RV Loan?

[Susie]

I don't know what's typical or available in terms of RV loans, but I'd put RVs in the same category as boats -- which for me means no financing. Loans for cars, education, and my house are necessary evils. I'm not good with taking on debt for what's really kind of a toy, especially since unlike a vacation property it is a depreciating asset.

[brewco]

I don't go here, but saw this pop up in the recently updated list... Consider buying used. Resale value on travel trailers and RV's is really bad. My mom's loan is through her credit union and was coordinated through the RV dealer. The RV dealer had their own finance option, but my mom had them compare it to her credit union and went with the lowest rate.

We bought a travel trailer used for cash and renovated the interior, so I don't have personal experience with getting the loan. Good luck!

[nicechicken]

I do RV finance (in addition to property management)

Loans, depending on how much, can go out 240 months(usually huge 75k+ units) to 120 months.They are a simple interest loan. Depending on your credit you may have to have down, usually they want 10%.

I do recommend going out as long as possible and then ask the finance person how much you'd need to pay a month to pay it off for X amount of years. That way you won't knock you Debt to Income out of wack and still pay it off early. Usually it won't matter how long of a term you go vs. interest rates.

Used, especially older models, can be very hard to finance. Also, if you are buying used I recommend buying from a dealership because they are required to do gas checks and should make sure everything is working.

Let me know if you have any other questions! RV or finance wise!

[nicechicken]

Also, get an extended warranty. Please let me know what you get and I will tell you if it's ridiculous or not. I've seen huge mark-up on those and I can/will get you a better deal if you need one.

[puppylove64]

RV loan interest can quailify as tax deductible like mortgage interest. Talk to your accountant about it if you do end up financing it.

[nicechicken]

Ask me whatever you want before you purchase. Our dealership is really REALLY low pressure, so my good friend can give you the skinny of what to look for.

My advice? Get the one that you want.
Even if it's more money.
You're smart, and probably will have equity, BUT I have had already since February, 10 people that bought last year come back and buy the trailer they truly wanted.

Where are you at? You can pm me.

I paid cost for my trailer-my perk- and usually I can make money off my trailer if I buy early and sell before the end of the season(which I have done before) BUT, I LOVE my trailer, and really plan on having it for a while (which my boss doesn't understand)

[nicechicken]

Btw. I have rates going from 2.69 for 96 months at a credit union, but my national banks are higher. Around 4.25 for 144-180 months

[birdmom]

We financed our first camper and paid it off early. Traded it in and paid cash for the new one. I think it's the best purchase we ever made! I love our camper! Have fun!

[firelight1210]

I highly recommend Alliant Credit Union for RV financing - I used to work there and did them all the time. They are based out of Chicago, IL (they're United's credit union), but they go nationally as well. For RVs, they have a niche market in that they finance full timers as well.

[nicechicken]

Apr 23, 2017 21:08:04 GMT -5 @angelicapickles said:

Apr 22, 2017 13:32:29 GMT -5 nicechicken said:

Btw. I have rates going from 2.69 for 96 months at a credit union, but my national banks are higher. Around 4.25 for 144-180 months

So we went today and without running our credit, they quoted us 3.99 for an 84 month loan. It was for about $17,000 so maybe that's why the rate was higher? I think I'm going to call a couple of local credit unions. I would like a lower rate and a longer term

sorry I just saw this. No. You should at least have a 144 month term for that amount. :/