RV loans
Hi. Question do most people get rv loans for their RVs? We have been able to buy our past ones because they were used and not too expensive. Now a Class C more money want to finance.
Forum Discussion
When we bought our 24' class C, used with 6,205 miles on it 4.5 years ago, we paid $50K (OTD} putting $18K down and financing $32K. Because we have very good credit {Fico of 834}, we got what was at the time a very good rate of 4.99 per cent on a 15 year loan - payments of $268 a month.
My plan from day one was to have it paid off in 7.5 years by making additional principle reductions at such times as it was financially convenient to do so. We are on pace to easily accomplish this goal as we now owe a little over 15K. Every time we pay down the principle it is like getting 4.99 per cent back on our money which most would agree currently is a pretty good return.
The coach is easily worth 2 to 3 times what we owe but since we have no plans to part with it things are working out quite well. We put on average, at least 12,000 miles a year and look for ward to many more.
The key to financing any RV is NEVER, EVER, put yourself in the position of being "Upside down"
by staying ahead of the inevitable depreciation and "Run Forrest run" from any salesman that advocates minimum down secured by long term financing. If you can not reasonably expect to pay it off in 10 - 15 years and assuming you will be using it alot the entire time the sad truth is you can NOT afford it.
As always... Opinions and YMMV.
:C
My plan from day one was to have it paid off in 7.5 years by making additional principle reductions at such times as it was financially convenient to do so. We are on pace to easily accomplish this goal as we now owe a little over 15K. Every time we pay down the principle it is like getting 4.99 per cent back on our money which most would agree currently is a pretty good return.
The coach is easily worth 2 to 3 times what we owe but since we have no plans to part with it things are working out quite well. We put on average, at least 12,000 miles a year and look for ward to many more.
The key to financing any RV is NEVER, EVER, put yourself in the position of being "Upside down"
by staying ahead of the inevitable depreciation and "Run Forrest run" from any salesman that advocates minimum down secured by long term financing. If you can not reasonably expect to pay it off in 10 - 15 years and assuming you will be using it alot the entire time the sad truth is you can NOT afford it.
As always... Opinions and YMMV.
:C
