interest rates and max. term on used 5e rt.h

[cchristanis]

Hey everybody. About to buy a t.h. 5er and was wondering what the rates are on something like a $20-30k 5er toy hauler. Also what is the maximum term you can go, 10,15 years etc. I have excellent credit but this will be my first 5er. Have had rvs forbefore though.thanks

[quasi]

Another quick note. A lot of lending institutions won't finance a trailer over 10 years old so if you plan on selling it down the road, something to keep in mind.

Jim

[JiminDenver]

The longer he term the higher the rate. In our case the difference in rate meant that the shorter term loan, lower interest rate loan cost us half as much in the long run as the longer term, higher interest loan would have. We were well on the way of paying even the shorter term loan off when it was totaled by hail. We had paid it down enough that we got both the trailer and a check back. had we been on the longer term loan we would have owed the bank money after the insurance paid off.

[Hardline]

Just picked up a 07 5th wheel. A paper, and bought a 20k trailer. 5.74% for 120 months. The payment is only $203 a month plan to pay it off way before 120 months. Loan has a 36 month pre payment penalty of 1%.

[131will]

If you join Costco, you can get a RV loan through Essex Credit and they have really good rates. We were looking right at $50k for 15 years and it would be 4.17%. 3.92% for 12 years. I would always check with local credit unions first, but look everywhere for the best terms as well.

You do have to look at the depreciation factor though. Look at the same model or close to the same model a few years older and see what the nada value is for it. That will give you an idea of what yours will be worth in case something happens that you HAVE to sell it.

[gcloss]

I took a HELOC for my last TT from my credit union @.99% for the first year and 2.75% for the remainder. I paid it back in 3 years, just in time to tap the HELOC for my 2015 TT. My plan is to pay it back in 3-4 years. The interest is also tax deductible on a home equity loan.

[wing_zealot]

With excellent credit you should be able to get about 6.0% ± for 12 years on a brand new RV. Depending on how old it is the term and rate will vary for a used one.

[APT]

I'm with schlep1967. RVs depreciate as quickly as automobiles, so my limit is 5yr max. Since you are looking at used, then the depreciation rate is lower. Consider this if you bought a 10 year old RV on a 10 yr loan. Do you still want to be paying for a 18 year old RV?

My credit union offered the lowest interest rates for my RV 5 years ago and their rates are published on their website. Take a look at some of your local credit unions.

[schlep1967]

My own opinion, if you can't pay off a camper in 10 years max. You can't afford that camper. My personal limit is 5 years. They depreciate way to fast to take out a longer loan. You will owe more than it is worth if you decide to get rid of it.

[scbwr]

Today's rates at one financial institution

Check with your local banks or credit unions. Quite often, their rates are posted on their web site.