Financing

Just remember that both the trailer and the truck are horrible investments that will depreciate at an incredible rate. If you're taking out two large loans, you can be underwater immediately. Lots of posts from folks crying they get in financial trouble and can't sell their rig for what they owe. Might want to do one at a time.

Moved from Forum Technical Support

I certainly don't want to 'rain on you' and of course I don't know your financial situation....but I will chime in anyway.

Have you ever owned an RV before..?
RV's and (tow vehicles) are not a good investment to start with... and really are not a way to save money - massive depreciation right away and if you take out loans for both trailer and truck and find that RV'ing isn't what you thought it would be and really isn't for you...you can be in a world of hurt financially.

But, many of us really love this RV'ing thing and have had lots of great adventures and have made many wonderful memories...

Good luck with your choice.

"Main question is will taking out two large separate loans be hard to do that close together?"

Since none on here know your financial history and current financial situation, that's a question that no one here can answer. Not unless you wish to post your bank account figures, earnings for the past three years, number of dependents, number and amount of all loans, etc.

However, if I were looking to buy an trailer/5th wheel and a truck to pull it with, I would definitely buy the trailer/5th wheel first. Too easy to buy the truck first, then buy a unit that's too big to be easily pulled by said truck. Buy the tote first, then buy the toter. That's my thought.

I bought my new truck first, then a new fiver a couple months later and had no problems. You will need to have good credit and the necessary income to satisfy the lending guidelines.

Remember that RVs depreciate fast, so you should try and buy at the lowest possible price IMHO. I suggest that you do some searches on RV.net and read some of the discussions regarding how to go about getting a super deal.

I wouldn't recommend getting two big loans for a RV/truck. This is supposed to be recreational/fun. Could you really enjoy it knowing what it's costing in loan interest?

Pick out a RV that would work for you and do the weight numbers to see what kind of truck you'd need. Then get a truck - used - and when you feel you can pay for the RV - used - then buy it and you're set to go.

I've been camping for 15 years and haven't got it right yet. Camper too big for truck, trade truck, truck can pull bigger camper, trade camper, etc, etc. :S

Get the truck first. Towing more weight than comfortable does not make for a pleasant vacation and potential safety concerns.

Talk to your bank or financial advisor about the loan situation.

APT wrote:
Get the truck first. Towing more weight than comfortable does not make for a pleasant vacation and potential safety concerns.

Talk to your bank or financial advisor about the loan situation.

Talk to your bank or financial advisor about the loan situation.

This^^^. There are banks that are more RV friendly than some other banks. And you might want to ask about some sort of combo loan, if available. Bank of the West is RV friendly, and there are branches in Wyoming. You may want to check with them.

I'll chime in with the lectures. Taking out a loan is just a way of delaying payment for something we can't afford. Secondly, if you don't have a really big down payment you will soon owe more than the items are worth. My suggestion: try to scale back the amount you will borrow by going used, cutting back on what you want or saving first. Being debt free is a wonderful feeling and the benefits snowball.