RV Loan & Financing Interactive Calculator

Use this RV loan calculator to figure out the size of an RV loan you can afford when financing an RV. This calculator will calculate your monthly payments, total cost of credit, sales tax charged, and more!

This calculator is interactive! Change the values and watch the results update in real time.

RV Loan Calculator Instructions

  1. Tell us the loan amount, loan term, APR interest rate, and size of your down payment.
  2. Do you expect any rebates? Rebates may be applied differently depending on the manufacturer’s incentives and state law. Some rebates will reduce the amount you owe out-of-pocket for the down payment, while others will reduce the total taxable purchase price of the RV.
  3. Will you trade in an older RV? Note that if you owe more than your RV is worth as a trade-in, you will actually increase the total amount loan compared to just buying the RV outright! (This is a financial situation called negative equity, and it’s common during the first 1-5 years of an RV’s life. This is because the RV depreciates faster than you’re paying off the principal on an amortized loan.)
  4. What about sales tax? If you check the box, the sales tax will added to the loan amount. If you don’t check the box, we assume you’ll pay the sales tax at the time of sale.

FAQs About RV Loans

How Old of an RV Can I Finance?

Typically, lenders will not finance RVs more than 10-12 years old. However, if you’re interested in something a little older, you still have options. A personal loan or credit union can help you get financing for older rigs.

What Credit Score Is Required to Finance an RV?

The minimum credit score required for an RV loan is usually 620. Some lenders have programs for borrowers with bad credit down to 550, depending on income level and employment history. However, the best interest rates are available to borrowers with a credit score of 720 or higher.

Most lenders look for a 660-680 FICO credit score when considering RV financing. If your credit score is lower than 660-680, you will likely have to appeal for special consideration, or you’ll have to enroll in a Credit-Challenged program.

What Are Typical RV Loan Term Lengths?

  • 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.

What’s a Good Interest Rate for an RV Loan?

As of November 2021, here are some sample rates for RV secured loans:

  • Excellent: 4-5 percent
  • Good: 5-7 percent
  • Fair: 7-9 percent
  • Poor: 9-15 percent
  • Awful: 15+ percent

Rates for unsecured loans can be several percentage points higher for the same credit score and financial profile.

How Quickly Do RVs Depreciate?

  • On average, an RV loses 15-30% of its value the moment it’s driven off the dealership lot.
  • Most RVs are worth half what you paid in about 5-6 years.
  • After 5 years, most RVs depreciate about 5% every year.

Within 15-20 years, most RVs will have almost depreciated to their scrap value.

 

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