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
Fizz wrote:
Both sides present a good argument but it's times like this that will truly test the ones deeply in dept living pay to pay with no cushion.
That's a good point. In a worst case scenario, if I paid cash for my RV, I'd be without that windfall. But if I borrowed the money and kept my cash, and if I lost my job, I'd have that windfall.
I personally know a lot of people who have already lost their jobs due to this pandemic.
I would never advocate for defaulting a loan, but you can bet that personally if I was left with the decision of using my windfall to pay any loan or feeding my family, I think we would all make similar decisions. Most banks are being proactive and suspending collection efforts until this is over.
If you blew your cash on an rv, that RV isn't going to feed you.
It also hasn't escaped me that having an RV in times like these could be a real benefit in a lot of ways. We've used our MH for hurricane evacuations, power outages etc. IE - not a toy.
