How To Get The Best RV Loan Rates If you qualify, RV loan rates will depend on the lender, your credit worthiness, the age and type of vehicle you are trying to purchase, how you intend to use the RV, whether the loan is secured or unsecured, and a host of other variables. Currently, interest rates range between 4% to 10% but the actual annual percentage rate (APR) is determined by all these variables calculated together. Qualifying for RV loans Every lender has their own standards of what they will and will not finance and how they calculate their risk. The greater their risk, the higher the interest rate will be. You have some control over this calculation, by finding the lowest priced RV that meets your needs, by negotiating the lowest possible price, by paying a larger down payment, by letting the bank secure their investment with the RV, and by improving your credit score. If you’re not in the market right now for an RV loan and your credit score is in the good category then work hard on that score to move it to the excellent category before you go shopping for an RV loan. Some lenders require a minimum credit score of 750 or above and Credit Karma’s online scores are not an accurate representation of your FICO credit score. You should take the time to learn what your actual credit worthiness is, and you can do that by requesting a credit report from each […]