This is one of those how long is a piece of string conversations. To get a loan, you need to provide the lender with hard facts and figures so you may as well do that right now.
Step 1 - how much do you want to pay for a motorhome. $5000, $50,000, $500,000
Step 2 - assuming you can get a loan for say three years, what are the monthly repayments? $100, $200, $500??
Step 3 - how much of that $3000 income do you have spare every month once you have covered food, clothing, medical, entertainment, etc etc etc.? Zero, $100, $500, $1000.
Step 4 - How much EXTRA do you think the motorhome will cost you each month for registration, insurance, fuel, service, camp fees, repairs and maintenance. Zero, $100, $500, $1000, $5000?????.
Step 5 - deduct the figure calculated in step 4 from the Step 3 amount. What is the answer. -$500, -$100, zero, +$100, +$200
Step 6 - if the answer is negative, it is very likely that no solution is possible, but you could go back to step 1 and try another solution..
Step 7 If the answer is positive, will that amount cover the repayments determined in step 2. If not go to step 1 and reassess your requirements.
Using Jeff's figures - which I guess don't mean all that much without more info -
Quote:
we got loan thru our credit union and 10yr loan at 3.9% and 425 payments...jeff
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but getting a 10 year loan is fine if you buy a motorhome that is going to last 10 years. Paying $424 a month is also fine if you have enough disposable income to pay that AND live AND cover all the other living expenses.
Running a motorhome, especially a cheaper, older, less-reliable one, really needs an emergency fund, a substantial amount, to cover likely emergencies associated with the vehicle - battery replacement - $100, Couple of tyres - $500, and the amounts sky-rocket from here.
Given that most who rely 100% on welfare are already struggling to stay afloat, I would say that adding to your problems by buying a vehicle for cash would be difficult. Getting a loan to pay for the vehicle might be going too far.
Still, in our travels we have met pensioners driving small campervans who rely 100% on fairly small government pensioners, and they drive until the fuel or the money runs out and then find somewhere to camp until their next pension payment arrives in their bank account. Of course we have met others who have had major breakdowns and who have no hope of repairing the fault and no hope of buying an alternative vehicle and no hope of escaping their present situation.