20 year loan for RV?

[doghouseman]

A friend of mine was telling me that I can get a 20 year loan on most new RVs. Is this true? Now I realize how people afford those Class A RVs.

[Waldenverney]

You are right bro, but nowadays people don't have the responsibility to pay everything back. They benefit from the loans but they forget that this is a debt and this debt has to be paid. I know such a person. To tell you the truth I really don't understand him. He was called by a https://www.frontline-collections.com/premier-debt-collection/private-debt-collection/debt collection private agency many times. He even was visited by the collectors at home. You know what he did, he went to the bank and took money to pay the debt. Now he is called again by the other collectors. He is a crazy man. So just take responsibility and try to work more.

[jarata1]

Wasn’t this in the the other rv forums also

[4x4van]

winnietrey wrote:


The pay cash/ save crowd in my opinion are missing half the equation.
I am living proof. Wife died at 66 very unexpectedly. We spent the last 15 years rving, and going over seas. Spent a lot of money.
Would not trade those times for any amount of money

Kids grow up, people get sick and die, and get old. My thought don't go crazy, but have fun while you can, spend some money. You just never know what's around the next bend, enjoy life a bit, and worry less about money

Well said. My dad has always said; "Work like you're going to live forever, but play like you're going to die tomorrow." My mom was killed in a motorcycle accident at age 46. And while it was a struggle financially for my parents, somehow I don't think the money they spent on camping trips for all the years I was growing up was thrown away.

[way2roll]

jesseannie wrote:
At my age it would a good thing.
Low payments for the few years I have left then let me kids pay it off. Lol

Jesseannie

Unless your kid's names are on the note, it would come out of your estate or be repossessed if the note couldn't be satisfied - or written off. Kid's wouldn't owe anything.

[ppine]

There is no free lunch. You must earn it.
Some of the thinking on this thread is exactly how we created a housing crisis.

[jesseannie]

At my age it would a good thing.
Low payments for the few years I have left then let me kids pay it off. Lol

Jesseannie

[Edd505]

so all this talk of toys, percent on loans, 20 year financing etc. No one mentioned full timer spending 200K for 20 years. Whats the difference if you buy a house or DP? Taken care of the DP will last 20 years, I have seen houses trashed in less time.

[RetiredRealtorR]

free radical wrote:

A1ARealtorRick wrote:

wildtoad wrote:
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.

Well stated. That's why I like 30-year mortgages on homes, especially for new buyers.

Plus, I always get a kick out of buyers, especially very young buyers, saying that they're buying their "forever home" ..... yeah, right. Chances are about 1 in 7 (at best) that it will indeed be their 'forever' home.

Why shouldnt it be forever,if someone is happy livin in neigborhood they like.?
Plus houses apreciate in value in most instances.

One of my nephews bought tiny 2 br house many moons ago for 40 grand and now its worth Milion and half

Oh, it certainly COULD be their forever home. The point I was making is that chances are very slim that it will actually turn out to be their forever home.

And yes, there are those that bought low and now have a wonderfully valuable asset on their hands......as well as those that bought in the middle of the balloon (2005-2007) and lost it all.

The Real Estate pendulum swings both ways.

[free_radical]

A1ARealtorRick wrote:

wildtoad wrote:
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.

Well stated. That's why I like 30-year mortgages on homes, especially for new buyers.

Plus, I always get a kick out of buyers, especially very young buyers, saying that they're buying their "forever home" ..... yeah, right. Chances are about 1 in 7 (at best) that it will indeed be their 'forever' home.

Why shouldnt it be forever,if someone is happy livin in neigborhood they like.?
Plus houses apreciate in value in most instances.

One of my nephews bought tiny 2 br house many moons ago for 40 grand and now its worth Milion and half

[free_radical]

way2roll wrote:
Why are so many people interested in what someone else does with their money? Yes 20 year loans are available for Rv's given certain parameters. Most people finance RV's. These are simple facts to address the original question. But what I can't wrap my head around is why so many people care about someone else's finances. And I was really blown away at the sheer number of financial advisors and wealth managers that are also Rver's on this forum.

Altruism
Its Basic human nature to help others to avoid pitfals we all been thru.

Living from paycheck to paycheck and living beyond your means will break you financialy
If you get indebted too much and sudenly lose your job due to economy slow down.
Sometimes unexpected things happen and half the country is in deep s*** mostly bc they havent saved enough money to keep them financialy stable.


https://youtu.be/VXADLZlCNU4

[RetiredRealtorR]

wildtoad wrote:
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.

Well stated. That's why I like 30-year mortgages on homes, especially for new buyers.

Plus, I always get a kick out of buyers, especially very young buyers, saying that they're buying their "forever home" ..... yeah, right. Chances are about 1 in 7 (at best) that it will indeed be their 'forever' home.

[winnietrey]

wapiticountry wrote:

ppine wrote:
Some people never figure out the difference between investment spending and consumptive spending.

I have had friends asking me for years "how did you retire so young, I could never retire."

I don't:
Take vacations to France every summer.
Remodel the kitchen every 5 years.
Have new car loans.
And I don't buy Rvs with a 20 year loan.

That is very true, but then again you didn't have a newly remodeled kitchen every 5 years, aren't driving a new car, haven't had the cultural experiences you get visiting France every summer and didn't have an RV for those 20 years. There are many people who wouldn't trade those experiences for the ability to retire young. I sure wouldn't trade everything I have experienced over the years for the money I spent on them.

The pay cash/ save crowd in my opinion are missing half the equation.
I am living proof. Wife died at 66 very unexpectedly. We spent the last 15 years rving, and going over seas. Spent a lot of money.
Would not trade those times for any amount of money

Kids grow up, people get sick and die, and get old. My thought don't go crazy, but have fun while you can, spend some money. You just never know what's around the next bend, enjoy life a bit, and worry less about money

[wapiticountry]

ppine wrote:
Some people never figure out the difference between investment spending and consumptive spending.

I have had friends asking me for years "how did you retire so young, I could never retire."

I don't:
Take vacations to France every summer.
Remodel the kitchen every 5 years.
Have new car loans.
And I don't buy Rvs with a 20 year loan.

That is very true, but then again you didn't have a newly remodeled kitchen every 5 years, aren't driving a new car, haven't had the cultural experiences you get visiting France every summer and didn't have an RV for those 20 years. There are many people who wouldn't trade those experiences for the ability to retire young. I sure wouldn't trade everything I have experienced over the years for the money I spent on them.

[spoon059]

ppine wrote:
Some people never figure out the difference between investment spending and consumptive spending.

I know the difference. I also know the difference between taking a brief (not 20 year) loan to buy a larger camper for my young and growing family so that I can give them experiences growing up that they wouldn't otherwise have.

For 3 years worth of interest my children get to Florida every February. They get to go to the beach every fall. They get to go to the lake a couple times a year. They got to go to Tennessee 2 years ago, Outer Banks last year, Vermont this year and who know's where next year. We have a group of good camping friends, and the kids have a couple sets of "camping friends" that live over an hour away. That's too far for regular play dates, but for 8-12 trips a year they get to spend lots of time with those friends. They get to go on boats, get to go tubing, get to go to waterparks, etc. These are experiences that I rarely had growing up and my wife never had.

Those are experiences that will make me have to work another year or two at the back end, but give my children a more fulfilling childhood than they may have had before. Completely and totally worth it. Heck, for that matter my wife gave up her job (RN at a major pediatric hospital) to stay home to homeschool the kids. These are major financial sacrifices that we have knowingly made for the sake of our children. All money WELL spent, in my opinion.

By the way, I got a pretty good deal on my camper, 34% off MSRP. By negotiating a decent deal, putting a hefty cash down payment and financing $18,000 over about 3 years I paid right around $1000 in interest. $1000 to buy 3 years more camping time with my family??? I'll spend that money any day!