Best RV Financing Rates for 2024

Learn how to find today's best motorhome financing rates.

Our forecast for 2024 has proven to be true so far. Rates remain at levels near those at the end of last year - and oh, what a year it was. Read our recap of last year below.

RV sales were lower than expected in the first few months of the year, and RV lenders fought for business by lowering their interest rates in many areas. Just as we correctly predicted then also.

Thanks to the back-and-forth reversals of lockdown orders, layoffs, and mask mandates, the pandemic's "slinky-like" consequences continue to reverberate throughout the nation's RV lenders, dealers, and buyers.

Even though the nation's wave of lockdown orders, layoffs, and mask mandates have, for the time being, reversed course (for now), the pandemic's "slinky-like" consequences continue to reverberate throughout the world.

Here in the U.S., the nation's RV lenders, dealers, and buyers have learned to repeat our "Mask on - Mask off" mantra as the CDC continues to voice their conflicting Mr. Miyagi impressions..

RV lenders and dealers are still scrambling to handle the "new normal" as the half-point to quarter-point Fed interest rate increases have began to level off, they are nowhere near the pre-pandemic's extremely low rates on boat & RV loans. However, RV dealers are still selling virtually all of their existing inventory of everything not physically bolted to the lot.

RV manufacturers are building units as fast as safely possible, but most of the new RVs coming off the line already have a new owner's name attached. RV lenders are stacking up loan applications as their already limited staff hustles to catch up. You can expect to have a longer than usual delays in closing and funding your new RV loan until things calm down a bit.

All the RV news isn't that bad; after several years of declining RV sales, financing and other RV related services, many economic indicators have been heading in the right direction for the industry.

For the last few years, most of the dealers surveyed expected an increase of 14% to 18% per year in orders of new units from RV manufacturers. They could never have predicted the incredible spike in interest rates due to the Feds panic over inflation, job growth, global instability, and just about anything else possible.

RV Loan Rates Back on the Rise?

If you're searching for the best motorhome loan rates in 2024, you may have noticed last year's wave of RV interest rate increases are beginning to taper down. We expect some back and forth movement as the Fed bites its collective fingernails and waits for its series of rate hikes to take effect.

RV sales are picking up fairly quickly so far. Some new business is coming from buyers who have been "on the fence" in deciding when to purchase. However, MOST of the new RV buyers are people who have extra money from canceled vacations, frugal living, or just sick of the house. Many other new RV buyers don't plan to be boarding an aircraft any time in the foreseeable future.

The improving economy and growing consumer confidence should continue to stimulate more sales of motorhomes and other types of recreational vehicles. RVs are even becoming "Cool" with the evolving baby boomer market.

We can also finance older used RVs and motorhomes, (from 10 - 12 years old), so you can easily find seven to ten-year-old luxury motorhomes from $60,000 to $80,000, or even less. So if you've been thinking of taking the plunge, come on in - the water (and rates) may be rising soon.

The banks, as well as online RV loan brokers, feel the trend could very easily reverse course if the economy begins to sputter - or even if things began to heat up and jump-start a new ripple of competition between RV lenders. (That seems less of a chance now, as there are so few national RV lenders still in the market.)

The majority of opinion expects shipments of new RVs to continue to increase this year. We agree that this should be another good year, but with increases of only 2% to 3% higher than last year. RV manufacturing, much of which is located in Indiana, is a 12 billion dollar industry, now employs close to 350,000 people, with mergers of existing manufacturers and new brands emerging at an increasing rate.

And Now, a Word from the Government

Although current economic conditions have improved, uncertainty in government policies may still dampen spirits if political leaders continue to keep their focus on their interests above those of the American people. This seems to be a common topic in recent events; and in the opinion of many people surveyed at recent shows, the industry news and media, and RV events across the country.

Yes, the Fed will, at some point, reverse course on rate hikes, and with inflation beginning to stabilize, all the ongoing political theater and news-worthy-events may not be enough to derail the recreational industry's current "freight train" momentum.

On the other hand, the bull market fueled, globally warmed, geopolitical thrill ride may have already left the gate and has long been clickety-clicking its way skyward to what we are pre-coining the "weeee point". (The previous line was written in early January, 2022, just before the 2022 Russian stock market crash... So we left it in for Nostradamus to ponder.)

But Wait - There's More

All global and political issues aside, the RV market is being "buoyed" by the ever-increasing demands of retiring, or "soon to retire" baby boomers. The Gen X'ers and Millennials are falling in line right behind them.

With these higher numbers of potential RV buyers entering the market, forward-thinking RV manufacturers are continuing to engineer and produce lighter and more efficient units at virtually all price levels. This is helping keep the younger, entry-level buyers engaged with more economical and easier to purchase RVs at most levels.

These gains in innovation are also keeping older, or should I say "seasoned" RVers in the game by helping reduce operating costs, making more maneuverable units - and even lightening up the big diesel "heavies". What can you do, but keep on rolling!

Continued gains in the job market, higher household incomes, and the slowing effects of Fed rate increases, would seemingly project an extremely favorable outlook for the recreational industry in the not-so-distant future.

Regardless of the outcome, the near-term is widely projected to be the best time to purchase and/or finance an RV. If you are in the market but may have been waiting for the rock bottom. That time could very well be now. So either lead, follow or get the Sam Hill out of the way, because be it a freight train - or the "weeee point", (which it actually was), and 2023 may well be about hindsight.