Go Back   iRV2 Forums > MOTORHOME FORUMS > Class A Motorhome Discussions
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 07-27-2016, 09:46 AM   #29
Senior Member
 
Dennis Dean's Avatar


 
Fleetwood Owners Club
Ford Super Duty Owner
Join Date: Sep 2015
Posts: 733
LOL there is no guaranty on any investment... You couldn't guaranty that if you paid cash for a RV you could sell it in 3,5,10 years and even get 1/4 of your money back. So everything is a gamble to a degree. However the stock market since 1929 (over 80 years) has averaged better than 7.5% and that is with the great depression years factored in. I'd take my chances on that rate of return in the long run
__________________

__________________
Fleetwood Bounder 35K 2016, Ford V-10, F53(2015 chassis),RayZor HD, Wineguard Dish SAT, Roadmaster -- steering Stabilizer, Front & rear Sway Bars, SCT 5 Star tuner, Tireminder TM66 TPMS, Banks Ram Air intake, EZE Tow Dolly
Dennis Dean is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 07-27-2016, 09:50 AM   #30
Senior Member
 
WyoFree's Avatar
 
Join Date: Feb 2015
Posts: 802
Dennis you're killing me here!!! Today's stock market and quoting stock history??? WoW
__________________

__________________
WyoFree is offline   Reply With Quote
Old 07-27-2016, 09:57 AM   #31
Junior Member
 
Join Date: Oct 2007
Location: Utah
Posts: 20
10 yr loan

We got a 10 yr loan with 2.01 interest from our local bank. Cheaper than RV financing. And our credit score is less than perfect.
__________________
David and Carol
2007 Keystone Montana 34 RL
2000 Ford F-250 Triton V 10
SoPawGrandma is offline   Reply With Quote
Old 07-27-2016, 10:03 AM   #32
Moderator Emeritus
 
TXiceman's Avatar


 
Vintage RV Owners Club
Texas Boomers Club
Oklahoma Boomers Club
Ford Super Duty Owner
Join Date: Aug 2000
Location: Full Time, TX Home Base
Posts: 17,143
Blog Entries: 21
First, check your bank or credit union. Next, there are lots of factors...your credit history/score, length of loan and amount of down payment.

I cannot see a 20 year loan on an RV....you may need to look at something used to save money.

Ken
__________________
Amateur Radio Operator (KE5DFR)|Full-Time! - 2012 6.7L Ford Crew Cab Dually -2013 HitchHiker Champagne 38RLRSB - Travel with one Standard Schnauzer and one small Timneh African Gray Parrot
TXiceman is offline   Reply With Quote
Old 07-27-2016, 10:52 AM   #33
Senior Member
 
plasma800's Avatar
 
Fleetwood Owners Club
Join Date: Nov 2013
Location: Houston, Texas
Posts: 3,003
Blog Entries: 1
Quote:
Originally Posted by georgelesley View Post
Another thought just came to me. Remember a mh is a depreciating asset. With 20 yr financing unless you put a lot down, you will be "upside down" as soon as you drive it off the lot and will never catch up. If you put a lot down, depreciation will catch up with you in a few years and your down payment will be gone. So, before you pull the trigger, make double sure it is the unit you want to get old with because trading or selling will not be fun.

Health issues forced us to recently trade or give up rv'ing. The unit we had was supposed to be our "lifetime" unit. We were forced to pay a substantial amount to even sell ours! Not fun. We now have a unit we think and hope we can get old (or older) with. You should ge able to get 5 or so. That got us off the lot and just completed a 4.5 refi with GS.
It's *kind of* all the same.....

Pay now, or pay later - depreciation is depreciation... being upside down doesn't matter - it's the same money either way.

Albeit, finding yourself upside down in a pickle jar can be unhealthy for your stress levels.... to mean if you have a financial or otherwise emergency that forces you to sell, but you don't exactly have the cash to get out from underneath it, or producing the cash hurts.

I never worry about depreciation. I prefer to look at the total spend to accomplish a goal. Hypothetically, If I buy at 100K, and sell at 70K two years later, it cost me 15k per year (1250 per month) to do whatever I did - whether that was staring out the window at my RV parked in my yard, or putting 30,000 miles to it. Of course you would also want to add in the interest you spend with the bank.... If in fact I did drive 30,000 miles, then I spent 1 dollar per mile to do it. (again simplified not including interest, repairs, fuel, gadgets - it'd really be more per mile, possibly close to $2)

From there I would decide if it was worth it to me... and to me, $2 a mile to spend quality time with my wife, my dogs, and see things on my list I've always wanted to see is way worth it.... not to say this arrangement of dollar signs would be the same for everyone...

The term "upside down" to me simply means you owe more than it's worth currently. In my mind, this is not a problem UNLESS you don't have the cash to cover the obligation... then it hurts, an avoidable self created predicament.

Me personally, especially as of late, try to never put myself in a position where I can't cover any gap with cash if I found my head stuck in a pickle jar. This in turn has lead me to cut back, even though I might not want to. For instance.. my tow vehicle.. I paid 22k in cash, it's a base model and smells like moth balls... but what I wanted was leather, and the cool electronics, and the power extending mirrors and all that jazz... but alas, I bought what I could pay for interest free. It's been an excellent truck

My bass boat... oh boy did I want a brand new bass boat!!! sparkly and gleaming, gel coat, wide deck, new carpet and slick seats..... but what did I buy? a 16 year old bass boat with a faded gel coat, and carpet I have to glue back down with spray glue and a rip in the seat.... but I tell you what, she sure does float! Cash, 11k (compared to 70k for new)

My RV, absolutely I wanted a Newmar Dutchstar, or a Ventana. No problem getting financed. BUT I decided to forgo that for the next best thing. A handsomely decent, sub 70k travel trailer that we both really like...that I could reasonably afford brand new with a warranty. I financed it through Essex Credit on a 15 year for the low monthly with no intention of carrying it past two years. (really pleased with the company and Jim Pena), placed a modest down payment, have enough cash on hand to pay it off completely if needed, on target to pay it off by the end of the year in new cash - leaving emergency cash in place. But on a new Ventana, I'd be in the banks pocket for a long time.... but that's my situation, which might not even be close to your situation. You could have millions invested compared to my paltry savings account.

It stinks though when unforeseen circumstances force us to face situations we'd rather not. I think this is what happened to George - I'm positive he didn't invite the change in lifestyle that forced his hand early. I think his advice to you would be "don't get in over your head, cause it hurts if your hand is forced".

Having a mental grip on the amount of depreciation, or we could say, the amount it will cost you if you have to sell, is valuable. Are you in a position to cover it if something major changes in your life (you could ask yourself, no need to answer out loud). This is a question we should all ask ourselves.
__________________
RVM#78 - -USAF- F-15 Eagle Radar Vet
2005 Fleetwood Revolution
'12 Chevy 2500HD
'15 Airstream International Signature 27FB
plasma800 is offline   Reply With Quote
Old 07-27-2016, 11:28 AM   #34
Senior Member
 
WyoFree's Avatar
 
Join Date: Feb 2015
Posts: 802
Hey plasma800, that was almost coherent, what happened?
__________________
WyoFree is offline   Reply With Quote
Old 07-27-2016, 12:04 PM   #35
Senior Member
 
plasma800's Avatar
 
Fleetwood Owners Club
Join Date: Nov 2013
Location: Houston, Texas
Posts: 3,003
Blog Entries: 1
Quote:
Originally Posted by WyoFree View Post
Hey plasma800, that was almost coherent, what happened?
It's the AM, this equates to "before cocktail hour"
__________________
RVM#78 - -USAF- F-15 Eagle Radar Vet
2005 Fleetwood Revolution
'12 Chevy 2500HD
'15 Airstream International Signature 27FB
plasma800 is offline   Reply With Quote
Old 07-27-2016, 12:20 PM   #36
Senior Member
 
WyoFree's Avatar
 
Join Date: Feb 2015
Posts: 802
LoL!

BTW, you folks who mentioned US Bank, I don't know much about them. Do you have to be a member for loan consideration?
__________________
WyoFree is offline   Reply With Quote
Old 07-27-2016, 01:49 PM   #37
Senior Member
 
Join Date: Aug 2011
Location: Enjoying the Western States!
Posts: 4,604
Quote:
Originally Posted by WyoFree View Post
Hey plasma800, that was almost coherent, what happened?
Agree with your rambling! You know how to manage money wisely. Congratulations.
__________________
Full-timed for 16 Years
. . . Back in S&B Again
Traveled in a 2004 Newmar Dutch Star 40' Diesel
twogypsies is offline   Reply With Quote
Old 07-27-2016, 01:54 PM   #38
Senior Member
 
WyoFree's Avatar
 
Join Date: Feb 2015
Posts: 802
Now one minute there. I meander and I saunter but I Never ever ramble!
__________________
WyoFree is offline   Reply With Quote
Old 07-27-2016, 02:29 PM   #39
Senior Member
 
Join Date: Sep 2014
Posts: 1,225
This is subject to change if I can't talk my wife into it but;

When I retire in 4 years I'm planning on taking the money from a couple of paid off rentals. This should be about $2000. I have less than perfect credit and hope I can get a loan for a used luxury MH. My thought is that the homes still appreciate to pay for my depreciating MH. I know this is wrong in general but as long as I stay under the $2000 per month I don't care as much about the interest rate. Plus, we may not like full-timing and I'll just sell the MH.
__________________
1998 Tioga Class C
400 amp/hrs solar, Trimetric
Retire 2020 GLW
okcnewbie is offline   Reply With Quote
Old 07-27-2016, 03:27 PM   #40
Senior Member
 
plasma800's Avatar
 
Fleetwood Owners Club
Join Date: Nov 2013
Location: Houston, Texas
Posts: 3,003
Blog Entries: 1
Quote:
Originally Posted by okcnewbie View Post
This is subject to change if I can't talk my wife into it but;

When I retire in 4 years I'm planning on taking the money from a couple of paid off rentals. This should be about $2000. I have less than perfect credit and hope I can get a loan for a used luxury MH. My thought is that the homes still appreciate to pay for my depreciating MH. I know this is wrong in general but as long as I stay under the $2000 per month I don't care as much about the interest rate. Plus, we may not like full-timing and I'll just sell the MH.
It's not wrong, what you are describing is "an angle", you're simply trading the speculative and hopeful appreciation of property already owned to offset some unknown loss someplace else. This makes sense to me.

Still, you should care about interest rate, as it's a 100% loss leader. Eh I suppose you could write some of it off, but... You're basically padding the pockets of someone else to buy something for you cause you don't have the money yourself. And homey doesn't like that. In your situation I would spend possibly 60 to 80 for a decent used model in the foretravel, newmar, american coach ranges - or possibly a bluebird wonderlodge, and keep the rest of the money for myself.

RV's are means to an end - expensive, cash vacuum cleaner style means to an end. No brain cells were harmed in the formulation of this opinion, and your mileage may vary.
__________________
RVM#78 - -USAF- F-15 Eagle Radar Vet
2005 Fleetwood Revolution
'12 Chevy 2500HD
'15 Airstream International Signature 27FB
plasma800 is offline   Reply With Quote
Old 07-27-2016, 03:30 PM   #41
Senior Member
 
plasma800's Avatar
 
Fleetwood Owners Club
Join Date: Nov 2013
Location: Houston, Texas
Posts: 3,003
Blog Entries: 1
Quote:
Originally Posted by twogypsies View Post
Agree with your rambling! You know how to manage money wisely. Congratulations.
Interest/debt free or bust!
__________________
RVM#78 - -USAF- F-15 Eagle Radar Vet
2005 Fleetwood Revolution
'12 Chevy 2500HD
'15 Airstream International Signature 27FB
plasma800 is offline   Reply With Quote
Old 07-27-2016, 03:48 PM   #42
Community Moderator
 
JMonroe's Avatar


 
Newmar Owners Club
Spartan Chassis
Join Date: Oct 2009
Location: On the road again
Posts: 6,296
Quote:
Originally Posted by halftimer View Post
The only bad I can say on a 20 year note is your health and nobody knows what that will be.and even then if something happen would you rather your wife have a $100000. Sitting in the driveway or the bank...
I think you have this backwards. If you pay cash that $100k is gone. Finance and if you get hit by a bus she still has the $100k in the bank. Call dealer to sell on consignment or, worst case scenario, call the bank and tell them to come get it.

I agree with those that say it makes no sense to pay cash. My IRA is returning multiples of the interest rate I'm paying. We also took a 20 year loan, expect to pay it off in a fraction of that. I too like the flexibility. Right now I'm making payments of 150% of what is required. Should we have unusually high travel (or health care, or...) expences any given month I can kick back to the "minimum".

Another quick note. The rate you are offered will be .5 to 1.0 higher if full time.
__________________

__________________
Jay & Peggy Monroe with Dolly
Can't take it with you - don't plan on leaving any behind
2016 Newmar London Aire 4553, Spartan chassis
Wrangler Unlimited toad
JMonroe is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Financing interest rates? Dickens iRV2.com General Discussion 3 07-27-2014 01:55 PM
Recent interest rates and source BobnMelba MH-General Discussions & Problems 20 03-22-2014 07:21 PM
interest rates rv finance maxwell18 iRV2.com General Discussion 14 09-25-2013 10:16 PM
Interest Rates majfrizz RV'ing On A Budget 2 06-10-2013 06:56 AM
High interest rates on MH? rocketpod Winnebago Industries Owner's Forum 16 04-24-2011 07:30 PM

» Virginia Campgrounds

Reviews provided by

Our Communities

Our communities encompass many different hobbies and interests, but each one is built on friendly, intelligent membership.

» More about our Communities

Automotive Communities

Our Automotive communities encompass many different makes and models. From U.S. domestics to European Saloons.

» More about our Automotive Communities

Marine Communities

Our Marine websites focus on Cruising and Sailing Vessels, including forums and the largest cruising Wiki project on the web today.

» More about our Marine Communities


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 04:30 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.