How Do You Calculate RV Financing?

The monthly payment for a recreational vehicle loan is calculated by entering the loan amount, interest rate and term into an RV loan calculator, according to Kampgrounds of America. Conversely, the loan amount is determined by entering the monthly payment, annual percentage rate and years financed into a separate calculator.

In order to qualify for an RV loan, it is necessary to fill out a personal financial statement, and good credit is required for the best interest rates, states Bankrate. Higher interest-rate loans are available to individuals with less than stellar credit. Financing is available through banks, independent financial companies and RV dealerships. Some companies specialize in RV loans.

The best time to shop for used RVs is at the end of summer and during the fall, maintains AARP. This is when many summer campers decide to sell their campers instead of storing them. If possible, talk to other RVers who have traveled in a make or model similar to the one you are considering before making your final purchase decision. Ask sellers about the full history of the RV and why they are selling.

RV loans are structured differently from traditional auto loans, states KOA. Available finance terms are much longer. In the case of KOA's RV financing program, terms of up 180 months are available for loans of less than $50,000, and terms of 240 months are available for loans over $50,000. Minimum loan amounts are also higher. For example, KOA's program requires a $10,000 minimum loan amount.

RV financing options include refinancing a current loan and RV loan pre-approvals, explains RV Buyers also have the option to purchase extended warranties on their vehicles, notes Like cars, RVs come with a manufacturers warranty. RV manufacturer's warranties are typically for three years and 36,000 miles for gas engine models and five years and 50,000 miles for diesel engine models. Some diesel engine models come with 100,000 mile warranties. Coach components are typically covered for one year. Owners have the option of purchasing extended warranties at the time they purchase their RVs.