Use our free RV loan calculator to estimate what your monthly payments might be. Simply input the RV price to see what your results are.
Purchasing an RV is a major financial decision and is similar to choosing a home. An RV is a home in a way, a home with wheels. This RV loan calculator can help you plan your budget and understand how much RV you can afford.
This RV loan calculator will provide you with an estimate of your monthly loan payments. Start by entering the price of the vehicle you are interest in, the loan term and interest rate on the loan. You can optionally enter your down payment, trade-in value and sales tax for a more granular result. Here’s what the inputs means:
The amount of money that you need to borrow is the RV price, adjusted for sales tax, less any down payment and trade-in value.
The more money you put down and the higher the trade-in value on your existing vehicle, the lower your loan amount will be. A smaller loan amount reduces your monthly payment.
RVs typically cost between $10,000 and $300,000 depending on the size, type, and features.
RV loans terms are in between those for auto loans and home loans (mortgages). RV loan terms, on average, are between 10 to 15 years, but some can be for up to 20 years.
With longer loan terms, you will pay less each month, but more overall as your interest payments will be greater. Shorter loan terms have bigger monthly payments, but your overall loan costs will be reduced because you will pay less in interest over the life of the loan.
The average annual interest rate for an RV ranges from about 5.5% to 6.5%. Your interest rate will vary based on the lender, loan term, and your credit score. The better your credit score, usually the lower the interest rate you pay.
The RV life and the freedom it offers can be enticing to many. You can live wherever you want and move with the climate. There are many different types of RVs that you can pick and choose from. This guide helps you understand the right RV for you.
An RV, or a recreational vehicle, is a motor vehicle that includes basic house accommodations, such as a kitchen, sleeping area, and working area. RVs have wheels and can be driven or towed by an SUV for example.
There are several different types of RVs, such as fifth-wheel trailers, camper vans, truck campers, motorhomes and popup campers. RVs can also come in different forms — some can be towed or can be a standalone vehicle.
There is no right answer which RV is the best. The best RV for you is dependent on your budget, lifestyle, and needs.
There are three primary types of RVs, and within each of these, there are various options. The three primary types are:
Most Class A motorhomes will have a slide out, kitchen, bathroom, dining table, and bedroom. Some may have showers and ovens. Most have air conditioning units.
Class B's can be parked in regular parking spaces. They generally will include a bathroom and kitchen. However, there is very little storage and therefore are not suitable for full-time living.
However, compared to Class A motorhomes, Class C motorhomes generally have less storage, are shorter and smaller, and might not have a full bedroom. They are not as well suited to full-time living. There is usually only one air conditioning unit.
Travel trailers have amenities like a bathroom, kitchen, bedroom, and dining area. Unlike motorhomes driving is separated from living. In a motorhome, when one person is driving, the other person could be working at in the dining area or stretching their legs. This is not possible with a travel trailer.
Fifth wheel trailers have layouts that are most similar to house. There will be a couch, two air conditioning units, kitchen, and more. It generally has the best amenities. Fifth wheel trailers are great if you plan to stay in one place for a few weeks. If you want to move around more frequently, a motorhome may be better.
When choosing your RVs, there are a few factors that are more important than others.
Whether you are planning to use your RV as your primary home for several years, or only for a couple months a year should factor into what size RV you need. Those who plan to live in their RV full-time may want a bigger RV, while those using their RV only occasionally might #### Consider a smaller one.
How many people will be staying in the RV? More people requires a bigger RV.
The weight of an RV is important particular if you are buying a camper or a trailer that would be towed. How much weight you can tow is dependent on the towing capacity of your truck or SUV and the weight of the RV.
Weight is less important for motorhomes.
Because you will be spending a lot of time inside your RV and space is a precious commodity, the RV’s floor plan is an important factor in determining which RV to buy. What are the must-haves you want? Some people might prioritize having counter space or enough sleeping space for four people, while others might want tables where they can work remotely.
Slide outs are parts of your RV that slide out when you are parked and provide you with more living space. This is a great way to get extra space when you are camped.