20 year loan for RV?
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.
Forum Discussion
Most people do not have the cash to buy houses, cars, Rv's, etc hence why lenders exist. Banks are in the business of making money, but they aren't loan sharks. The rates at which you can borrow money is pretty low. Do some people over leverage their debt? You bet. But some people use loans wisely to acquire what they want/need. In the example I stated before, if I have $100k, I can use that to purchase a Class A Rv in cash. I am left with a depreciating asset and $100k less in my reserves. Or I invest that money at a modest 10% return on investment and borrow the money for the RV at 5%. Now I still have my cash, I have my RV, and I am earning a net of 5% on my money. Granted not everyone does this, but it does illustrate that in this scenario, it's smarter for me to leverage the bank's money rather than my own.
Each person's financial decisions are their own and each person has reasons for why they do what they do. I am not sure most people consider their RV's toys. I know any of the Class A's I've owned were certainly not toys. The OP asked if 20 year loans exist, and yet there are a few on here that can't help themselves but to chime in that to finance an RV is stupid, and then further to reduce anyone's Rv to a toy. It's condescending, narrow minded and not real helpful. in fact the advice could be costly. It's certainly not mainstream. If RV loans didn't exist, neither would the RV industry - and the thousands of people that build them would not have jobs, and neither would the thousands of people in that supply chain. Without lenders the only people that would have RV's are the ones that could build them themselves, or pay to have one built.
If you feel better paying cash, great. If someone else doesn't, that's ok too.
Each person's financial decisions are their own and each person has reasons for why they do what they do. I am not sure most people consider their RV's toys. I know any of the Class A's I've owned were certainly not toys. The OP asked if 20 year loans exist, and yet there are a few on here that can't help themselves but to chime in that to finance an RV is stupid, and then further to reduce anyone's Rv to a toy. It's condescending, narrow minded and not real helpful. in fact the advice could be costly. It's certainly not mainstream. If RV loans didn't exist, neither would the RV industry - and the thousands of people that build them would not have jobs, and neither would the thousands of people in that supply chain. Without lenders the only people that would have RV's are the ones that could build them themselves, or pay to have one built.
If you feel better paying cash, great. If someone else doesn't, that's ok too.
