Rates & Loans for RVs in 2023

loans for rvs


It’s much easier than you think to apply for loans for RVs. The price of an entry-level RV can cost anywhere between $5,000 to as much as $500,000; this often means that purchasing one will require financing. The RV can act as collateral for the loan. Most RV loan terms run over 1 – 7 years. You will need to provide supporting documentation such as tax returns, bank statements, and a detailed credit history.

Let’s get you in the driver’s seat of your new RV.

What is an RV loan?

An RV loan is a loan that is specifically approved so you can purchase an RV. The loan can be utilized to purchase either a new or used RV. Your loan terms may vary depending on how much you wish to borrow, your credit history and how long you require to repay the loan.

If you have a good credit score of more than 700 you may be able to secure more favorable loan terms. Some lenders will insist on inspecting the RV before lending you the funds to purchase it, this inspection can cost between $150 – $1,200.

To ensure you get the best deal possible make sure you understand the loan approval requirements, the interest rate, how much you are eligible to borrow, and the loan repayment terms and conditions. Read reviews and talk to friends and family members to ensure that you will have a positive customer experience.

Consider RV loans for older RVs if you have a tight budget.

The Current Interest Rates for RV Loans?

There has never been a better time to apply for an RV loan, current RV loan rates range from 4.49% – 11.89% for those with a great credit score. If you have a poor credit score, don’t despair; you can still secure a favorable interest rate, though you may need to put down a higher deposit.

An RV is considered a luxury item, this means that you will be charged a higher interest rate than you would be for applying for a loan for a car. The higher your credit score the better rate you will receive,

To apply you will need:

  • Proof of a favorable credit score (800 and above)
  • Proof of income
  • Proof of an extended and diverse credit history
  • Proof of assets, income, and residence

The Pros of Having an RV Loans

Before deciding on your purchase it’s important to weigh the pros and cons of applying for an RV loan. Using an RV loan calculator can help you determine the overall cost and help you determine if purchasing one would be a viable option. Let’s look at the pros.

  • Requires less cash upfront 
  • Able to use the RV as collateral for the loan 
  • Lenders will help you navigate the purchasing process
  • Specific loans for RVs have more favorable loan terms
  • Longer loan terms mean you have years to pay off the loan

The Cons of Having an RV Loans

Some cons include:

  • The loan may increase your debt-to-income ratio
  • Interest and loan costs 
  • You require a good credit score to qualify for the loan
  • Supplying supporting documents and proof of income 
  • Applying for an RV loan is more time-consuming
  • Debt and repaying the loan could take many years
  • You could pay more interest because of the longer-term loan
  • If you fail to make monthly payments your RV may be repossessed

Kirkland RV: Excellent RV Sales

At Kirkland RV Sales we provide excellent used RVs and offer the best customer service. Our company has been in the industry for 35 years and we have helped many customers to purchase their dream RV. We offer a wide variety of used RVs to fit your preferences and your budget.

Our team of expert technicians are there to assist you with any questions you have and provide advice when it comes to any concerns or repairs.

Join the happy campers on the road and apply for an RV loan today.