How much rv can you really afford? The whole truth

rv i can afford

Everyone who is planning on purchasing a recreational vehicle (RV) will want to ask themselves this question. The answer, of course, depends on a variety of factors, including your budget and your lifestyle.

Still, there are some general guidelines that can help you determine how much RV you can afford. Generally speaking, you should plan on spending around 20% of your annual income on your RV purchase. So, if you earn $50,000 per year, you could reasonably afford to spend $10,000 on an RV.

Keep in mind that this is just a general guideline; your specific circumstances may require a different budget. If you have a lot of debt or other financial obligations, for example, you may need to spend less money on your RV.

Factors to consider before purchasing an rv

When you are about to purchase an rv, you have to think about all the factors on your situation. Not all rvs are considered a good fit for everyone. You need to know exactly how much money you make, what you need the rv for, and where you plan on storing it.

The first thing that you have to think about is your finances. Do not forget that after purchasing an rv, you will also be responsible for paying monthly storage fees as well as mooring or docking fees if the rv must be docked at a marina or campground. This may require some sacrifices from your part in order to afford the costs of maintaining an rv.

When buying a new or used rv there are several things that go along with owning one of these mobile homes.

Below we will be going over the basics of what you need to consider when trying to answer the question of "How much RV can I afford?"

An rv allows you to travel and see the country while providing a level of comfort and convenience not found in other modes of travel. Owning an rv, however, is not cheap. There are several costs that come with being an rv owner.

The cost of an rv varies depending on size, age, and model. New or luxury models can easily cost over $100,000.00. However, there are many used models available for purchase that range in price from $5,000 to $50,000.

  • Down payment Needed For The Rv
  • The down payment needed on the type of rv you want to buy will also vary. Some rvs, such as motorhomes, may require a down payment of up to 50% of the purchase price. Fifth wheels and travel trailers usually require a down payment of 10-20%.

  • Storage
  • RVs also require storage when they are not in use. This can add an additional cost of $100 to $300 per month, depending on the size and type of rv you own.

  • Insurance
  • Another ongoing cost associated with owning an rv is insurance. The cost of RV insurance ranges from $300 to $1,000 per year, depending on the value of your vehicle and where you live.

  • Maintenance
  • Like all vehicles, rvs require regular maintenance to operate properly. These regular maintenance usually cost more than a regular vehicle. That's because not every mechanic can work on these vehicles.

  • Fuel
  • RVs also use a lot of fuel. Expect to spend at least $1,000 per year on fuel, depending on how often you use your RV and the type of vehicle you have.

  • Campgrounds
  • Campgrounds can be expensive, especially if you want to stay in nicer campgrounds. Expect to pay anywhere from $25 to $100 per night. If you're traveling long distances, that number can go up significantly.

  • Tolls
  • If you plan on driving your RV on toll roads, expect to pay an additional cost. Tolls can vary greatly depending on the route and the amount of traffic.

  • Extras
  • Be prepared to spend money on extras such as food, lodging, and entertainment while traveling. These costs vary greatly depending on where you decide to go with your RV.

How much is the average RV payment?

average rv payment

The average rv payment will vary depending on the type of rv you get. A small, used camper can be had for around $200 per month, while a luxury Class A motorhome could cost you upwards of $2,000 per month. Remember, these luxury motorhomes are much pricier because they often include extras such as microwaves, satellite television, and air conditioning systems.


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So, how much can you afford?

It's important to remember that owning an RV comes with additional costs, such as fuel, campgrounds, and tolls. Make sure you factor these into your budget before purchasing an RV. That said, if you're careful with your spending, owning an RV can be a great way to travel and see the country on a budget.

What credit score do RV lenders use?

Rv lenders will usually be looking for someone who has a strong credit score, where the borrower's credit score is at least 650. If you have a low credit score, try looking into lenders who specialize in low-credit scores and can give you more flexible terms and conditions than traditional lenders.

Why do RV buyers use an rv loan broker?

If your credit isn't very good or if you want to refinance your current rv , then look for an rv loan broker . They will be able to get better rates from several lenders. In some cases, they may even be able to make you a proposal with no money down if they can secure multiple offers from different lenders. In any case, it's important that you take the time to compare interest rates and repayment terms offered by different brokers.

What should you expect to pay for an rv loan?

The interest rates on rv loans can vary quite a bit, but usually they're somewhere between 6 and 10 percent. terms of the loan . If you have a good credit score, you may be able to get a rate as low as 3 or 4 percent. The length of the loan will also affect your rate, the longer the term, the higher the rate.

You should also expect to pay an origination fee, which is a percentage of the total amount of the loan. This fee covers the costs of setting up and administering your loan.

Finally, there are typically closing costs with taking out a loan. These costs can include application fees, title search fees, and more. Be prepared to pay around $500-$1,000 in closing costs.

Once you know how much you can afford to borrow, it's time to start shopping for an rv.


Keep in mind that just because you can afford the monthly payments on a certain rv doesn't mean you should buy it. You need to make sure you'll have enough money left over each month to cover your other expenses, too.

About Author:

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Hi, I'm Kevin Pommells, a lover of camping and the great outdoors as everyone says nowadays. I'm also a passionate soccer fan and the proud owner of, a website dedicated to helping campers and outdoor enthusiasts make the most of their adventures. With years of experience exploring the wilderness and a deep love for the sport of soccer, I'm always looking for new ways to combine my two passions and share my knowledge with others. Follow me for tips, tricks, and insights on all things camping and outdoor recreation.

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