Understanding the terms of your RV loan is essential for a successful financing experience. Use Cabrillo Credit Union’s RV Loan Calculator to estimate your payments and explore different financing scenarios. With the right preparation and support from Cabrillo Credit Union, you’ll be ready to embark on your adventures with peace of mind.
RV Loan 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.
What Goes into Calculating RV Payments?
Calculating your monthly RV payments involves several factors:
- Purchase Price: The starting point is the cost of the RV you wish to buy.
- Down Payment: The amount of cash you pay upfront can significantly affect your monthly payments.
- Loan Term: The length of your loan determines how many months you will be making payments.
- Interest Rate: Based on your creditworthiness, the interest rate will impact the total cost of financing the RV over the life of the loan.
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
Ready to proceed with your RV purchase? Use Cabrillo Credit Union's RV Loan Calculator today to plan your finances. Once you have your estimates, apply for an RV loan with us to benefit from competitive rates and excellent customer service. Let us help you make your recreational dreams a reality.
Apply for a Recreational Loan