What should I expect in terms of financing a used 5'er?

I guess it all depends on a person's situation. I do agree that if a 5er is about the price of a new car, one should be able to pay that off in 5 years. Not too many people have that kind of cash saved up.

There can be situations where a person may have to suddenly become a fulltimer for some reason and do not have the time to save up for years.

Oasisbob wrote:
I cringe every time I hear RV & financing in the same sentence. Friend take a few yers, save & pay cash. I have heard of folks who finance and pay to store. Next to a boat probley the worst investment you can make. Pay cash

I totally agree with you, but many do not share that view. I expressed some dismay that folks were financing a 16 yr, old 5er in another thread and I was kindly rebuked by OP for my views. We live in a society of instant gratification so waiting/saving for a purchase is a dying practice.

Oasisbob wrote:
I cringe every time I hear RV & financing in the same sentence. Friend take a few yers, save & pay cash. I have heard of folks who finance and pay to store. Next to a boat probley the worst investment you can make. Pay cash

I totally agree with you, but many do not share that view. I expressed some dismay that folks were financing a 16 yr, old 5er in a nother thread and I was kindly rebuked by OP for my views. We live in a society of instant gratification so waiting/saving for a purchase is an dying practice.

schlep1967 wrote:
My opinion....If you can't make the payment on a 5 year loan you can't afford the camper.

What works for one may not be the best for another.
How about someone who gets a 15yr loan, but makes payments to pay off in 5. Person gets laid off. Drops payment to minimum for awhile until back on feet and then raises it back up. Can't do that if you have a 5yr loan.

On a used RV, US Bank will finance up to $150K on a 15-year note. 5.48% (5-year note is 5.47%)

For a brand-new RV, the interest is 4.98, same purchase price.

The lady at US Bank told me that those options--the loan's length, max lending amount, etc--vary in accordance with trends. When times get tight, the bank gets stingy, and vice-versa.

is it friday yet? wrote:
I would check your local credit union for financing. Also, I would read up on others who have purchased from Camping World.

X2...where ever you finance and what ever your terms, your payments will last much longer than your purchase.

I finally went to credit union and got a way better deal. I realize not everyone can go to credit union so check it all out close. Hope you can get a good deal.

schlep1967 wrote:
Local credit union. No more than 5 years unless you are sure you will never want to upgrade and plan to keep it until the loan is paid off.
Example: A co-worker and I both bought 5th wheels about the same time. 5 year loan for me. Paid it off in 3. He took out a 20 year loan. Wife cheated and now he is going through a divorce. He can't sell the 5th wheel for enough to pay off the loan and he can't cut it in half to split it between the two of them. Only choice is to sell it and finish paying off the loan on a camper he no longer has. Well the other choice is to screw up his credit.

My opinion....If you can't make the payment on a 5 year loan you can't afford the camper.

He could "buy out" her half or she could buy out his. Just work out the difference in the other property split.

Lyle

janegowest wrote:
Am looking at a rig at Camping World. Salesman told me that they have best long terms and that if I go to a bank, they would give me shorter terms. Is this true? Should I expect to pay a loan processing fee?

Check into a HELOC (home equity line of credit), which can go to 15 years. An RV =should= qualify; I know ours did. A hint; try and pay as much down as you can, even if it hurts a bit. Buying a used RV will mean that it will likely be worth pretty close to zero before the loan is paid for. Do what you can to then pay it down as fast as possible by making bi-monthly payments and/or paying extra to principal.

x2 on being cautious about buying from Camping World.

Lyle

My local credit union lists this.
80 percent loan to value
25,000 to 50,000 up to 10 years at 4.84 Percent
10,000 to 24,999 up to 10 years at 5.09 Percent