Long Term RV Financing

[EcoRick]

Originally Posted by Bamaman

Those winter monthly payments ae twice as hard to make as the summer when RV's are being used.

We belong to a country club near Chicago. If we’re lucky, clubs are used from mid May through October. Dues are the same all 12 months. Should we avoid country clubs and boats since the same months apply to them?

[pduggs]

Originally Posted by Keith55

If they don't give you the loan start to talk about age discrimination.

[Keith55]

Originally Posted by EcoRick

We belong to a country club near Chicago. If we’re lucky, clubs are used from mid May through October. Dues are the same all 12 months. Should we avoid country clubs and boats since the same months apply to them?

Yes.

[paul65k]

This is the age-old question of finance vs pay Cash.

When I was in my 20's and 30's I ALWAYS had a car loan and a new car every year or 2.....man was I cool, but 30 years later I can hardly remember any of them but I do remember how much more $$ I would have now if I had just paid cash for a couple of year older car that had no payment

I have not had a loan on a non-income producing asset for more than 20 years now and the financial results have been amazing

Do I have the newest coolest RV rolling down the road these days....NO, but candidly I'll put my 20-year-old Pusher with full Solar and Lithium battery system against any of the newbies in my size range.....ANYTHING!! and it's paid for!! We just don't worry about what it's worth anymore because I have my monthly payment $$ going into investments and other income-producing assets, so we can spend more time using our baby!

I only wish I could reach back and give this advice to my 30-year-old self

[Bigceasar]

I have the money to pay cash for my toys, but when good interest rates are offered I take advantage. You will lose the same amount to depreciation whether it is financed or not. Having a monthly payment even helps in a way. It reminds me to check on them in the off season and serves to alert me when I have lost interest and am ready to let it go. If I am upside down, I pull a whole lot less cash out of my accounts than I would have needed to purchase it outright.

[Hpozzuoli]

Originally Posted by bpu699

If you need a 20 year loan on a toy….

If you need a loan I would make it as long as possible to get low payments. Having low payments let’s you use it for a few years on the cheap and move on.

If you are doing it strictly from an affordability standpoint I would rather see you save then become fully leveraged.

[Mudfrog]

Originally Posted by paul65k

I only wish I could reach back and give this advice to my 30-year-old self

Same here! Bought new cars and trucks on credit at least yearly when in my 20 and early 30s. Borrowed from my 401k a few times, company quit matching for 6 months each time, just to buy car stereo stuff. Had a Montgomery Ward credit card that pretty much stayed maxed out because I only paid the minimum each month.

Thankfully, I was finally able to realize how goofy I was being. I might take advantage of 0% financing now, but nope, I'm gonna either pay cash or skip buying if I don't have the funds. I like not having any worries about losing or being upside down on big purchases I make. Too much pride here to ever purposely borrow with the thought that I'd just let something go back if I lost my job/died/something else.

[nsxprime]

Originally Posted by Mudfrog

I've seen stuff like this mentioned a few times on here. Would someone please tell me where I can get a reliable 9%? Heck, I'd settle for 5%.

Edited to add: I wouldn't finance anything for 20 years, most definitely not a recreational vehicle.

We get 9% interest on all our retirement funds locally here in Dallas TX.