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Old 06-10-2012, 07:57 PM   #29
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I paid $100k for my class C, so I guess someone actually paid that amount.
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Old 06-11-2012, 02:16 AM   #30
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I am not surprised at $100k or more for a motor-home but I think it all depends on what you intend to use it for. If you are week or weekend camper that would be a high price to pay. Use common sense and buy a used one. If you live in it most of the year I see no problem at all with $100k or more. It is your home. I fail to see financing a MH for 20 years as a realistic option. An earlier poster brought up about how the banks maybe haven't learned anything from the last five years. I think what they really learned if they get in trouble, the taxpayers will bail them out via our fearless leaders. Ok enough politics. Not the forum for it. My biggest concern over the financing is when it is done as a couple. As we get older our life can be unexpectedly cut short at any time and the burden of debt falls directly on the shoulders of the survivor. I have no desire to leave my wife with that burden. I have had extended family that very thing happened to and they were terribly upside down on a MH that was almost 10 years old. The wife took a tremendous beating on the open market from a forced sale and she did finally get it sold but had to put several thousand dollars from what little savings and retirement she had to pay off the bank. You need to be aware that the bank does not care what financial condition you are currently in. They just want the $$$$.
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Old 06-11-2012, 10:12 AM   #31
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I financed for 20 years also, gave me a nice affordable monthly payment, not quite sure why that is such a horrible thing?
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Old 06-11-2012, 10:36 AM   #32
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I financed for 20 years also, gave me a nice affordable monthly payment, not quite sure why that is such a horrible thing?
Ditto.

Statements are often times made that attempt to generalize in a way that assumes we are all in the same financial boat and have the same values and risk tolerance. That's simply not true and many of us have chosen to finance the substantial purchase of our coaches to avoid putting cash in to depreciating assets. It's certainly not for everyone but anyone who thinks that paying cash is the only "sane" option is taking an uninformed view of the world.

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Old 06-11-2012, 12:01 PM   #33
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Concur
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Old 06-11-2012, 12:10 PM   #34
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it's all good you both arrived with the same answer GAP insurance is a must.
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Old 06-11-2012, 04:13 PM   #35
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Ditto.

Statements are often times made that attempt to generalize in a way that assumes we are all in the same financial boat and have the same values and risk tolerance. That's simply not true and many of us have chosen to finance the substantial purchase of our coaches to avoid putting cash in to depreciating assets. It's certainly not for everyone but anyone who thinks that paying cash is the only "sane" option is taking an uninformed view of the world.

Rick

If you read my comments again you will find that I'm still amazed that LENDERS will lend for this period without additional collateral as the value of the motorhome is likely to be less than the loan for most of the term. That is irresponsible lending on the part of lenders. One can argue "all the better for the borrower" if the lender is that foolish.

I strongly suspect such lenders, if they still exist, are placing considerable reliance on other assets of the borrower as supporting collateral.
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Old 06-11-2012, 04:29 PM   #36
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I hear you Shadow and couldn't agree more actually. My comments were intended to be general in nature and not responding to any particular post in this thread.

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Old 06-11-2012, 07:15 PM   #37
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It's actually very easy to bank finance a Rv.
All you need is at least 10% of the purchase price for down payment, a good credit rating and steady work and don't have any other debt that will put you over the 35% debt ratio to income.
That is I'm sure how the banks here in Canada still qualify their loans.
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Old 06-11-2012, 07:50 PM   #38
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If you read my comments again you will find that I'm still amazed that LENDERS will lend for this period without additional collateral as the value of the motorhome is likely to be less than the loan for most of the term. That is irresponsible lending on the part of lenders. One can argue "all the better for the borrower" if the lender is that foolish.

I strongly suspect such lenders, if they still exist, are placing considerable reliance on other assets of the borrower as supporting collateral.
Another option for the lender is to jack up the interest rate.
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Old 06-11-2012, 09:44 PM   #39
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It's actually very easy to bank finance a Rv.
All you need is at least 10% of the purchase price for down payment, a good credit rating and steady work and don't have any other debt that will put you over the 35% debt ratio to income.
That is I'm sure how the banks here in Canada still qualify their loans.

I doubt that you'd find any with a 20 year amortization of the loan. OSFI would have a fit unless it had other collateral. 10% down is one thing on bricks and mortar that can go up or down in market value but on fiberglass that only goes one way, 6 years maybe but with a better down payment.

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Old 06-11-2012, 10:30 PM   #40
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Originally Posted by The Shadow

I doubt that you'd find any with a 20 year amortization of the loan. OSFI would have a fit unless it had other collateral. 10% down is one thing on bricks and mortar that can go up or down in market value but on fiberglass that only goes one way, 6 years maybe but with a better down payment.

D
Actually I bought mine new from the dealer with only a 83 class c that was only worth about $2000 for a trade in . And yes i do have a 20 year amortisation.
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Old 06-11-2012, 10:39 PM   #41
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I doubt that you'd find any with a 20 year amortization of the loan. OSFI would have a fit unless it had other collateral. 10% down is one thing on bricks and mortar that can go up or down in market value but on fiberglass that only goes one way, 6 years maybe but with a better down payment.

D
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Actually I bought mine new from the dealer with only a 83 class c that was only worth about $2000 for a trade in . And yes i do have a 20 year amortisation.
It's probably important to state the time frame when exchanging anecdotes. We too put only about 10% down and got a 20 year loan at a very competitive interest rate..... but that was in early 2007. Things may have changed.

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Old 06-11-2012, 10:41 PM   #42
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Actually I bought mine new from the dealer with only a 83 class c that was only worth about $2000 for a trade in . And yes i do have a 20 year amortisation.
No other collateral? And did you borrow from a Canadian Chartered bank or a finance company? If from a bank is it a bank that perhaps holds a mortgage on your home that has good equity? One needs all the facts before a reasonable conclusion can be drawn. A 20 year loan with no other collateral or security would be good for dismissal at most banks. Cause would be stupidity.
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