How this number is made
RV loans are often written for ten or twelve years because the vehicle is expensive and depreciates slower than a car, until it doesn’t. Check the term against how long you will actually use it.
- Amount financed is after the down payment and before a fee you pay in cash.
- The rate is the rate in the note. A promotional rate that expires is not this page.
Formula
Payment = P × r(1+r)^n ÷ ((1+r)^n − 1), with r = APR ÷ 12.
Worked example
With the figures already in the form, monthly payment is $703.59.
Questions
Why is this its own page?
Twelve years is a common RV term in this default. A long term on a depreciating vehicle can leave you owing more than it is worth.
Are fees included?
Only if you added them to the amount financed. A fee paid in cash is a cost, but it does not change this payment.