Current RV Loan Rates

As of May 2023, the best interest rates for RV loans typically start around 7.74%. Of course, these rates fluctuate with market conditions, inflation, and supply and demand. The best RV loan rates are also reserved for the borrowers with the highest credit scores and strongest overall financial profiles.

If you want to see what your RV loan rate might be, check current RV interest rates. You simply input if you’re purchasing a new or used RV or refinancing an RV, camper or motorhome. Then, type in the year of the RV, the loan amount, and the range of your FICO score. For example, if you have a 720 FICO score, you would select the 700-739 box. Then the calculator will show what your estimated monthly payment will be and what your expected interest rate will be.

There are many different lenders and their rates will vary. Check your estimated RV interest rate with our RV rate estimator. Most lenders base their RV loan interest rates on factors such as:

• • • Credit score
    • Loan amount
    • Down payment
    • Loan term
    • Age of the vehicle

A good interest rate for an RV loan is changing all the time, but as of May 2023, RV interest rates for well qualified borrowers start around 7.74% and go up from there. So, any rate under 7% would be considered a good rate. Check current RV loan rates to see what your approximate RV loan rates would be based on the year of the RV, if it’s new or used, the loan amount, and your credit score range.

Keep in mind that the best RV interest rates are reserved for the most well qualified borrowers. A well qualified borrower will have an excellent credit score, a history of on-time payments, provable income, consistent employment history, and no recent bankruptcies or foreclosures.

RV interest rates are impacted by a number of factors including:

• The borrower’s qualifications, especially their credit score. The higher the credit score, generally, the lower the interest rate. The less risky a deal, the better rate will be offered. And well qualified borrowers are considered to be less risky than borrowers with lower credit scores.
• RV loan terms affect the rate. The length of the term may impact what rate is offered.
• The RV’s condition will affect the interest rate. For example, a new RV may get you a slightly lower rate than a used RV.
• The cost of the RV is also a determining factor in RV interest rates. A $30,000 RV may have a different rate than a $250,000 motorhome. Typically, more expensive RVs have lower rates, but that’s not always the case.
• The economic market affects RV rates. Things like inflation, supply and demand, the stock market, government borrowing, and the Central Bank’s recent policy updates all affect interest rates for all industries including the recreational industry.
• The convertibility of the note affects the interest rate.
• Lender fees may affect RV loan rates because some lenders inflate the rate by adding in their fees. This isn’t the case with all lenders; others just charge a percentage or a flat fee upfront.
• World events, wars, and pandemics can also influence RV loan rates.

Interest rates in general are always fluctuating. One day they are one number and the next day they may have gone up or down. Rates are affected by the market and the economy and are also based on the borrower’s qualifications, as well as the loan amount and the loan term. 

For example, as of May 2023, if you want to finance a new RV with a loan amount of $200,000, and a term of 240 months (20 years) your APR will be around 7.74%. This is assuming you have an excellent credit score between 800 and 850. 

Now, let’s assume you want to finance the same RV with the same loan terms but your credit score falls between 740 and 759, then your rate may be around 7.99%. If your credit score is in the 600s, you may either need to make a larger down payment or you may need to choose a less expensive RV so your loan amount goes down. 

Check out current RV interest rates to see what your interest rate could be. 

You can’t control the market and increasing interest rates, so instead focus on the things you can control that will help you get the best RV loan rate. For example, the higher your credit score, the lower your interest rate will be.

Making on-time payments, paying off credit cards in full each month, and keeping your credit utilization levels low can all help to increase your credit score. Which in turn, will give you access to the best RV loan rate. Additionally, putting a large down payment on the RV or camper will lower your loan to value ratio, which can also lower your RV loan rate. Low rates are reserved for ‘low risk’ borrowers which are borrowers with higher credit scores, substantial incomes, strong employment histories, and lower debt-to-income ratios. Competitive RV loan rates currently range from about 7.74% to over 10%.

RV loan APRs can vary depending on several factors. The APR is typically determined by your credit score, the size of your down payment, and the age of the RV, and the term of the loan. The higher the credit score, the larger the down payment, the newer the RV, and the shorter term, the better the APR will be.