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
- I totally agree that taking out a 20 year loan on an RV is not the greatest idea. But saying that my 2005 MH is still in great shape. She has 116K miles on her.
One the coach side we have replaced the fridge and repaired a few things inside. On the chassis we have replaced the turbo and fan assembly. New tires. Other then that, just regular yearly maintenance.
Not bad for a 15 year old motorhome. I plan on keeping her till the wheels fall off. BTW no loan to pay :) - They will pay a fortune in interest, the lender won't take that risk for nothing, and if their circumstances change and they need to sell they will owe more than the rig is worth.
Dick_B wrote:
Before you jump into the 20 year old pool read what Chuck Woodbury writes about such a loan.
In essence the rig probably won't last past 10 years and the owner will then be paying for 10 years on something that doesn't exist!
My 1996 Fleetwood Southwind is alive and well. There are a lot of older units in use. Maintaining them is the key to a long life.
That said, I would not finance a RV for 20 years.- I get it... I understand why people feel the need to extend themselves out that far for a luxury ...
I personally would never do it... my longest car loan was 48 months , that is IF I finance it ... My largest loan. other than a mortgage was when I purchased my last Redwood. that was 60 month... We paid against the principle each month and paid it off in 36 months....
20 year loans are scary... Think before you leap Dick_B wrote:
Before you jump into the 20 year old pool read what Chuck Woodbury writes about such a loan.
In essence the rig probably won't last past 10 years and the owner will then be paying for 10 years on something that doesn't exist!
+1 on that unless it's a very high end unit like say a Prevost. But of course with a unit like that, you'll need 20 years to see the surface of the water anyway.- Before you jump into the 20 year old pool read what Chuck Woodbury writes about such a loan.
In essence the rig probably won't last past 10 years and the owner will then be paying for 10 years on something that doesn't exist!
