New vs. Used RV Loans: Here's what you need to know

Purchasing an RV is an exciting moment for adventurous people— and it shouldn't be made into a complicated process by loan lenders.


Whether you buy a new or a used RV, financing it should be a simple process that best suits your needs. You can also check bank repo RV auctions and look for a great bargain. So before you decide who to finance with, here are a few things to consider.

How long is an RV loan term? 

Whether you're looking at buying a new RV or a used one, the loan term and details for financing are very similar. RV loans generally range from 10-15 years, but many banks, credit unions, and other finance companies will extend the term up to 20 years for loans of $50,000 or more on qualified collateral if that works best for you.

Mountain America Credit Union, for example, offers a loan term of up to 12 years at a fixed rate — which could be as low as 5.99 percent. Buyers might also qualify for a 20-year balloon payment option on qualified RVs. Buyers can also consider making extra payments or pay the loan off entirely before the term ends.

Ultimately, you should look for a financing plan that's as flexible as you are.

What are the financing terms on RV or Camper loans? 

As we established, RV and camper financing terms generally range between 10 to 20 years. You should be able to decide between a shorter financing term with higher payments or a long-term plan with lower costs.

There are, however, some in-between options. For example, you can choose the financing plan with the most extended term and lowest monthly payments but pay a little extra every month to lower your interest rate and shorten the term of your loan significantly. It requires little commitment, so you can focus on your next road trip instead of your RV loan.

What are the interest rates on RV loans? 

An RV payment calculator can help you determine how much you can afford and how long you'll be paying. But before you do that, you'll need to know what kind of RV loan rates you can expect to pay.

Mountain America Credit Union works hard to provide the best RV loan rates based on your FICO score. Interest rates start at 5.99 percent for those with excellent credit history and scores.

Mountain America's RV and motorhome financing options are as flexible as your recreational needs. Whether looking at new or used recreational vehicles, they can help you get the best RV and motorhome loan to stay within budget and still get your dream RV, motorhome, fifth wheel, toy hauler, or horse trailer. They also offer refinancing options to help lower your interest rate or monthly payment.