20 year loan for RV?

valhalla360 wrote:
That said, if you need a 20yr loan, you are spending more than you can afford, no matter how you try to justify it.

So do you take a lump sum out of your well funded retirement account and push yourself up a couple tax brackets or take out the low interest loan and pay over 4 to 8 years?

Yes, even most low end RVs will be functional in 20yr.

That said, if you need a 20yr loan, you are spending more than you can afford, no matter how you try to justify it.

I only can think of one reason to finance a toy for more than five or six years , my friend in Monticello explained it to me this way .He is 76 years old , has no relatives , lives alone , owns no real estate as he cashed out several years ago . Bought a class A and financed for 20 years . I was trying to tell him how stupid that was . He sez that he will use it till he has no more use for it or he dies and not worry about it . All the bank can do is reposes it , he has nothing that they can attach if the bank gets a deficient judgment . He has fabulous credit as he owned several body shops and rent houses .

Ivylog wrote:

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.

You missed out. Got mortgage for two home and made money off price appreciation -- on top of savings on principal payments.

If you can't put at least half down and finance the rest for no more than 10 years then maybe you shouldn't be in that high of an RV market. We did 15 years on our trailer to keep the payments down and I wouldn't do that again. Obviously we bought too much trailer.

Ivylog wrote:
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

And in the meantime while you saved up for that RV, the kids grew up and were gone before they got the chance to see the country. One size doesn't fit all. Nothing wrong with resposible debt.

midnightsadie wrote:
quit spending more than you make.

Would you sell your equities right now to "pay cash"? May not be the best option.

Been saving a bundle in CDs and a money market account? Too much invested here for an extended period may not be the best option either.

Everyone's situation is different. More grey than black and white on what is best.

Ivylog wrote:
I wouldn’t even get a 20 year loan on a home that hopefully, will increase in value.

So if that was the only way of owning a home I guess you would just rent and lose money that way or just live under a tree or maybe with parents supporting till you save up the money? Not everyone is born with a silver spoon!

And some people can't figure out why it is so hard to retire.

1320Fastback wrote:
I don't think a modern RV will last 20 years.

It will with the right person owning it!

My 07 TT was bought new on 06, and We traded it on our current 2012 last year. 13 years old and it was in very good shape. The MH we bought also looks like new and we keep it in indoor storage as the previous owner did. I expect it to last 20 years no problem.

As for length of loans, it all depends on the person and there financial position. Some people shouldn't have a car loan for $5k!!! Other people have no problem with apple.15 or 20 year loans.

I'm sure our parents and grand parents would have a heart attack at th thought of a 30 year home loan!