Only The Best RV Loan Service
Many Americans are hitting the open road to quench their thirst for adventure — and a recreational vehicle, or RV, can offer the flexibility you need for your recreational activities. An RV allows you to travel with the conveniences of home, giving you a place to rest and cook so you can save money and stay comfortable. That's all while you're out experiencing the great outdoors.
It's no secret that RVs are an investment. Therefore, before you purchase one, you may want to know more about new RV loan rates and used RV financing rates. What is the going rate for RV loans? Are the current RV loan interest rates affordable for you? Every RV owner should know the answer to these questions so they can choose the best option for them.
If you're looking for more information about the best RV financing rates and calculating your potential monthly payment and total loan amount, this guide will help you navigate the process. Use our free online RV finance calculator to see how much you can afford.
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At My Financing USA, we work with many clients who dream of owning an RV but are concerned that RV ownership isn't within their reach. If you dream of owning an RV, we can help you get out on the road so you can experience the great outdoors with your family and friends. We'll help you secure financing for an RV, even if you don't have the perfect credit score or credit history.
When you complete our online RV application, you may be approved in just 48 to 72 hours. If you're ready to purchase an RV, take a few minutes to apply for RV financing at My Financing USA today or contact us to learn more about how to finance your RV. Before long, you should be able to make your dream a reality.
Use Our RV Loan Calculator
Use our RV financing calculator to calculate your monthly RV loan payment. When you're looking to finance an RV, our RV loan rate calculators will help you determine what you can afford for a new or used vehicle.
To use our new and used RV loan payment calculator, enter your estimated loan term, interest rate and amount. After entering the information, our RV loan interest calculator will give you an estimated amount for your monthly payment. You can then use this number in your monthly budget to help you decide whether the amount would work for you.
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Frequently Asked Questions:
What Are RV Loans?
An RV loan is a long-term type of financing you can use to buy a recreational vehicle, such as a camper, motorhome or travel trailer. Because RVs have numerous beneficial features, like kitchens, living areas and bedrooms, they can be an investment, which is why many buyers opt for financing plans. Luckily, you can find financing options for both new and used RVs.
Similar to a vehicle loan, your financier will use your RV as collateral for your loan. As such, you may not need to offer additional collateral to obtain financing. Most repayment terms for RV loans stretch several years — and in some cases, decades. Therefore, you'll likely have plenty of time to pay off your loan without compromising on putting money toward road trips.
Terms Related to RV Loans That You Should Know
There are many terms relevant to RV financing you may want to know prior to submitting your application for a loan, including:
- Loan term: The loan term is how many months or years during which you'll be paying off your RV loan.
- Interest rate: Your interest rate is the annual percentage on your RV loan you'll pay for interest to your lender.
- Monthly payment: Refers to the amount you'll pay each month for your RV loan.
- Down payment: A down payment is the total amount of cash you put toward the purchase.
- Total purchase price: Your total purchase price is the complete cost of your RV before tax, including the cost of destination charges, the vehicle and additional options. Sales tax isn't included in the total purchase price. Instead, your sales tax will be calculated and included in your after-tax price.
- Amount owed on trade: The amount owed on trade is your total loan balance that remains on your trade-in. This is sometimes also called “trade balance.”
- Trade allowance: Your trade allowance is the amount you're given for a vehicle that you trade in for this purchase. In some states, your trade-in may reduce your sales tax amount, as well.
- Trade Equity: The difference between trade allowance and amount owed on your trade. Positive equity is applied to your down payment to reduce your loan amount and/or the out-of-pocket cash down that may be required by a lender. Negative equity increases your loan amount and may increase the amount of cash down needed to close on a loan.
- Doc Fee: A charge that most dealerships and financing companies add to your purchase to cover the cost of processing transfer and/or the loan. One of the ways that you can confirm that an online financing company is legitimate is that they will include a standard doc fee in your loan.
Knowing these terms related to RV financing can help you use our RV loan payoff calculator when you want to estimate your monthly payment and total cost.
How Do RV Loans Work?
RV loans work similarly to other consumer loans, except they're specifically used to purchase or refinance an RV. With a lender, you can have funds to buy an RV, and you'll repay the loan with interest over a set period of time. An RV loan is a secured loan, which means it's backed by collateral, which is typically the recreational vehicle itself.
When you choose us at My Financing USA, you'll first apply online to submit your information through our secured website. Next, we'll verify your information and find your lender match. Finally, you'll sign your closing documents and hit the road in your RV. It's that simple.
Can I Get RV Financing With Bad Credit?
While having poor credit can make you doubt whether you can afford to own an RV, you may still be able to obtain financing through us at My Financing USA. A lower credit score can occur due to numerous reasons — and we understand that life happens.
Fortunately, you may be able to receive RV financing even with a lower credit score. At My Financing USA, we have assisted many buyers in obtaining RV loans despite low credit scores. However, if you want to increase your score, you can take several steps to help you look better in the eyes of a lender. Whenever possible, you should aim to make regular, on-time payments to boost your financial health — and, in turn, your credit score.
We offer a free credit repair program that can help you improve your credit score and increase your approval chances. Once you complete the program, we can assist you by submitting you to trusted lenders. As a result, you'll be one step closer to buying your dream RV and getting out on the road.
Standard Credit Score Ranges for RV Loans
A credit score can fall anywhere in the range of 300 to 850. If you have a low credit score between 300 and 550, your chances of qualifying for an RV loan may be lower, as you are perceived to pose a greater risk to lenders.
On the other hand, if you have a higher credit score, lenders will perceive you to be less of a risk and may be more likely to approve your loan application and offer more affordable RV finance rates. Since an RV qualifies as a luxury item, some lenders seek borrowers who have higher credit scores. Regardless, at My Financing USA, we can help you find a loan program, even if you don't have a great score.
To prequalify for RV financing, our current range starts at a credit score of 550. Below are the general credit score tiers:
- Deep subprime: 300 to 549
- Subprime: 550 to 674
- Prime: 675 to 749
- Super prime: 750 to 850
Even if your score falls in the subprime range, we know that each individual has a unique financial history and we can help you find an RV loan despite credit challenges.
Subprime vs. Prime RV Loans — What's the Difference?
The majority of lenders seek borrowers in the prime and super prime ranges. However, if your credit score is below average, you may still be able to secure an RV loan from a company that offers buyers subprime loans. On the other hand, if your credit score falls in the prime range, you'll see better new RV financing rates and better terms than buyers who have lower credit scores.
Both subprime RV loans and prime RV loans offer benefits to borrowers. Subprime RV loan advantages include:
- Approval for applicants with credit scores as low as 550
- Financing options, even with a bankruptcy in your past
- RV loan terms that may stretch to 20 years
The benefits of a prime RV loan include:
- More favorable interest rates
- Fast approval for an RV loan
- Longer loan terms available
- Lower rates for insurance
- Greater negotiating power
- Better loan terms
Though it can take some time to improve your credit score, increasing your score can offer advantages that will benefit you over time. A higher score can help you get offers for a lower average interest rate for an RV loan, saving you money in the process. Even if you expect to obtain one of the average RV loan rates, you may want to understand the total cost of RV ownership to ensure you know the full picture of owning an RV.
What Are Typical Costs of RV Ownership?
An RV can be a significant financial commitment. Depending on the type of RV, its size and internal furnishings, a new RV can cost anywhere from $6,000 to $300,000. If your family travels frequently, an RV can be much more affordable than hotel rooms or a vacation home. Additionally, with upgrades like kitchens, you can save extra money on eating at restaurants while on the road.
Below, we break down the costs of RV ownership to help you determine what you can afford before you start your search.
- Monthly payment: One of the most obvious costs for an RV is your monthly payment. For example, if you purchase an RV for $50,000 and put $10,000 down, you'll have a $40,000 loan to repay. If you secure a five-year term and a 4% interest rate, you'll pay about $737 each month.
- RV insurance: Another cost to consider is insurance. Fortunately, you may be able to bundle your RV insurance with your auto or home insurance, which can help you save money. If you have a good driving record and your RV costs $50,000, for example, you may pay about $2,500 per year for insurance.
- RV storage: If you live in an area with cold winter months, you may want to store your RV to keep it clear of snow. If you don't have space on your property to store your RV, you could pay someone else to store it. Depending on the space needed and the location, a spot for storage may cost about $2,500 per year.
- Maintenance: Just like any vehicle, RVs need regular maintenance. Over time, you'll need to replace your tires, fix your brakes and address other issues as you use your RV. Aside from the exterior of the vehicle, you may need to make repairs inside, depending on the additions you make to the interior. Regular maintenance and winterizing services can cost between $3,000 and $5,000 per year.
- Tow system: With some RVs, you may want to purchase a tow vehicle to transport the RV. This vehicle should be able to handle your trailer's weight, so if you don't already have an SUV or truck that can haul it, you may need to purchase one to transport your RV from one location to another.
- Supplies: If you're going to take a road trip, you'll need supplies, including kitchen tools, dishes, linens and food. Though many of these items are small expenses, they can add up quickly, so you should consider them part of the total costs of your trips and ownership.
- Fuel: If you purchase an RV, fuel can be a significant cost to keep in mind. If you drive a motorhome or haul a large trailer, you'll burn through fuel more quickly than you would with a passenger vehicle, so you may want to estimate the expense of fuel in your total costs of RV ownership.
- Campground fees: If you'll be staying at campgrounds, you may also want to consider the rates they charge. Rates tend to range from $20 to $100. If you want basic amenities on a private site, you'll likely pay at least $50.
- Additional equipment and accessories: You can choose to outfit your RV with equipment and accessories, such as infotainment gadgets, an external awning or a water heater. Though prices can vary, you may want to budget between $5,000 and $10,000 for additional improvements.
When you're aware of the total costs of owning an RV, you can form a financial plan and speed up the process of finding an RV and obtaining an RV loan.
How Do Our RV Financing Terms Work?
At My Financing USA, we offer RV financing terms from five years up to 20 years depending on the age of the RV, the amount you're financing and your credit history. We offer buyers the longest RV loan terms possible since there aren't any prepayment penalties with our RV loans, which can allow you to pay your RV loan off as fast as you want. This feature gives our customers enough flexibility to take loans on their own terms.
What Are RV Loan Rates?
The interest rate you get for an RV loan will impact how much you'll pay in total to your lender for the purchase. If you have excellent credit, the lender may offer you a lower rate. On the other hand, if you have poor or below-average credit, you may see higher interest rates.
If you anticipate that you'll have to choose from higher interest rates for your RV, you may want to save more for a down payment and work on improving your credit score. It helps to consider loan terms in advance of your purchase so you have time to boost your financial situation if needed. Additionally, you should feel free to discuss all the options with your lender to see what's available for your financial situation.
How Do You Refinance RV Loan Rates?
Many customers wonder, "Can I refinance my RV loan?" At My Financing USA, we offer refinancing programs to RV owners for amounts that exceed $75,000 with a credit score of at least 680 and 12 months of payment history. Additional conditions and terms may apply. Our RV loan interest rate calculator can help you determine whether refinancing may be the right choice for you with the currently used RV loan rates.
How Can I Apply for RV Loan Rates Near Me?
With My Financing USA, you can apply online for an RV loan and find the best RV loan rates. After you complete your application, we'll discuss your application with you and ensure we understand your expectations and goals. Then, we'll submit your application to trusted lenders.
Our process is secure and straightforward, and our website is DigiCert Norton VeriSign Secured and protects all the information you submit to us. After we verify the information you submit, we start searching for an RV loan program to match you with. The benefits of choosing My Financing USA include:
- Low current RV financing interest rates: We conduct a search nationwide to help you find the best current RV loan rates available.
- Easy closing: You'll receive your closing documents on your phone, allowing you to sign them from the comfort of your own home.
- Fast approvals: In as little as 48 to 72 hours, you could pick up your RV with a check in hand.
- Online process: Our process is entirely online, so applying for an RV loan is simple and convenient, letting you sign your documents directly on your phone.
- Free credit consultation: If we can't find a match for you on the first try, we offer a free credit consultation service that can help you improve your chances of obtaining the financing that's right for you.
- Credit protection: Though soft pulls don't impact your credit score, hard inquiries may have a small effect on your score. We reduce hard inquiries by prequalifying you for a loan and sending you only to one match at a time.
- No hidden fees: We don't charge any hidden fees, such as a penalty for paying your loan early.