RV Loan Calculator

Calculate monthly payments for your recreational vehicle. RV loans can extend up to 20 years for new RVs over $50,000, with rates typically between 5-9%.

RV Loan Details

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Typically 10-20% of purchase price

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RV loans typically 5-9%

Enter your RV loan details

See monthly payment, total cost, and ownership estimates

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Pro Tip

Consider buying a 2-3 year old RV to avoid the steepest depreciation. You can save 30-40% off the new price while getting a nearly new unit.

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Understanding RV Financing

RV financing is unique in the lending world. Because RVs can cost as much as a house, loan terms can extend to 15-20 years for new units valued over $50,000. This makes monthly payments more manageable but significantly increases the total interest paid. Understanding these trade-offs is essential before committing to an RV purchase.

Interest rates for RV loans typically range from 5% to 9%, depending on your credit score, the loan term, and whether the RV is new or used. New RVs from dealerships may qualify for manufacturer financing promotions. Used RVs generally carry rates 1-2% higher than new, and older units (10+ years) may be harder to finance at all.

Most lenders require a 10-20% down payment for RV loans. A larger down payment is particularly important for RVs because they depreciate significantly in the first few years -- sometimes 20-30% in the first year alone. Without adequate equity, you risk owing more than the RV is worth.

An important consideration unique to RVs: if the unit has sleeping, cooking, and bathroom facilities, it may qualify as a second home for tax purposes. This could allow you to deduct the loan interest on your taxes, similar to a mortgage interest deduction. Consult a tax professional about your specific situation.

Beyond the loan payment, RV ownership costs include insurance ($1,000-$3,000/year), campground fees, fuel (many RVs get 6-12 mpg), maintenance, storage, and depreciation. A thorough budget that accounts for all these costs will help you choose the right RV and financing for your situation.

RV Loan Formula

Monthly Payment Calculation

PMT = (Price − Down) × [r(1+r)n] / [(1+r)n − 1]

Where:

PMT = Monthly payment

Price = RV purchase price

Down = Down payment (typically 10-20%)

r = Monthly interest rate (annual rate / 12)

n = Loan term in months (60 to 240)

Example

For a $65,000 RV with $13,000 down at 6.99% for 15 years:

  • • Amount financed = $65,000 - $13,000 = $52,000
  • • Monthly rate = 6.99% / 12 = 0.005825
  • • Number of payments = 15 x 12 = 180
  • • PMT = $52,000 x [0.005825 x 1.005825^180] / [1.005825^180 - 1]
  • • PMT = $467.09 per month
  • • Total interest = ($467.09 x 180) - $52,000 = $32,076.20
  • • Total cost = $84,076.20 + $13,000 down = $97,076.20

Frequently Asked Questions

How long can I finance an RV?
Loan terms vary by the RV value and whether it is new or used. New RVs over $50,000 may qualify for terms up to 20 years. Used RVs typically max out at 10-15 years. Smaller/older units may be limited to 5-10 years. Shorter terms save substantially on interest.
What credit score do I need for an RV loan?
Most lenders require a minimum score of 620-660 for RV loans. The best rates (under 6%) generally require scores of 720 or above. Some lenders specialize in RV financing and may be more flexible with credit requirements.
Can I deduct RV loan interest on my taxes?
If your RV has sleeping quarters, a kitchen, and a bathroom, it may qualify as a second home under IRS rules. In that case, you may deduct mortgage interest on the loan (subject to the $750,000 total mortgage limit). Always consult a tax professional.
How much does RV ownership really cost per year?
Beyond the loan payment, expect to spend $5,000-$15,000 per year on insurance, campground fees, fuel, maintenance, storage, and depreciation. A common estimate is that annual ownership costs run 5-10% of the RV's purchase price.
Should I buy new or used?
Used RVs (2-5 years old) often represent the best value since they have already absorbed the steepest depreciation. You can save 30-50% compared to new, while still getting a modern, well-equipped unit. Have any used RV professionally inspected before purchasing.