The current interest rate for recreational vehicle financing is available from banks, credit unions, independent finance companies and from RV dealers themselves. As of 2015, the website for Essex Credit provides a chart with updated RV loan rates. The interest rate for RV financing is credit-score driven, according to Bankrate,
Because a recreation vehicle is considered a luxury item, the requirements for a loan are more stringent than those for a regular passenger vehicle, notes Bankrate. Borrowers with less than prime credit scores may still be able to get a loan, but at a higher-than-advertised rate. Comparison shopping amongst multiple lenders typically garners the best results.
RV and auto financing rates are very similar, as they are a reflection of the current market, explains Bankrate. The average time length of loans on motor homes, travel trailers and other types of recreation vehicles are typically longer than those of a car loan, but are still significantly shorter than the mortgage of a house, even though the financial investment may be the same. Borrowers should complete a personal financial statement before applying, as that is often a requirement for obtaining a recreational vehicle loan. Special limitations or financing terms may apply to RVs used as full-time dwellings.