How Long Are Camper Loans

Are you prepared to take the leap and embark on a life-changing adventure? If it’s time to begin the process of applying for an RV loan, you may be unsure of where to begin your research. Here are 7 things to anticipate from a 180-month RV loan that we can help you with.

How long is an RV loan term? The loan term and details for financing a new or used RV or camper are very similar. On average, RV loans 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.

Is an RV loan similar to other loans?

A 180-month RV loan functions similarly to a home or car loan. Once a credit union, bank, or other lender receives your loan application and preapproval, they become your lienholder, which is a fancy way of saying that they are the owners of your loan. The terms of your loan, including its term, annual percentage rate (APR), and the sum of your monthly payments, will be outlined in the agreement you sign with them.

The majority of RV loans are secured loans where collateral is the RV itself. This implies that the lienholder has the right to seize possession of your RV if you are unable to make payments going forward.

What kind of terms can I expect on an RV loan?

While an RV loan is similar to a car loan, it differs in that the terms are significantly longer than those for a car loan because an RV is significantly more expensive than a car. Loan terms for an RV loan tend to be 10 to 15 years long (180 months equals 15 years) Some RVs are less expensive, and those loans might have shorter terms.

Do I need to know what RV I want before I apply for an RV loan?

Not necessarily. In fact, it’s preferable if you haven’t decided on one yet when applying for the loan. You could be setting yourself up for heartbreak if you have your heart set on something that is far beyond what you are permitted. You could perhaps look at various sizes and styles generally to get an idea of pricing, but you won’t be able to determine what you’re preapproved for beforehand.

When negotiating with the dealer or seller, having a preapproved amount you can budget for gives you an advantage. They might be willing or able to lower their price for you, for example, if they’re asking for $55,000 for their RV but you’re only preapproved for $50,000.

How much will an RV loan cost me?

The cost of the RV and the loan itself are subject to a wide range of different factors. There will be a down payment, just like with a car or home loan, and you’ll pay on the principal amount of the loan. For instance, is your RV new or used? Do you have good credit? What’s the amount of your down payment? You’ll also pay interest.

An RV, however, does not increase in value over time like a mortgage does. If you plan to sell the RV before it is fully paid off, you risk owing more on it than it is worth. Be aware that in the worst-case scenario, you might still owe money on your RV loan but not have a vehicle to use in the interim.

Think about the possibility that a lower APR does not necessarily indicate the best offer. You might pay more over time if your loan has a longer term but a lower APR than if it had a shorter term but a higher APR. However, your monthly payments will be higher the shorter your loan term. Before you sign any paperwork, make sure you have a plan in place to ensure that you can afford to pay for everything under all possible circumstances.

Is it better to buy a new RV or a used one?

Your choice, but we can assist you with financing either one Consider for a moment what you want to do with your RV. These are just a few of the questions you should think about before shopping so that you have a good idea of what you’re looking for. Do you plan to use it for several weekend excursions and getaways throughout the year, or do you plan to live in it so that you can have the freedom to experience every corner of the country?

We’ll make sure you get a great fixed rate and flexible financing for loans up to 180 months whether you decide to buy a new or used RV.

  • New RV: finance up to 100% of the cash sale price or 120% of the invoice
  • Used: finance up to 85% of Kelley Bluebook Retail or 120% of wholesale/trade-in NADA value
  • How can I make payments on my RV?

    To accommodate your busy lifestyle, we offer a variety of payment options. You may:

  • Log onto your Central Willamette Credit Union online banking and click on Funds Transfer.
  • Call us to have your payment transferred from your CWCU account or to make a payment from your account at another credit union or financial institution. You may also use your debit card or check by phone (though, fees may apply).
  • Mail us a check.
  • Send a payment from another financial institution through their bill pay service (if available).
  • Make an ACH payment.
  • Visit a branch to pay with cash, check, or debit card (if you visit and pay with a debit card, it will be processed as a cash advance).
  • Please be aware that using a debit card to make an online loan payment is not currently possible.

    What do I need to apply for an RV loan?

    You can apply online, go to a branch, or give us a call to get started.

    Contact us right away to begin a loan application if a cross-country cruise sounds like the perfect getaway.


    How long can you take out a camper loan?

    How long can you finance an RV? is a question you might have if you’re thinking about financing a used RV, like a toy hauler. Typically, RV loan terms range from 10 to 15 years. However, banks, credit unions, and other lenders have occasionally increased loan terms to 20 years.

    What is the typical term for an RV loan?

    While an RV loan is similar to a car loan, it differs in that the terms are significantly longer than those for a car loan because an RV is significantly more expensive than a car. The typical loan term for an RV is 10 to 15 years (180 months is equivalent to 15 years).

    How long should I finance my travel trailer?

    The most typical time for repaying RV loans is between five and ten years. However, many people discover they can finance their payments for up to 20 years because newer vehicles typically cost between $100,000 and $250,000.