My old motorhome needs to be replaced. It's 26 years old. Everything works but, I feel like it has major repairs in the near future that will cost more than I'm willing to pour into a unit that old. It has a pin hole size leak in the top of the radiator that I had found on a trip and fixed in the campground with JB Weld. The leak, though very small, has returned. In a five hour drive it loses about a cup of water. The tail pipe hanger slipped out of the rubber mount and I fixed that in a rest area last Sunday. I'm getting to an age where a reliable motorhome seems really important. We really must have an RV of some type due to family issues spread across three states, plus we have dogs. I would like to get an ACE or similar unit. I hate to go into debt for anything but, now way I have the cash on hand to buy a new or, new-ish unit. My wife wants a class C. I'm in the middle on the issue. I know I don't want a DP and 31-33 is my limit for length. Any suggestions on financing a motorhome? I'm 52 years old, retired and then back to full time work. How many years does one finance a motorhome? I plan to stay in the workforce 10 more years unless something happens to upset the proverbial applecart, which can happen.

Mine was financed like a regular 20 year home loan.

Before I financed my motorhome, I did a good bit of online research. Finance rates varied not only from bank to bank, but also on how long the note is, how much was financed, and new/used. I looked at all the options (time, amount, who I would be dealing with) and made a decision that worked best for me. If the interest rates remain the same for a longer term note, I would go with a longer term note (lower minimum payments) but remember you always have the option of paying off early (even an extra $100 per month can make a difference).

We financed our 2005 DP through our local credit union where we have been a member for years.As for how long to finance it for, that depends on what you can put down, how large of payment you want and how long you want to make the payments for - meaning how much interest you want to pay them over the years? We put a little over half down on it and financed the rest for five years - two years left.I wouldn't finance it for the ten years you plan to work. Why pay out a lot of interest money that could be going into your retirement fund? Bill

Bank of the West through the dealer gave us the best interest rate. Better than our credit union.

How about a home equity loan? The interest would be tax deductible. Hard to find a loan with the RV as collateral because the value decreases whereas a home usually increases.The interest on a personal loan is NOT deductible.

Financing a motorhome. | Good Sam Community

ratfink09
Explorer
May 12, 2016
We were thinking of using our home equity line of credit for a large part of the cost. Currently we have it paid off. I was going to ask if our line of credit limit could be increased. Interest is tax deductible for now unless IRS screws with tax laws.
Tal_IL
Explorer
May 11, 2016
We traded last year and financed about half the price. We let or dealer's finance folks shop the best rate for us and it's about 1/2 our credit union rate. We took a 10 yr loan but every time I can scrape up an extra $1000 I throw it at the principal. The interest I save is more than I can get in savings.
Dick_B
Explorer
May 11, 2016
How about a home equity loan? The interest would be tax deductible. Hard to find a loan with the RV as collateral because the value decreases whereas a home usually increases.
The interest on a personal loan is NOT deductible.
WyoTraveler
Explorer
May 11, 2016
Bank of the West through the dealer gave us the best interest rate. Better than our credit union.
Trackrig
Explorer II
May 11, 2016
We financed our 2005 DP through our local credit union where we have been a member for years.

As for how long to finance it for, that depends on what you can put down, how large of payment you want and how long you want to make the payments for - meaning how much interest you want to pay them over the years? We put a little over half down on it and financed the rest for five years - two years left.

I wouldn't finance it for the ten years you plan to work. Why pay out a lot of interest money that could be going into your retirement fund?

Bill
Hiker_01
Explorer
May 11, 2016
Before I financed my motorhome, I did a good bit of online research. Finance rates varied not only from bank to bank, but also on how long the note is, how much was financed, and new/used. I looked at all the options (time, amount, who I would be dealing with) and made a decision that worked best for me.

If the interest rates remain the same for a longer term note, I would go with a longer term note (lower minimum payments) but remember you always have the option of paying off early (even an extra $100 per month can make a difference).
Mandalay_Parr
Explorer
May 11, 2016
Mine was financed like a regular 20 year home loan.

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