Monday, January 30, 2023


Are you ahead, on time, or behind on your RV loan?

(February 13, 2019) — The Seattle Times reported yesterday that 7 million Americans are 90 days or more behind on their auto loan payments, according to the Federal Reserve Bank of New York. Economists see this is a red flag. Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills.

“The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market,” economists at the New York Fed wrote in a blog post.

A car loan is typically the first payment people make because a vehicle is critical to getting to work, and someone can live in a car if all else fails. When car loan delinquencies rise, it is a sign of significant duress among low-income and working-class Americans.

So what about RV payments? If you’re paying on an RV loan, are you on time with your payments? Or maybe even ahead? Or behind? Remember, on these surveys we only know the cumulative results, not how any one person voted (we don’t know anything about who voted, in fact). Please only respond if you are currently paying on an RV loan.

Thanks to RV Daily Report for turning us on to this story.



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Julian Palmer
2 years ago

I prefer to make 2 initial payments so as to be ahead from the start in case I’m short. I also set up auto-payments thru my bank and I pay more than minimum each month. After 1 year I am almost halfway thru a 5 yr loan.

3 years ago

Our 2015 Jayco travel trailer came with a 20 year loan, which we paid off in 3 1/2 years. The extra payments were worth it, because the year we paid it off, our 14 year old mini van died, so some of the rv money pays for the new car.

Sasquatch in Alaska
3 years ago

We bought a new 2017 Class A DP. Like Captn John, our investments are making more than the interest rate on the loan. Couldn’t afford to pay cash. We took out a 12 year loan and it will be paid off after only 3 years total, so yes we are way ahead of schedule.
To get the best interest rate we asked our bank to match the lowest rate on the internet and they did. However we have been with them for over 40 years.

Rhalene DeGraff
3 years ago

I definitely agree, either pay off sooner or don’t take out those 20 years loans they offer. We purchased our rig new in 2004 and took this great offer of a 20 year loan at 1% interest thinking we would be paying either extra monthly or double payments. When the economy well to **** in a hand basket we started workcamping which helped for awhile till we couldn’t any longer. Now, in our late 70’s it’s looking as though we’re going to have to turn it back into the bank as we can no longer afford the fees the parks are charging plus all associated costs of owning the rig. We have always kept the maintenance up and any other repair issues. Trying to sell not having the ownership papers deters you especially since you don’t even have the funds to pay the difference between what it sells for and what you owe. Have had some offers but because the clear coat is peeling off the outside doesn’t look “pretty” anymore. You would think a person would be interested in the fact that the inside, structure and diesel engine had low mileage would be more important than how pretty it looks. DO NOT TAKE A 20 YEAR LOAN unless you know you can payoff early, bottom line.

Colin Grant
3 years ago

An RV is not a necessity for most people. If you can’t pay cash for it you can’t afford it. When I bought my used class b a few years ago, out of curiosity I asked my bank what loans they had for RV’s and it was low for ones up to four years old but was 8-1/2% for older ones. A $50,000 used RV costs you $4250 in interest for the first year and that is from your after taxes earnings. I’m a Canadian and we can’t use the interest as a tax deduction so I have to earn $8000 to pay just the interest and that’s for only one year. Then there is fuel, insurance, maintenance and the biggest one depreciation. People need to look at all the costs involved before they buy. I like my RV but it is expensive. Do the math before you buy and if you can’t do the math get help.

3 years ago

My first RV was a used late model Class C. Opened a bank CD as collateral for a loan. Didnt like making payments on a RV which like autos lose value. Since then have bought 3 other RV (popup truck camper, and two small travel trailers). Always cash now. If we cant afford it, we either dont purchase or save until we can. This approach has kept us out of trouble with more than just RVs 🙂

3 years ago

My wifes always ahead on payments, for everything even our taxes, paid off the home years ahead, same with cars

Einar Hansen
3 years ago

We are about 6 months ahead all the time on our payments. They are not to big so we like to stay ahead. And we are looking to buy a new one soon in about the next few months. So the faster we pay it off the better.

George Kenney
3 years ago

Always pay more than the required payment. This way I shorten the loan term and pay less total interest.

John Koenig
3 years ago

Why do the percentages add to to MORE than 100%?

RV Staff
3 years ago
Reply to  John Koenig

New math? I just now looked at it and the numbers listed add up to 99%. There are 147 total votes. 80 votes = 54.42% of the total; 2 = 1.36%; 65 = 44.22%. Those percentages add up to 100%. The numbers in the list are rounded to the nearest percentage, so they don’t necessarily add up to exactly 100%, but they’re very close. —Diane at

Captn John
3 years ago

Left my investments alone instead of paying cash. Investments are paying more than the low interest rate. The lowest interest rate came with a $50K loan for 20 years. The 1st payment was $6000. Monthly $2100 – $3500 is sent. Will be paid off in about a total of 36 months.

Ed D
3 years ago

My opinion is that you knew what the payments would be prior to signing on the dotted line. Unless you had some sort of tragedy that makes you unable to keep up, I do not feel sorry for those that just bit off more than they can chew

Gene Bjerke
3 years ago
Reply to  Ed D

Over a period of years (or even months) a lot of things can happen. Within a couple of months of buying our Roadtrek, my situation changed unexpectedly and for the worse. My current situation is one I never would have imagined when we bought the RV. With luck, I have been able to keep up with the payments, but not necessarily because I was so smart.

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