What should I expect in terms of financing a used 5'er?

Three or more year old RV, shorter term and higher interest rates.

I cringe every time I hear RV & financing in the same sentence. Friend take a few yers, save & pay cash. I have heard of folks who finance and pay to store. Next to a boat probley the worst investment you can make. Pay cash

RV loans are generally not the cheapest money you can get. If you can pull from a home equity line you'd likely be better off. The long terms you can get are really a pretty bad idea. 15 years and that RV will be a pile of particle board dust.

I like what some other posters have said on here - if you can't pay it off in 5 years you can't afford it.

My last couple RVs that I've financed I'll take the dealer financing, make some aggressive payments and then roll it over to credit cards with teaser rates for balance transfers. The offers recently have been things like 0% interest for 16 months with a 2% transaction fee. So, I'm essentially paying 1.6 APR. Downsides are I lose the interest deduction as a second home and moving balances around "can" hurt my credit score, although I've never noticed it doing much. But, for 1.6% APR I'll take it.

janegowest wrote:
Am looking at a rig at Camping World. Salesman told me that they have best long terms and that if I go to a bank, they would give me shorter terms. Is this true? Should I expect to pay a loan processing fee?

If you would get the actual interest rate, length of contract, and any other costs from the dealer and then call around to your bank, other banks in your area, as well as a few local credit unions, you will have your answer.

No one can answer your question here, as local areas may have different loan terms, and your credit rating will affect the terms.

Local credit union. No more than 5 years unless you are sure you will never want to upgrade and plan to keep it until the loan is paid off.
Example: A co-worker and I both bought 5th wheels about the same time. 5 year loan for me. Paid it off in 3. He took out a 20 year loan. Wife cheated and now he is going through a divorce. He can't sell the 5th wheel for enough to pay off the loan and he can't cut it in half to split it between the two of them. Only choice is to sell it and finish paying off the loan on a camper he no longer has. Well the other choice is to screw up his credit.

My opinion....If you can't make the payment on a 5 year loan you can't afford the camper.

www.sefinancial.com
They specialize in rv loans.

brirene wrote:
Could be. Dealers can get you as much as 15 years or more. Not sure banks will let you have that length of term. Best to check around. Dealers will always work with you, but their interest is in their bottom line, not yours.

15+ years on an RV loan? Holy...:E

READ what is it friday yet said, and read between the lines.

Fabguy wrote:
It really depends on your credit history.

I certainly hope so!! I would NOT want to pay such high interest rates!! I guess I need to call them in the morning!

It really depends on your credit history.