20 year loan for RV?

Before you jump into the 20 year old pool read what Chuck Woodbury writes about such a loan.
In essence the rig probably won't last past 10 years and the owner will then be paying for 10 years on something that doesn't exist!

Dick_B wrote:
Before you jump into the 20 year old pool read what Chuck Woodbury writes about such a loan.
In essence the rig probably won't last past 10 years and the owner will then be paying for 10 years on something that doesn't exist!

+1 on that unless it's a very high end unit like say a Prevost. But of course with a unit like that, you'll need 20 years to see the surface of the water anyway.

I get it... I understand why people feel the need to extend themselves out that far for a luxury ...

I personally would never do it... my longest car loan was 48 months , that is IF I finance it ... My largest loan. other than a mortgage was when I purchased my last Redwood. that was 60 month... We paid against the principle each month and paid it off in 36 months....

20 year loans are scary... Think before you leap

Dick_B wrote:
Before you jump into the 20 year old pool read what Chuck Woodbury writes about such a loan.
In essence the rig probably won't last past 10 years and the owner will then be paying for 10 years on something that doesn't exist!

My 1996 Fleetwood Southwind is alive and well. There are a lot of older units in use. Maintaining them is the key to a long life.

That said, I would not finance a RV for 20 years.

They will pay a fortune in interest, the lender won't take that risk for nothing, and if their circumstances change and they need to sell they will owe more than the rig is worth.

I totally agree that taking out a 20 year loan on an RV is not the greatest idea. But saying that my 2005 MH is still in great shape. She has 116K miles on her.
One the coach side we have replaced the fridge and repaired a few things inside. On the chassis we have replaced the turbo and fan assembly. New tires. Other then that, just regular yearly maintenance.
Not bad for a 15 year old motorhome. I plan on keeping her till the wheels fall off. BTW no loan to pay :)

i dont think i could swallow making payments on something i no longer have. 20 years is well past the usable life of a lot of units. even if you stay on maintanance and keep it 20 + years a 20 year old rig will require constant upkeep and attention which costs money on top of the payment you are already making. ill pass. lots of nice used units for 20-40% initial cost that are pleanty good for me.

However, just because you get a twenty year loan, doesn’t mean you have to take twenty years to pay for it. You can make double or triple payments, but if you run into a financial difficulty for a while, you can make only the required payment, or no payment at all for a while.

The answer is yes. You can get a 20 year loan on a newer RV.

Just because you can, doesn't mean that you should.

Initial cost is only the first cost of an RV. Then come costs for license, insurance, storage, maintenance, repairs, upgrades, etc etc. Get real about the whole picture and don't buy an RV if you have to take such a huge loan.