20 year loan for RV?

midnightsadie wrote:
quit spending more than you make.

Unfortunately by the time they learn that, if ever, it’s too late. If you want to enjoy your retirement you need to live below your means now. I wouldn’t even get a 20 year loan on a home that hopefully, will increase in value.

quit spending more than you make.

OMB, a 20 year loan on a depreciating toy. Even at 4% you’ll pay more than double for it. A trailer at the end of 20 years might be worth 1/10th of what you paid for it. :S

I have a 20 yr on a 2012 Carriage Cameo. All the above are true, but let me tell you it is not ideal. You will pay many years of interest and the value will depreciate greater than the loan. If you are purchasing a high end unit and MAINTAIN it watching for any minor problems and fix anything immediately it might last you 20 years. You have to ask yourself what might you be when it is paid off?

2012Coleman wrote:
What ever the length of the loan is, just be sure that there is not a penalty for paying if off early - then just pay more on it per month.

Or get a Chase "recast". Pay higher than the monthly mortgage and your new monthly payment will be lower because of lower principal that needs to be paid off.

When we bought our 24' Nexus Class C used {with 6,205 miles and 18 months old} for $47,000 {$50K OTD} I put $18K down {$10K from the sale of my truck and $8K trade in on our 22' TT} and took out a $32,000 15 year loan at 4.99 per cent.

This kept the payments low {$267} and enabled me to do regular principle reductions as I saw fit and was easily able. Paid it off in 6 years saving thousands in unpaid interest. As noted just make surfer there are no prepayment penalties and you are good to go. Now with nearly 60,000 trouble free miles over the last 6.5 years we still have a great coach that has no issues/ secrets and it is PAID FOR!

:B

What ever the length of the loan is, just be sure that there is not a penalty for paying if off early - then just pay more on it per month.

Keep this guy as a friend. Take no financial advice from him whatsoever.

A high end RV should last over 20 years if cared for. My 2000 alpenlite reached that mile stone and is still in great condition. I thought of purchasing a super c above 200k and would be ok with loan of around 150 for 20years.I haven't pulled the trigger as I'm not sure I could use it enough. However it might be time to look again as I believe were entering a buyers market. Like with anything don't live above your means.

wildtoad wrote:
However, just because you get a twenty year loan, doesn’t mean you have to take twenty years to pay for it. You can make double or triple payments, but if you run into a financial difficulty for a while, you can make only the required payment, or no payment at all for a while.

We are doing exactly this. Pay more when we can, pay minimum if we can't. Our plan is to have our TT paid off in 5 years or less. Also, in some cases you can get a better interest rate with a longer loan. Maybe not the best way for all but it definitely works for us.