How to Finance an RV Over 10 Years Old In 6 Easy Steps?

How to Finance an RV Over 10 Years Old In 6 Easy Steps?

Feel like riding around the whole country in comfort? But, only have a budget of buying an RV older than 10 years? Well, you might search for your problem up on the internet.

But, here’s the catch:

Most of what you’ll find are articles that don’t wholly serve your purpose and forum posts that are as vague as ever.

But you need not worry because we have brought you a short guide on how to Finance an RV over 10 years old.

In this article, we’ll tell you about what an RV loan is, the current rate on loans, the steps of financing an RV over 10 years old, and some extra points, along with the answer to some questions you might have.

So, let’s jump right into it.

What Is an RV Loan?

An RV loan is a long-term way of financing your RV, also called a motorhome or camper. Nowadays, most RVs have a price from less than $10,000 to somewhere up to $500,000 for a larger home on wheels.

Many people who purchase RVs depend on these loans when it comes to buying an RV.

There are quite a number of lenders who offer loans for purchasing an RV, both new and used. You’ll be able to find some financing through online lenders, banks, or even the RV dealership.

Here’s what’s impressive:

Most lenders will consider the RV itself as collateral for the loan. So, you won’t need to put in any additional insurance.

Now, RV loans are usually repaid in terms of 10 to 15 years. But some lenders will even let you repay the loan in as much as 20 years.

So, what about the interest rates on these loan terms? Well, we’ll be covering that in the next section.

Present Loan Rates

With excellent credit, you’ll find RV financing rates of 4.25 percent. However, if you have bad credit, such as a FICO score below 570, you’ll be getting rates as high as 23 percent.

So, if you have a weak credit score, you should focus on saving for a more significant down payment and improving that credit to get better rates.

Now here’s a table comparing different rates given by different banks to provide you with a better look, as of May 2020:

[su_table responsive=”yes” alternate=”yes” fixed=”no” class=””]



Minimum loan ($)


4.29% – 11.89%

24 – 84 months


Navy Federal Credit Unit

Starting at 8.09%

Up to 180 months


U.S. Bank

Starting at 5.24%

Not specified



Starting at 5.75%

12 – 180 months


Suntrust Bank

4.25% variable, 4.99% – 6.62% fixed

Up to 240 months



Now, let’s start exploring how you can finance your RV right away in the next section.

How to Finance an RV

Step 1 of 6: Set a Budget for Financing the RV

An RV is quite the purchase. At the lowest, you have to pay $5,000 for a pop-up camper. At the very highest, an RV will cost you $500,000 or more.

But you’re looking to buy a used RV more than 10 years old. So, choose your prices wisely while keeping the condition of the RV in mind. There might be loads of troubleshooting that’ll require fixing.

To be concise, the followings should be kept into account when fixing the budget for financing your RV:

  • Family Size
  • Loan Repayment Terms
  • Gas and Maintenance
  • Utility costs
  • Camping fees
  • Insurance

After done setting a budget, move on to the next step.

Step 2 of 6: Save a Down Payment

Most banks will ask for at least a 10 percent down payment, while others will prefer a 20 percent down payment. Moreover, the more you pay on a down payment, the lower your monthly payments.

This can qualify you for a loan with a reasonable interest rate. So, put some thought into the down payment.

Step 3 of 6: Give Your Credit Score a Check

You’ll be needing a good credit score if you want to strike a loan deal for financing an RV at low interest. A credit score of 700 or higher is commendable to get the right Loan for RV.

Step 4 of 6: Decide on the Type of Your Loan for Financing the RV

So, what type of loan do you get to choose from?

In this case, you can either get a secure vehicle loan or an unsecured personal loan. They both have their benefits.

A personal loan can help you get pre-qualification and get financed faster. Furthermore, there is no risk of being repossessed, in case you fall behind on your payments.

Step 5 of 6: Compare Lenders

Now that you’ve chosen the type, it’s time to select the lender of your RV loan. It is wise to compare multiple lenders because different lenders give you different terms.

A little smart rate shopping should do the trick. It can save you thousands of dollars on the life of the loan.

Step 6 of 6: Negotiate the RV’s Price

Here’s the crazy part:

Be prepared to haggle. Now, you have to negotiate with the RV dealership or the individual that you want to buy the RV from so that you get the lowest price.

Remember, the lower the price of the RV, the better financing you get.

Don’t Forget Insurance for Financing Your RV

Insurance coverage is crucial when it comes to vehicle loans. You’ll need to show your lender proof of insurance to get financing for your RV.

So, talk to your insurance company and get coverage that is good enough to meet your lender’s requirements.

If you follow these easy steps and maintain a good credit score, you’ll be able to finance that RV that you’ve wanted to buy.

Now, it’s time to answer some questions.


Question: Can Anyone Co-sign an RV?

Answer: Depends on your lender. Lenders usually allow co-signers on jumbo loans, such as RV loans.

Question: Are RV Loans Deductible from Taxes

Answer: RV loans can be declared as primary or secondary homes. Therefore, you can reduce federal taxes a bit. You can deduct the mortgage interest taxes as a homeowner.


That’s all about how to finance an RV over 10 years old. Now, we have some questions for you.

Will you follow all the steps?

What kind of RV are you getting?

Let us know in the comments below.

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