Use this RV loan calculator to estimate your monthly payment before you visit a dealer. Enter the price, your down payment, the interest rate, and the loan term, and you get your payment, your total interest, and the total cost of the RV with interest.
How to Use the Calculator
Set the RV price and your down payment with the sliders, then set the interest rate and choose a loan term. The down payment is a percentage, and the calculator shows the dollar amount under it. Press Calculate to see your monthly payment, total interest, and total cost. The result leaves out taxes, fees, and insurance, so ask your lender for an actual quote.
How an RV Loan Payment Works
Your payment comes from three numbers: the amount you borrow, your interest rate, and the number of months. The calculator spreads the loan and its interest over equal monthly payments, the same way a car loan or mortgage works.
The default example is a $60,000 RV with 20% down, which means a $48,000 loan. At 8% over 10 years, that costs $582.37 a month and $21,885 in interest, so the RV ends up costing about $81,885 in total, with the down payment included.
Sample RV Loan Payments
Term makes the biggest difference. On that same $48,000 loan at 8%, a 5-year term costs about $973 a month and $10,396 in interest. A 10-year term costs about $582 and $21,885, a 15-year term about $459 and $34,568, and a 20-year term about $401 and $48,358.
Stretching the loan to 20 years drops the payment but costs more in interest than you borrowed. Credit Karma shows the same pattern on a $40,000 loan at 6.5%, where 10 years costs $14,503 in interest and 20 years costs $31,575.
How Much Should You Put Down?
Camping World recommends about 20% of the price, and some lenders accept 10%. On the $60,000 example at 8% over 10 years, 20% down means $582 a month. With nothing down, the same loan costs about $728 a month.
A bigger down payment also protects you from owing more than the RV is worth. Credit Karma says a new RV can lose as much as 20% of its value in the first year, so a small down payment makes it easier to end up underwater if you sell early.
What Interest Rate Can You Expect?
Credit Karma puts RV loan rates at roughly 4.5% to nearly 18%, depending on your credit, the lender, and the term. AOL Finance says lenders typically set the credit floor at a FICO score of 660, and the best rates go to scores in the mid-700s or higher.
Even a few points matter. On the $48,000, 10-year loan, 6% costs about $533 a month and $15,948 in interest, while 10% costs about $634 and $28,119. Try a few rates in the calculator before you talk to a lender.
Costs Beyond the Loan Payment
The payment is only part of owning an RV. Add insurance, registration, storage, and maintenance, and remember that most RV loans are secured by the RV, so missed payments can lead to repossession. Our ownership costs guide adds up the yearly bills.
How to Lower Your RV Loan Cost
Put more down. Aim for 10% to 20%. A larger down payment means a smaller loan, less interest, and a lower risk of owing more than the RV is worth.
Choose the shortest term you can afford. You pay less interest overall, and you own the RV sooner. Check that the monthly payment fits your budget before you commit.
Compare lenders. Get quotes from a bank, a credit union, and the dealer before you sign. Rates vary widely, so a few quotes can save you money.
Check your credit first. Look over your credit report before you apply, so you know where you stand and can fix any errors before a lender sees them.
Your Next Step
Run the calculator with three different terms and two down payments, then pick the combination whose payment fits your monthly budget. Not sure you are ready to buy? Our beginner’s guide explains why renting first is a smart test.