The effect of risk factors on crash severity varies across vehicle types. The objective of this study was to explore the risk factors associated with the severity of rural single-vehicle (SV) crashes. Four vehicle types including passenger car, motorcycle, pickup, and truck were considered. To synthetically accommodate unobserved heterogeneity and spatial correlation in crash data, a novel Bayesian spatial random parameters logit (SRP-logit) model is proposed. Rural SV crash data in Shandong Province were extracted to calibrate the model. Three traditional logit approaches—multinomial logit model, random parameter logit model, and random intercept logit model—were also established and compared with the proposed model. The results indicated that the SRP-logit model exhibits the best fit performance compared with other models, highlighting that simultaneously accommodating unobserved heterogeneity and spatial correlation is a promising modeling approach. Further, there is a significant positive correlation between weekend, dark (without street lighting) conditions, and collision with fixed object and severe crashes and a significant negative correlation between collision with pedestrians and severe crashes. The findings can provide valuable information for policy makers to improve traffic safety performance in rural areas.