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Open Roads Forum  >  Beginning RVing

 > 20 year loan for RV?

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Tiger4x4RV

Inland Empire, Southern California

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Posted: 03/24/20 10:50am Link  |  Quote  |  Print  |  Notify Moderator

Just because you can, doesn't mean that you should.

Initial cost is only the first cost of an RV. Then come costs for license, insurance, storage, maintenance, repairs, upgrades, etc etc. Get real about the whole picture and don't buy an RV if you have to take such a huge loan.


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time2roll

Southern California

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Posted: 03/24/20 10:56am Link  |  Quote  |  Print  |  Notify Moderator

doghouseman wrote:

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.
Yes it is true. And after a few months there is generally no prepayment fee so feel free to accelerate payments.
This allows flexibility in bad times and interest savings in good times. Not entirely bad for those that are disciplined with finances.


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ppine

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Posted: 03/24/20 11:07am Link  |  Quote  |  Print  |  Notify Moderator

I like a 15 year loan on a house. Unless it is my only residence, I would not go longer than 7 years on an RV. Cash is best.

Yosemite Sam1

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

I wonder. Most likely sky high interest rates that the lender will get their money back + profit in 7 years and the rest is gravy.

RV is considered worthless after 10 years. That's why some private campsite won't permit one as they might end up with the headache of disposal when the owner abandon it in their yard.

1320Fastback

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Posted: 03/24/20 11:21am Link  |  Quote  |  Print  |  Notify Moderator

I don't think a modern RV will last 20 years.


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Ductape

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Posted: 03/24/20 11:47am Link  |  Quote  |  Print  |  Notify Moderator

doghouseman wrote:

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.


That’s not how people with class A’s can afford them. More likely for someone who bought a TT from Camping World to be in financial stress than the person with a DP.

There’s an old saying that banks like to loan money to people who don’t need it. It’s also true that people who have money are likely to use other people’s money when the numbers favor it.


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spoon059

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Posted: 03/24/20 11:53am Link  |  Quote  |  Print  |  Notify Moderator

Bought our first trailer cash from the wife's uncle. Outgrew it, sold it and bought our current trailer with our HELOC. Paid it off in 3 years. Next camper is likely to be $40-50K for an extended living 5th wheel bunkhouse. I'm going to have to borrow money again to pay for it. Our camping friends have a 12 year loan on their camper... I don't think I'd want to stretch payments out that far either.

Some of us aren't independently wealthy, nor are we willing to sacrifice our younger years to save for a camper to pay cash. I've got a 7 year old, 5 year old and 14 month old and we love to camp now. Kids enjoy it immensely, we use it for educational purposes as well. It was definitely worth paying a little but of interest to get an appropriate camper that we can use NOW.

The next camper will be our "cross country" camper. My bride came from a farming family, didn't have extra money for vacations. I want her to see our gorgeous country, I want my children to see our gorgeous country. I want to see it again. I'm willing to take on some interest payments to provide that experience for my kids. Again... hopefully I can pay it off in a relatively few years, but sometimes it costs money to live life.

But... you gotta take care of them! Our current camper is parked under a Carolina Carport. Hopefully our next camper will live in a fully enclosed shelter when its not in use. Keep rain off the roof, put some wax on the paint and treat the inside with kindness, they'll last more than 10 years.


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FrankoToo

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Posted: 03/24/20 12:01pm Link  |  Quote  |  Print  |  Notify Moderator

wildtoad wrote:

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.

We are doing exactly this. Pay more when we can, pay minimum if we can't. Our plan is to have our TT paid off in 5 years or less. Also, in some cases you can get a better interest rate with a longer loan. Maybe not the best way for all but it definitely works for us.


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GTO66

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Posted: 03/24/20 12:03pm Link  |  Quote  |  Print  |  Notify Moderator

A high end RV should last over 20 years if cared for. My 2000 alpenlite reached that mile stone and is still in great condition. I thought of purchasing a super c above 200k and would be ok with loan of around 150 for 20years.I haven't pulled the trigger as I'm not sure I could use it enough. However it might be time to look again as I believe were entering a buyers market. Like with anything don't live above your means.

Lwiddis

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Posted: 03/24/20 12:27pm Link  |  Quote  |  Print  |  Notify Moderator

Keep this guy as a friend. Take no financial advice from him whatsoever.


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