Jake_218
Gitmo Nation Magic City
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Joined: 05/03/2012
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Hey,
I'm planning to purchase a Class C 22ft motor home within the next 9-12 months. I'm looking to put down a solid down payment on one around the price range of 20k or less. I'm not looking to buy a brand new one as they are quite expensive. My question is; What are the typical interest rates for a Class C, for 10 years for a first time buyer? I'm 18 so all this is new to me. I plan to live out of the RV as residence, so I'm in it for long haul and adventure.
Best Regards
Jake
Jacob Hampton
Class C Rig _________
"Not all who wonder are lost"
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UsualSuspect
Saugus, CA
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There are so many variables, your credit history, FICO score play a big part, as well as your finances (What comes and goes every month). You will also find that some will only finance rigs 5 years and newer, some 10 years and newer, and some that won't finance full timers since you will be living in it. You will also find some have a minimum amount they will finance no matter what the rigs age is.
Good luck on your journey.
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Jim-Linda
Livingston, TX
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Not to rain on your idea, but finding financing for a old (used) RV by a 18 year old will be quite a feat. Good Luck
Jim
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JLTN_James
Colorado
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Treat it similar to buying a house. Shop around at different banks & credit unions. See what you qualify for before you decide what to buy.
You'll also need to remember that you'll have monthly lot rent and utilities to include in your budget.
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smkettner
Southern California
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For an 18yo it will be generally be a very very high rate.
Better to find a C priced lower than your available cash.
Save your money and trade up later.
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meltingcube
US
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Jake_218 wrote:... What are the typical interest rates for a Class C, for 10 years for a first time buyer? I'm 18 so all this is new to me. ...
Are you referring to a 10 year loan? If so, thats not going to happen. Since you are just starting out I guarantee you don't have any credit to your name yet thus you'll need a co-signer on the loan. If the co-signer has good credit it can help lower the interest rate, but expect it to still be high. Check with your local credit unions. You'll typically get a better rate with them but they will require the loan amount to be much less than what the vehicle is worth to ensure they don't get stiffed.
Good luck.
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Francesca Knowles
Port Hadlock, Washington
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Hey Jake!
Love the signature...
" Not every mind that wanders is lost. " With apologies to J.R.R. Tolkien
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KD4UPL
Swoope, VA
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If you can get a loan, keep in mind that the interest is tax deductible. An RV is considered a home so the loan is more accurately called a mortgage.
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Lilliputian
DFW area, Texas
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Since this is a plan for later, I'd start reworking it now so that you can buy the motorhome outright. It's hard to get financing on an RV that you live in anyway, from what I understand, and it's hard to get financing when you're 18. You'd probably have to go with a signature loan instead of a regular RV loan, and the interest rate would be really high.
The only exception I could think of would be if you already had exceptional credit, but most people in that position at your age wouldn't need to finance a $20K purchase.
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westernrvparkowner
montana
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Full Moon. Trolls get very active under those bridges..Just saying!
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