As newbies to the RV lifestyle dream we are researching and preparing to buy our first RV. We know we want a large Class A built with high quality which with our budget means older high quality versus newer high production/lower quality. With the current state of the investments markets, we are reluctant to withdraw all of the funds to pay cash. While investigating the credit markets for RV financing we were offered a loan in excess of 100K at a rate of 5% provided our down payment was 20%. Early prepayment penalty of $200 if repaid before 36 months, none thereafter. Can any of you offer any potential pitfalls we should be aware of? Or any experience with Boatloan.com? Thank you for your advice and relative experience!

“we are reluctant to withdraw all of the funds to pay cash.”Cuzz you are earning more on your investments than you’ll pay in interest since “We know we want a large Class A built with high quality” ? Champagne on a beer budget.

1- keep shopping. your local bank or credit union would be a good place to start. 2- pay cash. loans create risk and your big, beautiful MH will lose value in a hurry. if you’re set on taking a loan bump up your down payment so you’ll never be upside down on the loan.

If at all possible try not to finance.

Shop around for a better rate and no penalty. I too didn’t want to sell assets that were making money to pay for something that was going to lose value quickly.

Be aggressive with the payment schedule and down payment. I'm not sure what you buy that cost as much that losses value as fast as an RV. Go low down and a long payment schedule and your underwater before your first weekend outing which can very painful if you ever wish to sell or a total loss insurance events occurs.

Motorhome financing | Good Sam Community

AllegroD
Nomad
Feb 06, 2019
In today's market 5% does not seem too bad.
Try:
https://www.excelcredit.com/
rr2254545
Explorer
Feb 06, 2019
If you finance you can claim the MH as a second home on your tax return - totally legal - this why I did not pay cash for mine
Not familiar with the lender but terms are excellent I got 4.5% in November of 2011
Dale_Traveling
Explorer II
Feb 06, 2019
Be aggressive with the payment schedule and down payment. I'm not sure what you buy that cost as much that losses value as fast as an RV. Go low down and a long payment schedule and your underwater before your first weekend outing which can very painful if you ever wish to sell or a total loss insurance events occurs.
wildtoad
Explorer II
Feb 06, 2019
Shop around for a better rate and no penalty. I too didn’t want to sell assets that were making money to pay for something that was going to lose value quickly.
js218
Explorer
Feb 05, 2019
If at all possible try not to finance.
rk911
Explorer
Feb 05, 2019
1- keep shopping. your local bank or credit union would be a good place to start.

2- pay cash. loans create risk and your big, beautiful MH will lose value in a hurry. if you’re set on taking a loan bump up your down payment so you’ll never be upside down on the loan.
Lwiddis
Explorer II
Feb 05, 2019
“we are reluctant to withdraw all of the funds to pay cash.”

Cuzz you are earning more on your investments than you’ll pay in interest since “We know we want a large Class A built with high quality” ? Champagne on a beer budget.

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