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:
As of December 2022, the best interest rates for RV loans typically start around 6.37%. 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 out the RV rate estimator. 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
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.
A good interest rate for an RV loan is changing all the time, but as of December 2022, RV interest rates for well qualified borrowers start around 6.37% and go up from there. So, any rate under 7% would be considered a good rate. Check out the free rate estimator 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.
Financing for an RV is a bit more difficult than applying for a car loan. In most cases, loan amounts of $150,000 or greater require proof of income and tax returns, like a home loan. Our dedicated team of RV loan officers will work with you to understand your RV loan requirements to help get you on the road.
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 6.37% to over 7%.
1Estimated APR, or Annual Percentage Rate, is the annual cost of the loan, which includes other charges and fees. The following is an example, and the rates and terms can vary. A $155,000 loan for the refinance of a recreation use RV for 20 years with a fixed rate of 6.37% would have an estimated APR of 6.37% and 240 payments of $1,121.53. 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 recreation use 2012 RV model year or newer. RV model years 2007 – 2011 are subject to a rate increase. Call for rates on diesel pushers model years 2002 – 2006. 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. The 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.