How to Calculate What RV You Can Afford | RV Loan Calculator

2017-04-24

RV loans are difficult to research and manage due to high rates and long terms.
An RV loan calculator will help you find what you can afford.
Compare financing options to stay within your monthly budget.
Clear rates, terms, and prices help you shop confidently.
Texas Bay Credit Union offers tools and support for RV financing in Texas.

If you’re shopping for an RV, but are frustrated with your financing options, you’re not alone. You’re eager to hit the road, so why are you stuck stressing over RV loan interest rates, monthly payments, and terms?

That’s why at Texas Bay Credit Union, we’re helping Houstonians like you calculate exactly how much RV they can afford, understand what they’re paying, and find the best RV loans in Texas.

Why Is It So Hard to Finance an RV?

RV loans can be trickier than car loans because RVs:

Are more expensive than typical vehicles
Depreciate quickly
Are considered luxury or recreational items

This causes some financing challenges for buyers:

Higher interest rates (APR*): Usually 2-4% higher than auto rates
Longer loan terms: Up to 15-20 years for more expensive RVs
Stricter requirements: Higher credit score, proof of income, and more thorough documentation to qualify for a loan

If financing a car isn’t stressful enough already, the higher costs and restrictions that come with RV loans make it even harder to set and stick to your budget. That’s why you need a tool that clearly states what RV loan terms, total price, rate, and monthly payment you can afford.

That's where our RV loan calculator comes in.

Calculate Your RV Loan Rate

RV Loan Calculator

Our auto loan calculator helps you more accurately research costs associated with any vehicle loan, including RVs. You can calculate the maximum RV loan rate, monthly payment, term, and price that fits your budget in minutes.

How to Calculate What RV Price You Can Afford

Let’s say, for example, you have a monthly budget of $400, don’t want to be on the hook for longer than 48 months, and have $1,500 down payment set aside. You’d follow these steps in the calculator to find the maximum price you can afford:

Select Price
Enter $400 into Monthly Payment
Type 48 into Term in months
If you know a lender’s rate or have a pre-approval, enter it in APR*
1. In this case, we’re using an 8.26% rate which could be found at Texas Bay
Type $1,500 into Rebates and Cash Down
1. We don’t have a trade in for this example, but you can enter this information into Trade allowance and Amount owed on trade if you do
While fees vary greatly between lenders, you can enter these in both Fees fields if you know them
1. Taxable fees include loan origination and processing fees, while non-taxable fees include title and lien fees, UCC filing fees, and registration fees
2. In this case, we included average fee totals for loans in Texas
Enter 6.25% in Sales tax rate for RVs purchased in Texas

Let’s say, for example, you have a monthly budget of $400, don’t want to be on the hook for longer than 48 months, and have $1,500 down payment set aside. You’d need to follow these steps in the calculator to find the maximum price you can afford.
1. Select Price.
2. Enter $400 into Monthly Payment.
3. Type 48 into Term in months.
4. If you know a lender’s rate or have a pre-approval, enter it in APR.
a. In this case, we’re using an 8.26% rate which could be found at Texas Bay.
5. Type $1,500 into Rebates and Cash Down.
a. We don’t have a trade in for this example, but you can enter this information into Trade allowance and Amount owed on trade if you do.
6. While fees vary greatly between lenders, you can enter these in both Fees fields if you know them.
a. Taxable fees include loan origination and processing fees, while non-taxable fees include title and lien fees, UCC filing fees, and registration fees.
b. In this case, we included average fee totals for loans in Texas.
7. Enter 6.25% in Sales tax rate for RVs purchased in Texas.

And there you have it—a total price budget of $16,385.29 before taxes.

Click View Report at the top for a more detailed breakdown. You’ll see additional information about your repayment plan including Total interest paid, Total payment amount, Total sales price after tax, and comparisons of what your loan terms would look like with different down payment and monthly payment amounts.

Click View Report at the top for a more detailed breakdown. You’ll see additional information about your repayment plan including Total interest paid, Total payment amount, Total sales price after tax, and comparisons of what your loan terms would look like with different down payment and monthly payment amounts.

bar graphs displaying how terms and down payments affect RV loan payments

Now you know how to figure out what RV price you can afford, and you can shop more confidently with a clear budget in mind. But what if you’ve already found your dream RV and want to know if you can afford to finance it?

How to Calculate Monthly RV Payments

Let’s say your monthly budget, fees, rate, and ideal repayment term are the same as in the first example. You’ve found the perfect RV, but it’s $20,000 and you don’t know if the financing options fit your budget.

Select Payment and enter the Total purchase price on the listing. Then, follow the rest of the steps from the first example.

Let’s say your monthly budget, fees, rate, and ideal repayment term are the same as in the first example. You’ve found the perfect RV, but it’s $20,000 and you don’t know if the financing options fit your budget.
Select Payment and enter the Total purchase price on the listing. Then, follow the rest of the steps from the first example above.

Your monthly payment would be $494.23—exceeding your $400 budget.

With this information, you can confidently eliminate this RV listing as an option and keep shopping. Click View Report to understand what costs contributed to the monthly payment, and compare payment plans with different down payments and term lengths.

With this information, you can confidently eliminate this RV listing as an option and keep shopping. You can click View Report to understand what costs contributed to the monthly payment, and compare payment plans with different down payments and term lengths.

Bar graphs showing how terms and down down payment affect the monthly RV loan payment.

Having the numbers broken down clearly will take away any guesswork when shopping for your RV, and you can set out on your next adventure confidently and on budget.

Ready to take the driver’s seat on your next adventure? Use our RV loan calculator today and see how easy it can be to hit the open road on your terms:

Calculate Your RV Loan Rate

Below is some additional information to help you get started.

RV Financing FAQ

What are typical RV loan rates?

This typically depends on your creditworthiness and the age of the RV, but you can find RV loan rates as low as 8.26% APR* with lenders like Texas Bay Credit Union.

What is the average RV loan length?

You can find a wide variety in loan terms, including shorter ones between 5 and 10 years and longer ones between 15 and 20 years. Longer terms will have lower monthly payments, but higher overall interest while shorter terms will have higher monthly payments with less total interest paid.

What credit score do I need to qualify for an RV loan in Texas?

Most lenders look for a credit score of at least 660 for RV financing. However, your rate and term could depend on factors like your income and the age and type of RV.

What fees are included in RV financing?

Common fees include loan origination and processing fees, title and lien fees, and registration. Texas Bay’s loan calculator takes these into account so you can see your full financial picture.

How can I get the best RV loan rate in Texas?

Improve your credit score, make a larger down payment, and go with the shortest loan term that fits your budget to qualify for lower interest rates.

Are RV loans different from auto loans?

Yes, because RVs are considered recreational or luxury vehicles, which typically have higher interest rates and longer terms. Choosing the right lender will help you mitigate these costs and conditions.

How do I apply for an RV loan?

It’s easy to apply! For an RV loan from Texas Bay Credit Union, you can apply online, by phone, or at your local branch.

*APR = Annual Percentage Rate. Rates, terms, and conditions subject to change. Credit approval required. Advertised 8.26% APR is the lowest rate offered for a 36-month term and includes a 0.50% relationship discount. Rate determined by loan term and credit score. Terms of repayment: A $15,000 loan with a 36-month term at 8.26% APR equals a $473.40 monthly payment. Other terms/conditions apply; contact TBCU for details.

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