Frequently Asked Questions
About RV Loan Interest Rates

Owning an RV is a goal for so many people. It’s considered different things to different people: a source of pride, happiness, a status symbol, and even an investment. It’s also a sure fire way to travel, have fun, get outside, and create memories. 

RVs are a great way to enjoy time with family or just see new destinations, and buying an RV can be attainable for you. Check out Trident Funding’s free online RV loan calculator to see how much RV you can afford and what your approximate monthly payment will be. It may be more affordable than you expected. Just remember to add in the cost of RV storage and insurance when calculating your monthly payments. 

Once you decide on an RV that fits your budget, and you’re happy with the approximate monthly payment, check out another cool tool: the RV loan rates estimator. This tool is updated daily and provides actual current RV loan rates based on if the RV is new or used, the year of the RV, the amount of the loan, and your credit score range. 

Now, let’s take a drive down the road of RV interest rates:

What are the best 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

What is a good interest rate for an RV loan?

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.

What impacts RV loan interest rates?

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.

What are current 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. 

How do I get the best RV loan rate?

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%.

What should I expect my RV loan APR to be?

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.

1Estimated APR, or Annual Percentage Rate, is the annual cost of the loan, which includes other pre-paid finance charges and fees. The following is an example, and the rates and terms can vary. An $88,000 loan for the purchase of a recreational use RV for 20 years with a fixed rate of 7.99% would have an estimated APR of 7.99% and 240 payments of $735.52. Processing fee cannot be included in the loan. Closing cost, official fees such as state tax, title and registration, FL doc stamp fee and/or UCC filing fees may apply. Some loan programs may not be available in all states.

2Above rates are for recreational use 2013 RV model year or newer. RV model years 2008 – 2012 are subject to a rate increase. Call for rates on diesel pushers model years 2003 – 2007. Actual rate, loan amount and term can vary depending on the lender, FICO score, credit history, lender assets/liquidity requirements, down payment, debt and payment to income ratios, collateral type, age of collateral, loan to value, vehicle registration (LLC), loan type (Purchase versus Refinance), state of residency and other criteria. Rates and terms may vary and are subject to change without notice. † Max loan term may vary.

3Actual rate, loan amount and term can vary depending on the lender, FICO score, credit history, lender assets/liquidity requirements, down payment, debit and payment to income ratios, collateral type, age of collateral, loan to value, vehicle registration (LLC), loan type (Purchase versus Refinance), state of residency and other criteria. Loan is for recreational pleasure use only. Rates and terms are subject to change without notice based on market conditions and borrower eligibility. Other rates and loan terms are available. † Max loan term may vary.