RV Financing Terms: 10-Year vs. 20-Year Loans Explained

One of the biggest advantages of buying an RV over a car is the financing flexibility. Because recreational vehicles are durable assets that hold value for decades, lenders allow for extended amortization periods—often up to 20 years (240 months). At RV Canada, we help you structure your loan to fit your lifestyle. Whether you want to pay off your Jayco Fifth Wheel quickly with a 10-year term or minimize your monthly obligation with a 20-year term, we have the options to make it happen.

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Why Do RVs Have Such Long Terms?

If you have ever financed a car, you are used to 5, 6, or 7-year terms. So, how can an RV be financed for 20 years? Lenders view RVs more like "condos on wheels" than cars. A well-maintained Forest River or Winnebago can last 20+ years, meaning the collateral (the RV) stays valuable for the life of the loan. This allows banks to spread the payments out much further, keeping your monthly costs surprisingly low.

The 20-Year Term (240 Months)

This is the most popular option for buyers of larger units (like Fifth Wheels and Class A Motorhomes).

• The Pro: Lowest Monthly Payment. By stretching the principal over 240 months, you can often afford a luxury unit for the same monthly payment as a smaller entry-level trailer on a short term.

• The Con: More Interest Paid. Because you are borrowing the money for longer, you will pay more in total interest over the life of the loan.

• Best For: Buyers who want to maximize their cash flow and keep their monthly obligation as low as possible for budgeting safety.

The 10-Year Term (120 Months)

This is common for smaller loans (under $25,000) or for buyers who want to be debt-free sooner.

• The Pro: Less Interest. You pay off the principal twice as fast, saving thousands in interest charges.

• The Con: Higher Monthly Payment. Your monthly bill will be roughly double that of a 20-year term.

• Best For: Buyers with strong monthly cash flow who view the RV as a short-to-medium-term investment.

The "Open Loan" Strategy (Best of Both Worlds)

Here is the secret most dealerships won't explain clearly: Almost all our RV loans are "Open Loans." This means you can pay the loan off early without penalty.

The Smart Strategy: Many of our savviest customers take the 20-Year Term to lock in the lowest possible required payment (for safety during tight months). However, they voluntarily pay extra each month (treating it like a 10-year loan).

• Result: You pay the loan off fast and save on interest, but if you have a bad month, you can drop back down to the lower minimum payment without stress.

Term vs. Amortization

It is important to know the difference:

• Amortization: The length of time used to calculate the payment (e.g., 20 years).

• Term: The length of time your interest rate is locked in (usually 5 years). Just like a mortgage, you might have a 20-year amortization but renew your rate every 5 years. This allows you to take advantage if rates drop in the future.

Find the Sweet Spot for Your Budget. Let our specialists show you the payment difference between a 10, 15, and 20-year term on your dream RV.

Learn more about how to protect your RV and your budget on our Warranty & Protection Packages