Estimate your monthly payments for Motorhomes, Campers, and Travel Trailers.
Estimated Monthly Payment:$0.00
Total Loan Amount:$0.00
Total Interest Paid:$0.00
Total Cost (Price + Tax + Interest):$0.00
How RV Financing Works
Financing a recreational vehicle (RV) is slightly different than a standard car loan. Because RVs are often treated as luxury items or even secondary residences, loan terms can extend significantly longer—sometimes up to 20 years for high-end motorhomes. This calculator helps you navigate the costs associated with your home on wheels.
Key Factors in Your RV Loan Calculation
Loan Term: While car loans usually cap at 72 months, RV loans can range from 5 to 20 years. Longer terms lower the monthly payment but increase the total interest paid.
Down Payment: Lenders typically require 10% to 20% down for RV purchases. A larger down payment can help you secure a lower interest rate.
Tax Implications: Depending on your state and the RV's features (like a bathroom and kitchen), you might be able to deduct the interest as a second home mortgage.
Example Calculation
If you purchase a Travel Trailer for $50,000 with a $10,000 down payment at a 7% interest rate for 10 years (and 6% sales tax):
The total amount financed would be approximately $42,400 (after tax).
Your monthly payment would be roughly $492.30.
Over the 10-year period, you would pay about $16,676 in total interest.
Tips for Getting the Best RV Loan Rate
To ensure you get the most competitive rates, monitor your credit score before applying. RV lenders look for "thick" credit files. Additionally, consider getting pre-approved by a credit union or a specialized RV lender rather than relying solely on dealership financing, which may include markups.
function calculateRVLoan() {
var price = parseFloat(document.getElementById('rvPrice').value) || 0;
var downPayment = parseFloat(document.getElementById('rvDownPayment').value) || 0;
var tradeIn = parseFloat(document.getElementById('rvTradeIn').value) || 0;
var interestRate = parseFloat(document.getElementById('rvInterestRate').value) || 0;
var years = parseFloat(document.getElementById('rvLoanTerm').value) || 0;
var taxRate = parseFloat(document.getElementById('rvSalesTax').value) || 0;
if (price <= 0 || years <= 0) {
alert("Please enter a valid price and loan term.");
return;
}
// Calculation Logic
var taxAmount = (price – tradeIn) * (taxRate / 100);
var loanAmount = (price + taxAmount) – downPayment – tradeIn;
if (loanAmount 0) {
var x = Math.pow(1 + monthlyRate, numberOfPayments);
monthlyPayment = (loanAmount * x * monthlyRate) / (x – 1);
} else {
monthlyPayment = loanAmount / numberOfPayments;
}
var totalCostOfLoan = monthlyPayment * numberOfPayments;
var totalInterest = totalCostOfLoan – loanAmount;
var totalOverallCost = totalCostOfLoan + downPayment + tradeIn;
// Formatting results
document.getElementById('resMonthly').innerText = "$" + monthlyPayment.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resLoanAmount').innerText = "$" + loanAmount.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resTotalInterest').innerText = "$" + totalInterest.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
document.getElementById('resTotalCost').innerText = "$" + totalOverallCost.toLocaleString(undefined, {minimumFractionDigits: 2, maximumFractionDigits: 2});
// Show results
document.getElementById('rvResults').style.display = 'block';
}