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How is the interest on an RV loan calculated?

April 26, 2017calculated loan RV

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How is the interest on an RV loan calculated?

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The majority of RV loans from RV specialty lenders are simple interest fixed rate loans. What this means is you will only pay interest on the principle owed, and in most cases there is no penalty for paying the loan off early. If you choose to pay more than your required monthly payment you can shorten the term of the loan and save on interest.