Many dealers advertise very low prices per month, but fail to mention these are very long term loans
The initial cost of your travel trailer or RV will dictate the majority of what your RV payment will be. Other factors of how much your trailer payment will be are down payment, taxes upon purchase, interest rate on the loan, term of the loan, accessories added, insurance, and licensing/registration costs.
In order to be at a $150 per month payment like many dealers advertise, you would have to buy a $20,000 trailer with 0 down payment. Finance rate would be 4% and term would be 15 years.
The average RV loan can vary wildly, but on average a RV loan is $225-$650. This figure is based upon a $35,000 travel trailer at varying interest rates and payment terms with zero dollars for a down payment. Other travel trailer prices and payments can vary depending on many factors.
Lets go through the process of breaking down the monthly payment cost over different variables. All of these variables will vary depending on the travel trailer you choose, your credit, how much down payment, the term of the loan, the interest rate, etc. Lets get into the RV monthly payment guide.
Travel trailers or RV’s vary wildly in price. Travel Trailers can cost anywhere from $10,000 to over $100,000. RV’s can cost from $40,000 to upwards of $300,000. On average, I would peg the average consumer spending $20,000-$35,000 to get a good quality travel trailer. For this example, we will use a price of $25,000 for a travel trailer.
You may be able to add some accessories at the time of purchase to your RV loan, this could include solar panels, generator, weight distribution hitch, or other items. When you add accessories at the time of purchase, you may able to add them to the financing on your travel trailer. If you are looking to get any bigger items, look into purchasing them with your RV as there may be an additional discount or your dealer ple, lets add a weight distribution hitch for $500 included in our purchase. (more…)