What Determines RV Interest Rates?
Interest rates on recreational vehicle loans can vary based on several factors:
- Credit Score: Typically, the higher your credit score, the lower your interest rate. A strong credit history indicates less risk to lenders.
- Loan Term: The length of your loan affects your interest rate. Shorter terms often have higher rates but lower overall interest costs, while longer terms have lower monthly payments but might come with higher interest rates.
- Down Payment: The size of your down payment can influence your interest rate. A larger down payment reduces the loan amount, potentially qualifying you for lower rates.
- Type and Age of the RV: New RVs usually qualify for lower interest rates than used models. However, rates can also vary depending on whether the RV is motorized or towable.
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* |
Benefits of Financing Your RV with Cabrillo
Financing your RV at Cabrillo Credit Union comes with several advantages:
- Personalized Service: Our team works closely with you to understand your needs and craft a financing plan that aligns with your financial goals.
- Quick and Easy Application Process: We ensure a smooth and efficient loan approval process, so you can start your RV adventure as soon as possible.
- Additional Member Benefits: Members of Cabrillo Credit Union enjoy access to various financial services and products that enhance their banking experience.
Ready to explore the great outdoors? Visit Cabrillo Credit Union to learn more about our competitive recreational vehicle interest rates and how we can help you finance your journey. Our team is here to guide you through every step of the process, from application to approval.
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