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Open Roads Forum  >  Beginning RVing

 > 20 year loan for RV?

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doghouseman

Baltimore

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Posted: 03/24/20 09:37am Link  |  Quote  |  Print  |  Notify Moderator

A friend of mine was telling me that I can get a 20 year loan on most new RVs. Is this true? Now I realize how people afford those Class A RVs.

Dick_B

Palos Heights, IL USA

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Posted: 03/24/20 09:59am Link  |  Quote  |  Print  |  Notify Moderator

Before you jump into the 20 year old pool read what Chuck Woodbury writes about such a loan.
In essence the rig probably won't last past 10 years and the owner will then be paying for 10 years on something that doesn't exist!


Dick_B
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SidecarFlip

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Posted: 03/24/20 10:05am Link  |  Quote  |  Print  |  Notify Moderator

Dick_B wrote:

Before you jump into the 20 year old pool read what Chuck Woodbury writes about such a loan.
In essence the rig probably won't last past 10 years and the owner will then be paying for 10 years on something that doesn't exist!


+1 on that unless it's a very high end unit like say a Prevost. But of course with a unit like that, you'll need 20 years to see the surface of the water anyway.


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ford truck guy

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Posted: 03/24/20 10:07am Link  |  Quote  |  Print  |  Notify Moderator

I get it... I understand why people feel the need to extend themselves out that far for a luxury ...

I personally would never do it... my longest car loan was 48 months , that is IF I finance it ... My largest loan. other than a mortgage was when I purchased my last Redwood. that was 60 month... We paid against the principle each month and paid it off in 36 months....

20 year loans are scary... Think before you leap


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gbopp

The Keystone State

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Posted: 03/24/20 10:09am Link  |  Quote  |  Print  |  Notify Moderator

Dick_B wrote:

Before you jump into the 20 year old pool read what Chuck Woodbury writes about such a loan.
In essence the rig probably won't last past 10 years and the owner will then be paying for 10 years on something that doesn't exist!

My 1996 Fleetwood Southwind is alive and well. There are a lot of older units in use. Maintaining them is the key to a long life.

That said, I would not finance a RV for 20 years.

romore

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Posted: 03/24/20 10:10am Link  |  Quote  |  Print  |  Notify Moderator

They will pay a fortune in interest, the lender won't take that risk for nothing, and if their circumstances change and they need to sell they will owe more than the rig is worth.

Diplomat_St_Poodles

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Posted: 03/24/20 10:11am Link  |  Quote  |  Print  |  Notify Moderator

I totally agree that taking out a 20 year loan on an RV is not the greatest idea. But saying that my 2005 MH is still in great shape. She has 116K miles on her.
One the coach side we have replaced the fridge and repaired a few things inside. On the chassis we have replaced the turbo and fan assembly. New tires. Other then that, just regular yearly maintenance.
Not bad for a 15 year old motorhome. I plan on keeping her till the wheels fall off. BTW no loan to pay [emoticon]


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Jebby14

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Posted: 03/24/20 10:15am Link  |  Quote  |  Print  |  Notify Moderator

i dont think i could swallow making payments on something i no longer have. 20 years is well past the usable life of a lot of units. even if you stay on maintanance and keep it 20 + years a 20 year old rig will require constant upkeep and attention which costs money on top of the payment you are already making. ill pass. lots of nice used units for 20-40% initial cost that are pleanty good for me.

wildtoad

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Posted: 03/24/20 10:32am Link  |  Quote  |  Print  |  Notify Moderator

However, just because you get a twenty year loan, doesn’t mean you have to take twenty years to pay for it. You can make double or triple payments, but if you run into a financial difficulty for a while, you can make only the required payment, or no payment at all for a while.


Tom Wilds
Blythewood, SC
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way2roll

Wilmington NC

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Posted: 03/24/20 10:43am Link  |  Quote  |  Print  |  Notify Moderator

The answer is yes. You can get a 20 year loan on a newer RV.


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