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 individual 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's what works best for you.

Mountain America Credit Union, for example, offers a loan term up to 12 years at a fixed rate — which could be as low as 5.99 per cent. Certain 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 is up.

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 payments.

There are, however, some in-between options. For example, you can choose the financing plan with the longest 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 on your part, so you can focus on your next road trip instead of your RV loan.

What are the interest rates on RV loans?

Using 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 as low as 5.99 per cent for those with excellent credit history and scores.

Mountain America's RV and motorhome financing options are as flexible as your recreational needs. Whether you’re 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 haulier or horse trailer. They also offer refinancing options to help lower your interest rate or monthly payment.