Financing an RV is a gateway to adventure, but understanding the terms of your financing agreement is key to ensuring a smooth ride. At Cabrillo Credit Union, we provide a variety of financing options tailored to meet the needs of our members. Here’s what you need to know about the terms that could define your RV financing.
RV Financing Terms
- Loan Amount: The loan amount is the total sum borrowed to purchase the RV. This amount will depend on the RV's purchase price minus any down payment.
- Interest Rate: The interest rate is a critical factor in determining the cost of your loan. Rates at Cabrillo Credit Union are competitively priced and based on factors such as your credit score, the loan amount, and the term length.
- Loan Term: RV loan terms can range significantly, usually between 10 to 20 years, depending on the type of RV and the loan amount. Longer terms generally result in lower monthly payments but increase the total amount of interest paid over the life of the loan.
- Down Payment: A down payment is the upfront amount you pay towards the purchase of the RV. A higher down payment reduces the loan amount, which can result in more favorable terms, such as a lower interest rate and shorter loan duration.
- Fees and Penalties: It's important to understand any fees associated with the loan, such as origination fees or penalties for early repayment. Cabrillo Credit Union strives to keep fees low and does not penalize for early payoff, allowing you more flexibility in managing your loan.
Navigating RV Financing Terms
Before applying for an RV loan, consider using our online RV loan calculator to estimate your payments. This tool can help you plan your purchase by simulating different financing scenarios based on the RV price, down payment, loan term, and APR.
Rates as of January 1, 2024
Autos
| Model Year |
Terms up to 36 Months |
Terms up to 84 Months |
| 2021 and newer |
5.40% APR* |
7.15% APR* |
| 2016-2020* |
6.40% APR* |
N/A |
Motorcycles
| Model Year |
Terms up to 36 Months |
Terms up to 75 Months |
| 2016 and newer* |
6.40% APR* |
7.90% APR* |
Boats & RVs
| Model Year |
Terms up to 36 Months |
Terms up to 120 Months |
| 2016 and newer* |
7.90% APR* |
9.15% APR* |
Apply for a RV Loan
When you’re ready, visit Cabrillo Credit Union online or in-person to discuss your financing options. We’re here to help you navigate the terms and get the best deal for your new home on the road.
Apply for a Recreational Loan