan?

What Are Typical RV Loan Terms? - Changing Gears (1)

(Video) PRO TIPS for FINANCING RV. Downpayment. Loan term. 2nd home. Dealer VS Bank Financing. Buy smart!

Introduction to RV Loans

RV loans work much like a car loan (not so much like a home mortgage). A financial institution, such as a bank or credit union, lends you the money to finance the purchase. You pay that money back over an agreed amount of time, plus interest.

Most RV loans are secured loans with the RV itself as collateral. You don’t truly own the RV until the loan has been paid in full. The bank is the lienholder, the party that owns your loan. If you default on your loan payments, the bank will repossess your RV. You won’t get any money back.

RV loans are more difficult to obtain than auto loans. An RV is considered a luxury purchase. And usually, the price is higher. So lenders may consider factors like liquidity, net worth and cash flow.

Because different lenders offer different terms, you should always shop around. Most lenders will perform a “soft credit pull” before offering you a loan. A soft credit pull does not affect your credit score. So don’t be afraid of getting a second opinion. Don’t, however, allow more than 2-3 “hard pulls” on your credit report when comparing lenders.

How Much Will My RV Loan Cost?

So you want to know exactly how much your RV loan will cost? You’re in luck! We built an interactive calculator just for that! It’s the most comprehensive RV loan calculator on the web. You can account for trade-in values, rebate discounts, sales tax and more!

Fun fact: Most financing contracts will also often include a one-time set-up or application fee ranging from $50 to $500.

Typical RV Loan Terms

Because RVs are more expensive than automobiles, the loan terms are correspondingly longer. Terms up to 10 years are common for travel trailers and 5th wheels, and terms up to 20 years are possible for luxury motorhomes.

  • 2-7 Years: For smaller advancements, like $20,000 or less, you can often get a short-term loan up to 84 months.
  • 10-12 Years: This is the typical term length for an RV loan of less than $50,000 – $100,000 with 10-20% down.
  • 15-20 Years: Some lenders will offer terms up to 20 years for loans exceeding $50,000, usually used for Class A coach or luxury 5th wheel purchases.

Factors in the Price of RV Loan

The lifetime cost of an RV loan depends on five factors:

  1. Loan Amount
  2. Down Payment
  3. Interest Rate
  4. Term Length
  5. Payment & Amortization Schedule

What Are Typical RV Loan Terms? - Changing Gears (2)

Loan Amount

Most RV loans are between $10,000 and $50,000. This assumes you are purchasing a new RV from a dealership.

Some lenders have minimum financing requirements. Southeast Financial, for instance, will finance a minimum amount of $15,000. In other words, they will not offer loans less than $15,000. Bank of the West has a minimum financing amount of $10,000.

Other lenders have maximum financing requirements. Lightstream offers financing up to $100,000, for instance, while Alliant Credit Union offers loans up to $300,000. Bank of the West will finance up to $2 million!

The higher the loan amount, the more you pay in interest over time. And the higher your credit score must be.

Down Payment

Similar to a mortgage, most RV loans require 10 – 20% down. Banks and credit unions tend to require 20% down; lenders who specialize in RV finance tend to require 10% down.

The larger the amount financed, the higher the required down payment may be.

You should maximize your down payment. A large down payment will both reduce your interest rate AND further reduce the total amount you’ll pay in interest over the life of your loan.

  • Some dealerships will accept an RV trade-in for a down payment.
  • Some dealerships offer 0% down promotional financing. These offers are limited to buyers with excellent credit, however, and the interest rates will be higher.
  • It’s almost impossible to find same-as-cash RV financing, sadly.

Interest Rate

The interest rate is based on two factors:

  • Market rate
  • Your credit score

The market rate is generally tied to the prime rate, which is in turn based on the federal funds overnight rate. Most mortgages, small business loans, and consumer loans are based on the prime rate. You can check the current prime interest rate here.

Your lender may increase your interest rate above the prime rate based on their lending policies and your personal credit score, which is based on your outstanding debt, income, employment history, payment history, credit account age, and several other factors. The higher your credit score, the better your interest rate.

What Are Typical RV Loan Terms? - Changing Gears (3)

If you have a poor credit score, you may need a co-signer or co-buyer to complete your loan. Be aware, however, that many lending institutions don’t allow co-signers on RV loans – only co-buyers! (Which must live at the same address).

While many institutions may offer loans to buyers with credit scores as low as 550-580, these offers are few and far between. Plus, interest fees will be exorbitant. Instead, you should aim for a minimum credit score of 670 to finance your RV purchase. Scores above 720-750 will net you the best interest rates.

You want as low an interest rate as possible. But the interest rate isn’t the only thing that matters! A short-term loan with a higher interest rate may actually cost you less than a long-term loan with a lower interest rate.

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As of April 2022, here are some sample rates for RV secured loans:

  • Excellent: 3-5 percent
  • Good: 5-7 percent
  • Fair: 7-9 percent
  • Poor: 9-12 percent
  • Awful: 12+ percent

Term Length

The RV loan term is the length of your loan. Since virtually all RV loans are fixed-rate, fixed-term loans, this number is very easy!

Most RV financing loan terms are 5-12 years, with a few outliers as little as 1-3 years and as many as 15-20 years.

  • 2-7 Years: For smaller advancements, like $20,000 or less, you can often get a short-term loan up to 84 months.
  • 10-12 Years: This is the typical term length for an RV loan of less than $50,000 – $100,000 with 10-20% down.
  • 15-20 Years: Some lenders will offer terms up to 20 years for loans exceeding $50,000, usually used for Class A coach or luxury 5th wheel purchases. Typically, loans up to $100,000 are eligible for 15-year terms, and loans over $100,000 are eligible for 20-year terms.

As a rule, the shorter the term, the less you’ll pay in interest – even if the interest rate is slightly higher on the shorter-term loan! You should

However, because you’ll pay off the loan in a shorter period of time, the monthly payments will be higher on a shorter loan. You should not accept a loan with a monthly payment greater than you can reasonably and comfortably afford.

What many buyers do is a best-of-both-worlds approach: Smart buyers might finance an RV on a conventional 10-year RV loan but overpay every month. In this way, they pay off the loan early and reduce interest charges. However, in a financial pinch, they can always lower their monthly payment to the minimum required.

Payment & Amortization Schedule

Most RV loans are fixed-payment loans: That is, you’ll pay the same monthly payment every year until your loan has been paid off.

But some RV loans, especially ones offered by dealerships such as General RV or credit unions Wildfire, are balloon payment loans. In this structure, you’ll pay a lower monthly payment for all but the last month of your loan – but on the last month, you owe big! In one instance, a buyer had a balloon payment of over $100,000!

Read your finance contract carefully! Don’t accept a loan with a balloon payment unless you’re doubly sure you can afford the final payment. Don’t assume you’ll just refinance later to extend the term and avoid the balloon – you don’t want to get stuck with a five-figure bill!

Most loans are structured so that the bulk of the interest is paid off first. For instance, out of the first $300 payment, perhaps $200 goes just towards interest! In other words, you don’t build much equity for the first few years. As time goes on, more and more of your payment goes towards the principal.

Here is a sample amortization schedule for a 7-year, $30,000 loan with an interest rate of 6.2%. As you can see, you pay $1,760 in interest charges the first year – compared to just $173 the last year!

Payment NumberPaymentPrincipalInterestBalance

This is important information if you might pay off your loan early. If your loan is structured so that most funds of the first payments only pay off interest, you’ll be disappointed if you think paying off your loan 8 months early will save you much money!

But if you don’t plan on paying off your loan early, the amortization schedule may not matter as much.

Sources for RV Loans

Here are the most common lenders for RV loans. Most RV-specific lenders tend to have more lenient application criteria and faster approval (sometimes same-day approval) compared to banks and credit unions.

Banks and Credit Unions

If you have excellent credit, high income, and a longstanding relationship with your bank or credit union, you may find that a conventional financial institution is the best choice. You work directly with the lender. You don’t have to pay a middle man. You can use the loan for almost any RV.

Banks and credit unions can also offer preapproved loans, which you can use when negotiating with sales dealerships!

The sole downside to obtaining an RV loan from a bank or credit union is the time and effort involved. Plus, you may not get same-day approval.

RV Dealerships

Most RVs are financed through dealerships – who, technically, don’t finance anything. Instead, the dealerships works through a third-party lender who specializes in same-day RV loans.

On the plus side, if you finance through a dealership, you can haggle pricing. You can get same-day approval. If you have excellent credit, you can take advantage of promotional pricing. Some dealerships even offer zero-down financing.

On the negative side, interest rates tend to be higher. There are often hidden fees and charges. And sheisty salesmen may try to “take you for a ride”!

Personal Loans

This article doesn’t include information on peer-to-peer or personal loans, which are often used for secondhand RV purchases.

FAQs About RV Loans

The Ugly Truth of an RV Loan

If you are buying a new RV … you need to know this.

Depreciation is the bane of any RV loan. Within a year, the value of a new RV will drop about 20-30%! Which means that for most of the RV loan, you will owe more than the RV is worth. In other words, if you were to sell a 2-year-old RV that has depreciated 30%, you wouldn’t make enough money to pay off your loan.

You can protect yourself against the dangers of deprecation with GAP insurance.

Does Paying Off a Loan Reduce My Monthly Payment?

For example, if you pay an extra $3,000 towards your RV loan, does that reduce the monthly payment?

Generally, no. The monthly payment stays the same. Instead, the one-time payment goes towards principal, which reduces your overall balance. You will pay off the loan in less time (and likely save money on interest), but it will not reduce your monthly payment.

Most lenders will automatically put additional monthly payments towards your principal rather than splitting it between principal and interest, but you should always double-check!

If you need to reduce your monthly payment, you will need to refinance your RV loan.

Can I Finance an RV Loan for Full-Time Living?

Yes, you can! But not all lenders will offer this. Check into lenders that specialize in fulltime RV financing, like Alliant Credit Union.

Is RV Financing Hard to Get?

If you have a strong credit history and proven discretionary income, you likely won’t have a problem obtaining an RV loan.

If you don’t have an exemplary financial history, you should probably wait until you’ve improved your credit score. If you choose not to wait, you may need a co-signer or a co-buyer.

What About Used RV Loans?

Unfortunately, options for financing really dry up for older RVs. Many lenders won’t offer loans for RVs older than 10 years.

Most buyers who purchase used RVs, especially from private parties, either A) pay cash or B) obtain a personal unsecured loan.

Buying an RV is exciting! Enjoy the experience, but don’t let dealerships pressure you into purchasing an RV before you’re ready. Buy smart; travel happy.

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Andy Herrick is a blogging nerd, #8 Enneagram, wannabe bread baker, INTJ, RV industry professional, and small business entrepreneur. He can be found hanging out with his lovely wife and family, skiing, cycling, climbing, hiking, and convincing anyone who will listen why dogs aren’t really that great of pets. Also, he runs this website.

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What are normal RV loan terms? ›

On average, RV loans range from 10-15 years, but many banks, credit unions and other finance companies will extend the term up to 20 years for loans of $50,000 or more on qualified collateral. Get a loan term up to 15 years¹ (180 months) for fixed RV loans with Mountain America Credit Union.

What is a typical RV loan interest rate? ›

The average RV loan has a higher interest rate than the typical car loan, and also tends to be longer. According to data from S&P Global, the average RV loan's interest rate is 6.17% for a new RV purchase and a 36-month loan term, and 6.15% for a 60-month loan on a new RV purchase.

Is it better to finance an RV or pay cash? ›

For an RV purchase, using cash is probably best unless you can get a low-interest personal loan with comparable rates to a mortgage (under 5% APR is ideal). Also keep in mind that RVs come with ongoing costs, such as campground rental rates and maintenance.

How to finance an RV over 10 years old? ›

RV financing for models older than ten years can entail higher interest rates, more restrictive credit score requirements, and down payments of 20% or larger.
Negotiate the RV's Price
  1. Free maintenance options.
  2. Longer warranty periods.
  3. Their length of time in business.
  4. Being willing to wait until the market softens.

Will RV prices go down in 2023? ›

In general, RVs are going to continue to decrease in price in 2023, due to an incleased supply of RVs and a decreasing demand for them. Class Bs might be the exception to this, as demand for them from Gen Z, Millenials, and Boomers continues to rise.

Should I pay off my RV loan early? ›

Prepayment penalties: Paying your RV loan off early can save you a substantial amount of money you'd otherwise pay in interest. But that interest is how lenders make money, so some charge a penalty for paying your balance off before the end of your loan term.

What should I not tell my RV salesman? ›

For example, never tell an RV salesperson that you're new to RVing and are buying your first rig. This may lead the salesperson to try to get you to buy something you don't need. You'll be spending more money than necessary.

What is a good credit score for a RV loan? ›

A credit score around 700 or higher will make it easier and faster for you to get an RV loan. If you have such a high score, lenders are likely to perceive you as low credit risk.

How do I get the best RV loan rate? ›

As with any loan product, the better your credit score, the better the rate you'll typically be offered. In order to qualify for the best RV loan rates, you should aim for a credit score of around 700 or higher. Of course, there are many lenders who also offer RV loans to those with bad credit.

Can a RV be a tax write off? ›

Is an RV a Tax Write-Off? Yes, your RV can be a tax write-off, no matter how long you've owned it. New and used RVs are both eligible for tax deductions in many states. If your RV is your home, certain deductions may also apply.

What is the best month to buy a RV? ›

On average, motorhomes and travel trailers are at their cheapest at the end of the year. You can also benefit from good deals in the neighboring months of November and February — after the high season ends and before the next spring season starts up.

Is it financially smart to buy an RV? ›

Is an RV a Financial Investment? The short answer is no. With the exception of some in-demand vintage models, the value of an RV depreciates over time. An RV is an investment in a lifestyle, but you can mitigate the expense by renting it out when not in use through a third-party rental site like Outdoorsy or RVshare.

What is the RV 10 year rule? ›

The ten-year rule at RV parks. “The Ten Year Rule” is a code that's enforced at many upscale RV parks around the country. The rule implies that RVs older than 10 years are too weathered and worn and should be prohibited. The rule is often enforced regardless of how pristine the RV actually is.

What is the average age of an RV owner? ›

34% are between the ages of 18 – 54 and 66% are 55+.

How long does the average RV owner keep their RV? ›

The short answer is that the average lifespan of an RV is around 20 years or 200,000 miles, whichever comes first. But the answer isn't quite that simple. That number can vary depending on the class of your motorhome, how well you take care of it, and a few other factors.

Is there a slump in RV sales? ›

RV sales peaked in 2021 at just over 600,000 units. The Recreational Vehicle Industry Association said that 493,268 units were sold in 2022, a decrease of -18%. However, units sold really decelerated as the year went on, down -50% in December. For 2023, the RVIA has projected wholesale sales of 379,000-404,000 units.

Will 2023 be a good year to buy an RV? ›

The RV Lifestyle Is Plateauing, But 2023 Is Not a Good Time to Buy. There's no doubt about it: RVing is likely going to experience a downturn this year. But the effects of the switch don't necessarily mean great things for RV shoppers. Even if you're a savvy shopper, 2023 is not a good time to buy!

Does an RV hold its value? ›

Brand-new RVs start losing value as soon as they're driven off the lot and continue to lose value throughout the first year rapidly. The RV depreciation rate increases at a steady rate after that until your RV hits double digits in age. Once an RV is ten years old or older, its value drops more rapidly.

How can I lower my RV interest rate? ›

Save a down payment

Most RV companies require a down payment of at least 10 percent of the purchase price, and many prefer 20 percent down. A larger down payment will help lower your monthly payments, and you may even qualify for a lower interest rate.

What is the debt to income ratio for an RV loan? ›

Most lenders that offer recreational financing will require that your debt to income ratio be less than 40%. You can calculate your DTI ratio by totaling up your monthly recurring debts (total of all of your monthly payments for installment loans and revolving loans), then divide that number by your monthly income.

Is living in an RV a good way to save money? ›

If you live thoughtfully, you can absolutely save money while living in an RV, even while traveling. But, if you're the kind of person who wants to stay at luxury RV parks and spend money on food and experiences, you might find it just as pricey (if not more so) than stationary life. There's no right or wrong here.

What does Dave Ramsey say about buying an RV? ›

Ramsey believes living in a trailer or motorhome works financially if it's a temporary move, especially if you pay cash for a used RV and have saved plenty of money. He, however, thinks buying new is a bad idea unless you have so much money that you aren't affected by the depreciation.

What are the most common problems with RVs? ›

5 Common Problems With RVs, and What to Do About Them
  1. Water Intrusion. One of the most common problems that RV owners face as their vehicles get older is water leaking and intrusion. ...
  2. Appliance Operation. ...
  3. Power Management Issues. ...
  4. AC Not Cooling. ...
  5. Excessive Tire Wear.
Jan 26, 2021

What is the best time of year to sell a used RV? ›

It's better to put your travel trailer up for sale at the beginning of RV season rather than at the end of summer. Always avoid selling around the holidays and if you have an RV show in the area, it may be a good time to put your RV on the market as your travel trailer will be priced more affordable than newer RVs.

Which FICO score do RV lenders use? ›

The answer is, it varies greatly. The RV financing industry-standard ranges from about 660 to 700 FICO score, but there is a possibility your search for “RV financing with 650 credit score” can be fruitful because there is financing available for credit scores in the 500 to 600 range.

Is it easier to get an RV loan or a personal loan? ›

Because RVs are considered luxury vehicles, the process to get funding tends to be more complicated compared to regular personal loans. Additionally, repayment terms typically range from one to 15 years — longer than most personal loans.

Is it hard to get financing for an RV? ›

How Hard Is It to Get RV Financing? If you have a good credit score, it will be easier to get financing for your RV loan. Good credit indicates a low risk to lenders. Having good credit shows a history of making payments on loans and regular monthly bills.

Can I write off RV loan interest? ›

If you took out a loan on your RV, you may be able to deduct the interest on it. To do this, your RV will need to qualify as either a primary or secondary home. Then, your RV loan is treated as effectively the mortgage on your home. This qualifies you to deduct the interest that accrues on your RV loan.

Should I leave my RV plugged in when not in use? ›

Again, the short answer about keeping your RV plugged in all the time is – no. The risks include battery damage from overcharging and frozen refrigerator coils, as most RV refrigerators need to be periodically cycled off and thawed.

How often should RV tires be replaced? ›

The common rule of thumb for changing your RV tires is anywhere between three and six years. If you are on the road often, and you think your tires need to be changed, then it may not be possible to last as long as six years.

Can you write off an RV if you live in it? ›

Your main home is the one where you ordinarily live most of the year. This can be a boat or RV even if it doesn't have a permanent location. As long as it contains the required facilities, you can claim it as your main home on your taxes.

Are RV sales declining? ›

In November, RV shipments from manufacturers to dealers tumbled 50.4% from the same period a year earlier to 24,445, according to the RV Industry Association (RVIA). For the first 11 months of 2022, wholesale RV shipments totaled 472,691, 15.6% below the year-ago figure, the trade group says.

What state is the cheapest to buy used campers? ›

There is one that is even cheaper! That state is Montana. Montana has no sales tax and no personal property tax.

How do so many people afford RVs? ›

People usually get loans to buy an RV through dealers, a bank, or an online lender. These financial products are far more varied than car loans since they can be secured or not. Having a secured loan means that if borrowers do not make their payments, the lender repossesses the motorhome.

Why do RV dealers want you to finance? ›

Cash Isn't King

In reality, RV dealers don't want cash. They make money with financing, which is just easy income to them on top of the initial price paid. The tip here is to negotiate, but do not commit to financing or tell them you're paying cash until the paperwork is delivered.

What is the monthly cost of owning an RV? ›

We have seen monthly full time RV living budgets from fellow travelers as low as $1,600 and as high as $5,000. If you really want to go minimal, you can easily live this life for around $1,000 per month by finding a free spot to park your rig for extended periods or by becoming a camp host.

What is the 3 3 3 rule of RVing? ›

So, recapping, the RV 3-3-3 rule broken down is to 1) drive no more than 300 miles each travel day, 2) arrive no later than 3:00 p.m. and 3) stay parked for 3 days. This RV driving rule helps to make your RV adventure safer.

What is the 222 rule for RV? ›

The RVing 2/2/2 rule is a safe and effective way to plan your travel. It means drive no more than 200 miles a day, stop every 2 hours, and stay 2 nights in each place. Some RVers also put an appendix on the rule encouraging drivers to arrive at an overnight destination by 2:00 p.m.

Why are people quitting RV life? ›

With recent social and economic changes, the RV lifestyle has become more challenging. RV prices, fuel prices, and campground prices have jumped. Yet, somehow, campgrounds are still overcrowded to the point of making it difficult to get a reservation.

What state sells the most RVs? ›

Here are the top ten U.S. states where people spend the most per year on RV sales and service overall: California: $549,800,000.
Total RV Shipments in the United States Over Time (1981-2021)
YearRV Shipments
37 more rows

What is the downside of owning an RV? ›

The number one con to owning an RV is definitely the cost. And there are many other costs involved in owning an RV than just the price of the RV. There is maintenance, storage, insurance, and many other costs as well.

What are the cons of RV living? ›

Full-Time RV Living Cons
  • Fatigue. We'd be lying if we didn't say that living a nomadic lifestyle doesn't get tiring. ...
  • Lack of routine. ...
  • unexpected issues. ...
  • WiFi connectivity and reliability. ...
  • cost. ...
  • connection to friends and family. ...
  • travel days. ...
  • distance to things (mail, grocery, laundry)
Jan 15, 2020

How long do RV roofs last? ›

The average RV roof will last around 20 years before it needs to be completely replaced or repaired. During that time, you can usually expect some leaks around 10 years, sometimes 5 depending on the usage and conditions the roof endures. Leaks at 5 years, and a new roof at 20.

How much does it cost to maintain an RV yearly? ›

Maintenance Costs

Just as with a car, your RV requires annual and seasonal maintenance. To keep your RV in tip-top condition, you'll probably need to spend somewhere between $1,000 to $2,000 a year, less if you perform some of the maintenance yourself.

Is financing cheaper than buying with cash? ›

The logic is simple: When you can borrow money at a lower interest rate than you can earn on money you invest, it's cheaper to take a loan than to pay cash.

Is financing an RV the same as financing a car? ›

While they are not auto loans, RV loans do have some similar features. Like an auto loan, for instance, the vehicle is used as collateral for the loan. “An RV loan is typically a simple interest loan, similar to an auto loan, generally with longer terms,” Greene says.

How long should I finance my RV? ›

The typical timeframe to repay an RV loan is between 5 and 10 years, though a loan term can be as long as 20 years for newer, more expensive vehicles. With a new RV or motorhome, you may have more financing options available, as the collateral will be more valuable and reliable for a lender.

How do people afford full time RV? ›

Find ways to save.
  1. Campsites don't have to break the bank. State parks are a great low-cost option, as are many campgrounds. ...
  2. Travel slowly. Gas is usually one of the largest parts of an RVer's budget. ...
  3. Limit your purchases. It's somewhat easy to limit your purchases while traveling in an RV. ...
  4. Make meals of your own.
Aug 29, 2015

Are slide outs worth it? ›

That would make for a bad end to a good camping trip. Slide outs can make your RVing experience all the better in terms of comfort, livability and overall enjoyment. They do need regular maintenance, but with regular checkups and care, they will serve you well for years to come.

Why do dealerships not like cash? ›

A new trend we've seen since vehicle shortages started is dealers not accepting cash or even your own financing when buying a new vehicle. The reason? Dealerships make money financing cars. With far fewer vehicles to sell, they want to maximize every dollar of profit, so some will not take your check.

What should you finance first? ›

With the avalanche method, you pay down the debt with the highest interest rate first, then move on to the next highest interest rate and so on. Over time, those who choose this method will pay less in interest by knocking out those high interest ones first.

Why do dealerships want you to finance instead of cash? ›

“Car dealerships want you to finance through them for two main reasons: They can make money off the interest of a car loan you get through them. They may get a bit of a kickback if they're the middleman between you and another lender (commission).

Which FICO score is used for RV loans? ›

The answer is, it varies greatly. The RV financing industry-standard ranges from about 660 to 700 FICO score, but there is a possibility your search for “RV financing with 650 credit score” can be fruitful because there is financing available for credit scores in the 500 to 600 range.

Is it hard to finance RV camper? ›

Securing financing for an RV could be more difficult than getting approved for a car loan. In fact, depending on the length of your loan term and the amount you're borrowing, qualifying for an RV loan could be similar to qualifying for a home mortgage.

How to get out of an RV loan? ›

If you are the owner of an RV you can no longer afford, there are a few ways to get out of the RV loan. You can sell your asset, surrender the vehicle, or refinance your loan. Refinancing allows you to keep your RV and get more manageable loan terms! Borrowers can refinance their debt with secured or unsecured loans.

How long is an RV mortgage? ›

RV financing is easier than ever with flexible payment plans. Loan terms for both new and used large RV's now extend up to 20 years. The minimum down payment for an RV is typically between 10% and 20%, but some finance companies also offer “No-Money-Down” loan program options to qualified applicants.

How much are monthly payments on RV? ›

As for monthly payments, the average monthly payment for an RV will be anywhere from $225 to $650 monthly. This average is based on a $35,000 vehicle with $0 down and varying interest rates. Most lenders who offer RV loans will require a minimum down payment of 10%, while others require 20%.

How old of an RV will a bank finance? ›

Typically, most banks will finance a RV (motorhome or travel trailer) that is 10 years old or newer and in good condition. Some will extend the maximum age to 12 years for well-maintained towables, but very few banks will offer financing for RVs older than 10-12 years.


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