RV Loan Calculator
Calculate monthly payments, total costs, and loan terms for your recreational vehicle purchase
RV Loan Calculator
RV Purchase Details
Total purchase price of the RV
20.0% of RV price
Loan Terms
Annual percentage rate
Total loan term: 180 months (15.0 years)
RV Loan Payment Results
Loan Summary
Financial Metrics
Payment Breakdown
Loan Analysis
Types of RVs
Motorhome
Price: $300,000 - $2,000,000+
Features: Most spacious, full amenities
Best for: Luxury travel, long trips
Campervan
Price: $100,000 - $200,000
Features: Compact, mobile, basic amenities
Best for: Easy driving, weekend trips
Travel Trailer
Price: $15,000 - $50,000
Features: Towable, affordable
Best for: Budget-conscious buyers
Fifth-Wheel
Price: $40,000 - $140,000
Features: Spacious, stable towing
Best for: Full-time living
Example Calculation
Scenario
RV Price: $150,000
Down Payment: $30,000 (20%)
Loan Amount: $120,000
Interest Rate: 5.5%
Term: 15 years
Results
Monthly Payment: $982.17
Total Paid: $176,791
Interest Cost: $56,791
Interest Rate: 47.3% of principal
RV Financing Tips
Shop around for the best RV loan rates
Consider pre-approval before shopping
20% down payment often gets better rates
Factor in insurance, maintenance, and storage costs
Consider shorter terms to save on interest
New RVs depreciate quickly - consider used
Understanding RV Loans and Financing
How RV Loans Work
RV loans are similar to auto loans, secured by the recreational vehicle itself. Most lenders offer terms ranging from 10 to 20 years, with longer terms available for higher-priced RVs. Interest rates typically range from 4% to 15% depending on your credit score, down payment, and the RV's age.
Types of RV Financing
- •Bank/Credit Union Loans: Often offer competitive rates
- •Dealer Financing: Convenient but may have higher rates
- •Specialized RV Lenders: Understand RV market better
RV Loan Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
- M: Monthly payment
- P: Principal loan amount
- r: Monthly interest rate (annual rate ÷ 12)
- n: Total number of payments
Important: RVs depreciate rapidly. Consider the total cost of ownership including insurance, maintenance, and storage.
Hidden Costs of RV Ownership
Ongoing Costs:
- • Insurance ($1,000-$4,000 annually)
- • Registration and taxes
- • Storage fees ($50-$450 monthly)
- • Fuel costs (6-15 MPG typical)
- • Maintenance and repairs
- • Campground fees
Before You Buy:
- • Research RV types and sizes
- • Consider how often you'll use it
- • Factor in depreciation (20-30% first year)
- • Get pre-approved for financing
- • Budget for additional equipment
- • Consider renting first to test