The open road is calling, and you're ready to answer with a loan for a new-to-you RV. But before you start your next adventure, it's crucial to understand the costs involved with RV financing. That's where our RV Loan Calculator comes in. This first-of-its-kind tool will guide you through the financial landscape of RV ownership, enabling you to plan your budget effectively and make informed decisions with an honest look at all of the costs which are involved.
Glossary of RV Loan Calculator Terms
Our trailer loan calculator uses several terms to help you estimate the cost of your RV loan. Here is a breakdown of what they mean:
Cash Price: This is the sticker price of the RV you intend to buy.
Interest Rate: This is the rate you've received or anticipate for your recreational loan.
Term Length: This refers to the duration of your RV loan.
Payment Frequency: This determines how often you'll make payments. Biweekly means a payment every 2 weeks (26 payments per year), semi-monthly implies twice a month (24 payments per year), and monthly means once a month (12 payments per year).
Payment Estimate: This is the estimated payment amount at your chosen frequency.
Cash Down: The upfront amount you plan to pay toward the trailer loan. Some lenders may require this.
Dealer Documentation or Admin Fee: This is the fee charged by RV dealers, defaulting to our partners' cost at Revival Powersports.
Lenders Fee Estimate: The initial setup, documentation or admin fee charged by lenders to register your loan. This defaults to an average cost based on our knowledge, but may vary.
Other Fees: Additional charges that are included in the loan, like private sale charges, government lien registration fees, upgrades, warranties, etc.
GST 5%: This federal tax auto-calculates based on the sticker price. Some lenders and dealers may also tax add-on products and service fees.
Total Amount to Finance: This is the estimated total principal amount of the RV loan.
Special Considerations: Provincial Taxes and Other Factors
While some lenders and dealerships may roll the Provincial Sales Tax (PST) into the trailer loan, if you're from another province, you might need to pay it directly to the registry. This is usually decided on a case-by-case basis.
Also, it's important to remember that all the figures provided by our RV loan calculator are estimated values and not exact. All information is subject to approval OAC.
With this guide in hand, you're now better prepared to navigate the world of RV financing. Our camper loan calculator is a helpful tool to estimate costs with full transparency and honesty. Happy travels and safe financing!
