RV Loan Calculator

RV Loan Calculator

Last updated on August 17th, 2023 at 04:47 am

The RV Loan Calculator is a useful tool for anyone looking to purchase an RV. It enables you to easily calculate your monthly payments and total loan amount, as well as the interest rate and repayment term.

The calculator takes into account factors such as the cost of the RV, your down payment, trade-in value, and more. Additionally, it allows you to compare different RV loan providers so you can find the best option for you.

Looking to calculate your loan payments?

Use our user-friendly calculator to get quick and accurate results. Just enter the necessary information, such as your desired loan amount and interest rate, and click “Calculate”.

Our calculator will describe your estimated monthly payments, total loan amount, and repayment term.

RV Loan Calculator

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Calculator Disclaimer

The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.


You can easily adjust the figures to fit your specific needs and get closer to your desired outcome.

  • Enter your desired loan amount and interest rate
  • Click “Calculate” to generate results
  • Detailed breakdown of estimated monthly payments, total loan amount, and repayment term
  • Easily adjust figures to fit your specific needs

This handy calculator is worth checking out for those uncertain about how much they should pay for their new RV or what kind of interest rate they should accept.

By using it, you’ll be able to make sure that the purchase fits within your budget and that you’re getting a good deal on your loan. With a little bit of effort, the RV Loan Calculator can help ensure that purchasing an expensive item like an RV doesn’t become a financial burden.

Key Considerations

RV price

The total price of the RV is the starting number you’ll use to estimate your monthly payment and total interest charges. It may include the RV price plus other fees charged by the dealer.  Depending on the type of RV you get and its condition and quality, prices can range from less than $10,000 to six figures.

If you don’t already have a particular RV in mind, you can enter how much you’re willing to spend on one to get started.

Down payment

A down payment is an upfront cash payment that reduces how much you need to borrow. Some RV lenders require a minimum down payment of 10%, but others recommend putting 20% or more down. Some lenders don’t require a down payment at all, but if you finance 100% of the price of the RV, you may end up owing more than what your RV is worth as it depreciates.

As you consider how much to put down, try to balance how much you want to borrow with what you want to leave in your cash reserves for emergencies and other vital savings goals.

Loan amount

The loan amount is the amount of the sales price that you’ll be financing with your new loan. You can typically calculate it by subtracting your down payment and any closing costs from the RV price.

Estimated interest rate

If you’ve already started shopping around for RV financing, you might have an idea of your interest rate. If not, take some time to research average RV loan interest rates and gauge the range of rates you could get based on your credit history, income and other factors.

You can find potential RV loan interest rates by checking with individual lenders. Take some time to shop around and compare rates from multiple lenders, looking for the best rate possible. Your rate will directly determine the cost of borrowing, so it’s essential to try to be as accurate as possible with your estimate to get a good idea of what your loan may cost you.

Keep in mind the difference between an interest rate and APR, or annual percentage rate. The APR takes into account not just the interest rate but also any fees that are included in the loan’s costs.

Loan term

Your loan term is how long you’ll have to repay the debt, and it’s expressed in terms of months or years. RV loans may range from several years to 20 years.

The longer your repayment period, the lower your monthly payment typically will be. But you’ll usually end up paying more in interest over a longer period than you would for a shorter term. In contrast, a shorter term will usually have a higher monthly payment, resulting in less interest over the life of the loan.

As you consider the best repayment term for your situation, think about your budget and how an RV loan would fit into it.

How To Get an RV Loan?

If you’re thinking about buying an RV, here are some steps you can take to make sure you get off on the right foot.

  • Determine your budget: It’s crucial to consider both your monthly payment and the RV’s sales price. Reflect on what you can comfortably afford to pay each month and the overall amount you’re willing to spend. Additionally, take into account upfront and recurring expenses like sales tax, fees, accessories, insurance, and beyond.
  • When it comes to lenders, it’s important to compare and contrast. Each lender has their unique approach to underwriting and determining interest rates. By shopping around for your loan, you increase your chances of finding the best offers available.
  • Before you embark on your search for RVs, it’s crucial to prepare your down payment. Consider the amount you wish to put down and ensure you have it readily available. Keep in mind that a larger upfront payment can save you money on interest charges, yet make sure it’s a wise financial decision that doesn’t leave you without emergency savings. Strike a balance between your financial goals and securing your dream RV.
  • Ensure you keep a tab on your credit scores as they greatly impact your chances of securing a low-interest rate on your RV loan. Take a moment to assess your current standings, and if they fall short of expectations, invest time in addressing potential credit issues to boost your score. Acting upon tasks such as settling credit card balances, resolving inaccurate credit report information, and catching up on overdue payments can contribute significantly to improving your scores.
  • Consider the loan term: Different lenders offer varying repayment term lengths based on your borrowing needs. When deciding on the type of loan, take into account both your monthly affordability and the total interest charges you are willing to incur.