Financing a truck camper
I just realized that financing a truck camper isn't as easy as financing any other type of RVs in California. Since California doesn't request a DMV registration on truck campers, my credit union doe...
Forum Discussion
My FCU gave me rv loans on truck campers 2x.
I recvd. a title on my truck campers as well as all my other rv's that i have owned. You also have a cert. of origin .
If there is an RVIA sticker on a truck camper then its an RV . Just tell your CU person that its a two piece motorhome.
Loans vs paying cash in todays economy :
Personally, because any vehicle ,including rvs, depreciate as soon as you sign, i would put very little as a down payment, finance the rest and GAP it with GAP INS. because you will be upside down in the loan, protect yourself. Invest the remaining CASH (that you would have used) and use the dividend to offset a low interest loan.
After two/three years , pay off the loan . By doing that you protect yourself from a cash loss if anything happens to the rv in the beginning of its life.
If the rv gets stolen or totalled in an accident/fire etc., the Ins. company will only give you book value which is going to be less than just forked over in CASH WITH NO LOAN . Once its ( $$ ) out of your pocket...its OUT of your pocket.
I recvd. a title on my truck campers as well as all my other rv's that i have owned. You also have a cert. of origin .
If there is an RVIA sticker on a truck camper then its an RV . Just tell your CU person that its a two piece motorhome.
Loans vs paying cash in todays economy :
Personally, because any vehicle ,including rvs, depreciate as soon as you sign, i would put very little as a down payment, finance the rest and GAP it with GAP INS. because you will be upside down in the loan, protect yourself. Invest the remaining CASH (that you would have used) and use the dividend to offset a low interest loan.
After two/three years , pay off the loan . By doing that you protect yourself from a cash loss if anything happens to the rv in the beginning of its life.
If the rv gets stolen or totalled in an accident/fire etc., the Ins. company will only give you book value which is going to be less than just forked over in CASH WITH NO LOAN . Once its ( $$ ) out of your pocket...its OUT of your pocket.
