RV Loan Calculator

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How to use our RV loan calculator

To find your estimated monthly payment using our RV payment calculator, enter how much you want to borrow and for how long, as well as your expected interest rate. Consider the payment total in the context of your monthly budget and see if it fits for you.

If you find that the RV loan payment is too high, change the loan amount and/or loan term. Remember that longer terms can lower your monthly payments, but they can also increase the total amount of interest paid over the life of the loan.

How to get an RV loan

While each lender will have its own unique approach to financing, you’ll generally take the following steps when applying for an RV loan.

Decide on your budget. To understand how large of an RV loan you can afford, be sure to determine your debt-to-income ratio to see what kind of flexibility you have in your budget.
Check your credit score. Your credit score will play a big role in whether you can qualify for an RV loan, and it’ll also determine the rates lenders may offer you. The higher your credit score, the better the rates you may qualify for.
See if you prequalify or can get preapproved. A preapproval is a firm offer from a lender outlining the loan amounts, rates and terms you qualify for. Prequalifying for a loan allows you to preview the kinds of loan terms you may receive from lenders, at no impact to your credit — however, prequalification isn’t a firm offer.
Verify your information. After you formally apply for an RV loan, you’ll need to verify the information you provided, including your income, residency, identity and employment. You may also need to provide recent pay stubs, W-2s and a government-issued form of ID.
Sign your loan agreement. If you decide to move forward with a lender, it’ll run a hard credit pull to examine your credit history. If everything is in order, you’ll receive a loan approval and then sign your loan agreement.

Hidden costs of owning an RV

The cost of an RV goes beyond the price tag in the showroom. You’ll also need to budget for the following hidden costs of owning an RV.

Taxes: When buying an RV, you’ll need to budget for sales tax. The sales tax rate will vary from state to state: For example, in Texas, the tax rate is 6.25%, so the sales tax on a $50,000 RV would be $3,125. Meanwhile, in South Dakota, the sales tax is 4%, so you’d have to pay $2,000 for an RV of the same price. However, you may be able to deduct the cost of sales tax from your tax bill.
Fuel: There’s no getting around it: RVs are gas guzzlers. Even a standard-sized vehicle only averages about 10 to 15 miles per gallon. Depending on the price of fuel, gas could eat up a large chunk of your budget.
Insurance: RVs require insurance, just like any other vehicle. The amount of coverage you’ll need will depend on the state you live in. Some states, for instance, have a 20/40/10 liability coverage requirement, which is a guideline for how much auto insurance you need in an accident — up to $40,000 for everyone injured (limited up to $20,000 per person) and $10,000 for any property damage.
Maintenance: You’ll need to maintain your RV to keep it running smoothly. The larger and older the RV is, the more maintenance it will likely require.
Storage: Your homeowners association (HOA) probably won’t allow you to park your RV in your driveway; if this is the case, you’ll need to find a place to store it, which can come with monthly fees. And while you’re on the road with your motorhome, you’ll also need to consider costs like parking and campground fees.
Towing: A towing service may charge you anywhere from $135 to $150 per hour to move your RV. (In some cases, depending on where you are, the price may be even higher.)

Used vs. new RVs: Pros and cons

When shopping around for your next recreational vehicle, you’ll need to choose whether you want a new or used RV. While used RVs generally cost less, a new RV may come with better financing options.

	Pros	Cons
New RVs	May come with more bells and whistles Lenders offer better financing options Comes with a manufacturer’s warranty	Value will depreciate more quickly than with a used RV Costs much more than a used RV May come across manufacturing flaws
Used RVs	Value will depreciate less quickly than a new RV Lower cost May come with an extended warranty	No manufacturer’s warranty May come with wear-and-tear Less flexible financing options

Pros

Cons

New RVs

May come with more bells and whistles

Lenders offer better financing options

Comes with a manufacturer’s warranty

Value will depreciate more quickly than with a used RV

Costs much more than a used RV

May come across manufacturing flaws

Used RVs

Value will depreciate less quickly than a new RV

Lower cost

May come with an extended warranty

No manufacturer’s warranty

May come with wear-and-tear

Less flexible financing options

New RV pros and cons

New RVs offer the latest features, advanced technology and manufacturer’s warranties for peace of mind. When you buy a new RV, you also have the option to customize or personalize the vehicle, so you can drive away in the RV of your dreams.

On the other hand, an RV’s value starts to depreciate the moment you drive it off the lot, and it comes with higher price tags and interest rates. Plus, it’s common for new RVs to have manufacturing flaws that’ll need to be repaired, though these are typically covered by the manufacturer’s warranty.

Used RV pros and cons

When you buy a used RV, you’ll spend significantly less money than you would on a new model. This may mean that you can afford to buy a higher-end used vehicle, rather than a new base-model RV. Depreciation is generally less significant, making it a potentially better financial investment.

Unfortunately, financing options for used RVs may be limited, and warranties might have expired, leaving you responsible for any potential repair costs. In addition, older models may lack the latest technology and amenities, and they’ll come with wear and tear from the previous owner.

What types of RVs are there?

How much you spend on an RV will depend on how you plan to use it. There are several types of RVs to choose from:

Motorhomes

Motorhomes are a type of RV that are classified based on size. There are three types of motorhomes you may be considering:

Class A motorhomes are among the largest and most expensive RVs you can buy. These types of RVs are typically 26 to 45 feet long and are capable of towing other vehicles, including cars and boats.
Class B motorhomes generally range from 21 to 24 feet. They are the smallest of the three types of motorhomes and are sometimes called camper vans.
Class C motorhomes are mid-sized RVs that can be 21 to 41 feet long. These vehicles offer more storage and amenities than Class B vans, but are easier to drive and park than Class A.

Towable RVs

Instead of sitting behind the wheel of your RV, you can hitch it to your vehicle and tow it to your location.

Fifth-wheel trailers are the heaviest vehicles in the towable RV family. The trailer connects to a hitching system installed in the bed of a pickup truck, which provides stability and maneuverability. They range from 25 to 40 feet and can be very luxurious and spacious.
Travel trailers are the most common types of towable RVs. They range from 13 to 40 feet and can be towed by a vehicle other than a pickup truck, like another RV or a van. Travel trailers can be detached from your towing vehicle once you reach your destination, allowing you to use your vehicle for local transportation.
Pop-up campers are the lightest RVs of this category. These collapsible campers are easy to store and tow, since they can be as small as three feet tall when folded down. But despite their compact profile, pop-up campers provide basic amenities for camping, while being more affordable and maneuverable than larger RVs. This type of RV is commonly eight to 16 feet long.

Toy haulers

In addition to hitting the road in an RV, you may also want to bring along any powersport vehicles you have, like a motorcycle, ATV, jet ski or snowmobile. These RVs offer both a living space and a rear cargo area for your toys, separated by a wall or partition. This versatility enables outdoor enthusiasts to hit the road and not have to leave any of their powersport vehicles behind.

Frequently asked questions

Annual percentage rates (APRs) for RV loans can fluctuate, but the better your credit, the lower your APR will probably be. If your credit is less than perfect, there are bad-credit RV loans out there, too. Note that the APR on an RV loan includes interest and any applicable fees.

Dealership partners and major lenders, like national banks and credit unions, often offer RV loans, which can range from $5,000 to $10 million. If you want to finance an RV, be sure to receive quotes from multiple lenders, which can help you save money in interest and fees.

RV loan terms generally range from 24 to 240 months (two to 20 years). A long loan term means you’ll have lower monthly payments, but spend more on interest. Meanwhile, a short loan term sticks you with higher monthly payments, though you’ll save on interest overall.