RV Loan Calculator
This RV loan calculator will help you determine the monthly payments on your RV loan. Simply enter the loan amount, term and interest rate in the fields below and click calculate. This calculator will show you both the principal and interest payments you would make on a fixed-rate loan.
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How Does Our RV Loan Calculator Work?
Use the US-DFS RV Loan Calculator to Estimate Your Monthly Payments. Here are the steps:
- Enter the loan amount you plan to borrow for your RV purchase.
- Choose the loan term, the length of time (in months or years) over which you’ll repay the loan.
- Input the interest rate offered for your RV loan.
- Click “Calculate” to see your estimated monthly payment.
- Review the breakdown of your monthly payment into principal and interest.
- Adjust the loan amount, term, or interest rate to explore different payment options.
What Does a RV Typically Cost?
The cost of an RV varies based on factors like size, features, and whether it’s new or used. On average:
- A new RV typically costs between $50,000 to $150,000 or more.
- A used RV in good condition can be found for as low as $10,000 to $30,000, depending on the make, model, and mileage.
However, the purchase price is just one part of the total cost of RV ownership.
Additional Costs of Owning an RV
When budgeting for an RV, be sure to include:
- RV maintenance and repairs
- RV insurance premiums
- Storage fees, especially if you lack space at home
- Fuel and travel expenses
- Loan interest rates, terms, and lender fees (if financing)
Understanding all these costs upfront helps you choose an RV that fits your budget and lifestyle without surprises.
New vs Used: Which Purchase is Right for You?
Choosing between a new and used RV depends on your budget, travel plans, and preferences.
Advantages & Disadvantages of Buying a New RV
Advantages & Disadvantages of Buying a Used RV
How Different Factors Affect Your Estimated RV Loan Payments
Several key factors influence your RV loan payments. Understanding these helps you plan your budget more effectively:
- Loan Amount: Borrowing more means higher monthly payments. A larger down payment or trade-in value can reduce the amount you need to finance.
- Loan Term: A longer term lowers monthly payments but increases total interest. Shorter terms may cost more monthly but save you money overall.
- Interest Rate: Your credit score plays a big role. Higher scores usually qualify for lower rates, while lower scores may lead to higher interest rates.
- Taxes & Fees: Sales tax, registration fees, and lender charges can increase your total loan cost and monthly payment.
- Additional Ownership Costs: Don’t forget ongoing expenses like RV insurance, fuel, maintenance, and storage. These aren’t part of the loan but impact your overall budget.
Secured vs. Unsecured RV Loans
- Secured Boat Loans: These loans use the RV as collateral, meaning that if the loan isn’t repaid, the lender could repossess the RV. Despite this risk, secured loans might be a good option for those with less-than-perfect credit, as they may be easier to qualify for and often come with lower interest rates and longer repayment terms.
- Unsecured RV Loans: These loans do not require collateral, but they are typically harder to qualify for and come with higher interest rates. Nonpayment can still lead to serious consequences, including legal action if you default on the loan.