Full Timer RV Loans

[Hwy Junky]

Is anyone out there know of a loan company offering 20-year loans on a used MH? I'm attempting to keep monthly payments low and get a decent rate at the same time..Thanks for your suggestions

[twogypsies]

Originally Posted by Hwy Junky

Wanting to upgrade my MH but also keep payments low as possible.

Retired and financing for 20 years? From your Profile it seems you have a 2017 Newmar Ventana 38'. I'd recommend you keep it as it's almost new or look for a less expensive one to fit your budget.

There's a post in the 'General' section asking for help on what to do when you can't RV anymore. He's upside down financially on his much older RV.

[450Donn]

20 year loan on a used depreciating asset? Not very likely unless your willing to pay 25% interest

[kcdogger]

Bank of the West (Essex Credit) offers terms up to 20 years on used RVs up to 10 years old. Their website quotes a rate of 4.79% with a minimum amount financed of $50,000. That appears to be the lowest rate, but there are other rate adjustments that might apply. In the past there have been posts about Bank of the West that indicate you will need to be very, very credit worthy and have strong, verifiable income. Keep in mind that just because you can do something it doesn't mean it's a good decision. Good Luck

[Wbonsell]

Yes on Bank of the West. As little as 10% down on great credit

[robertkathy]

i did not know you could finiance, why the hell did i pay cash for everything

[Milford 47]

Originally Posted by robertkathy

i did not know you could finiance, why the hell did i pay cash for everything

Because you wanted more spendable dollars

[JMonroe]

Bank of the West won't take you if you don't own a home, Essex will. Essex is a wholly owned subsidiary of Bank of the West. Go figure.

You will also pay a higher rate if you don't own a home. In our case it was less than half a percent but that was a few years ago now.

As for borrowing against a depreciating asset, in our case our IRA investments are generally getting a greater return than the interest charged. I do believe it foolish to let yourself get upside down, however. The combination of your down payment and your monthly payments should always keep you in positive territory. I took a 20 year loan to give me some flexibility but have been making payments that would pay the loan off in half that. My comfort level means keeping my equity to at least a third of average retail.

[Tha_Rooster]

Originally Posted by Hwy Junky

Is anyone out there know of a loan company offering 20-year loans on a used MH? I'm attempting to keep monthly payments low and get a decent rate at the same time..Thanks for your suggestions

If you are refinancing and upside down they will make you pay it down in a down payment.