What % of income for monthly payment consider okay

ugh wrote:
We want to go camping again. Since the accident, we are now ready to go shopping again, but this time we are thinking about Class A instead of TT. That means it will have larger payment and longer term than we would had with TT.

Is there some sort of general rule about how much per month based on percentage that is consider acceptable?

I am thinking 5% since car payments are not supposed to exceed 10 percent. RV is consider a toy, so I am thinking 5%.

I know some of you will only pay cash because this is a toy. I want to create memories with my family, and paying cash is not possible. I don't want to get in debate about cash vs. monthly payments. I am going to get one regardless, but what is consider acceptable vs. too much. I will be looking at used class A.

When figuring out your budget, it is not a percent value PER payment.

In the financial world the rule of thumb is the TOTAL of all you bills per month can NOT exceed 50% of your monthly income.

If adding the MH payment puts you over the 50% then you know you need to look for a lesser priced MH. Which if you going to get a loan on the MH that is what the lender will be looking at.

Good Luck in what ever you decide to buy and welcome back to the world of RV'ing. :C