Looking at purchasing an RV
Little about myself. Married with 2 young adult children in college and 2 large dogs (75 and 90lbs). Live in southern Idaho but have family in Michigan, Georgia, Alabama and Florida. I am 46 y/o an...
Forum Discussion
Optimistic Paranoid wrote:Okichewy1 wrote:
Yeah, plan is to purchase with a 20 year loan and payoff within 12 years.
Have you actually talked to a bank or credit union about this?
FWIW, the credit union I belong to will only give a loan for an RV for 10 years (120 months) MAX, and will only finance up to 90% of the purchase price up to $60,000 for a NEW RV and up to 80% of the purchase price up to $50,000 for a USED one.
This, of course, is using the RV as collateral.
Not yet, this was talking with a couple dealers when we were window shopping to see if there was any models we liked. The dealers around where we live use the same banks/CU's we already have accounts with. So just assumed 20 years would be good, also, I understand it depends on the amount financed will dictate the years financed. My plan was to budget 1200.00/month and hopefully purchase something with a 700-800/month payment, then dump the extra up to 1200 into the principle of the loan. The CU's and banks I use have loans up to 20 years for RV's.
