Community Forums

Bigblock55 · 09-05-2021, 05:30 PM

Where is a good place to get long term, 240 month financing?

TXiceman · 09-05-2021, 05:34 PM

Just start calling banks that specialize in RV financing. I cannot see any reason for financing a depreciating asset for 20 years.

Ken

twogypsies · 09-05-2021, 05:53 PM

Why would you do that? Do you realize what it's going to cost you in interest?

BillJinOR · 09-05-2021, 06:09 PM

There are several online sources that can finance those terms Essex comes to Mind. Google is your friend here as the banks and credit unions ,at least most choke on terms like that. The dealer may have someone they work with and generally if you know what the rate should be they can meet it and still take a cut the loan company gives them a preferred rate ( they do get a kickback in most cases ) . All is pending your credit . 240 months is a very long time and you will find many comments won’t be positive. You might consider carefully 180 months just a few years ago was the absolute max

Hittntheroad · 09-05-2021, 06:14 PM

Bank of The West will finance 20 years. That’s a long time tho.

Mich F · 09-05-2021, 06:32 PM

Ally Financial is another one.

Jim.B1 · 09-05-2021, 06:49 PM

Before signing anything, ask the lender to give you a hard copy print out of what you will actually have paid by the end of that 240 month loan.
Then, ask your dealer what a 20 year old RV is selling for today compared to new.
If it still looks like a good idea ......

Now, if the plan is to only live for 5 years, and you are not concerned about the burden on your family and estate .... different story. :

bpu699 · 09-05-2021, 07:02 PM

If you need a 20 year loan on a toy….

Teamfoxy · 09-06-2021, 06:27 AM

You will be upside down on your coach the entire life of the loan. Just had a good friend pass this year and his widow is stuck 12 years into a 20 year loan. The coach is worth less than half of the loan balance and she can't afford the payments. Think long and hard about the consequences.

momdoc · 09-06-2021, 07:38 AM

20 years is well beyond the "lifespan" of the average RV. You will be upside down the entire time and when you are done with the rig you will owe much more than it is worth.
Maybe reconsider if this is a good idea?

dbircky · 09-06-2021, 08:09 AM

If you can borrow money at 4% and earn 9% investing, borrow away.

Mudfrog · 09-06-2021, 08:24 AM

Quote:

Originally Posted by dbircky

If you can borrow money at 4% and earn 9% investing, borrow away.

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.

dbircky · 09-06-2021, 12:59 PM

Dollar cost averaging on an index fund. Reinvesting all dividends.

https://www.investopedia.com/ask/ans...urn-sp-500.asp

Some years up, some years down. Nothing is guaranteed. Just a historical track record of those gains.

Theturboman · 09-07-2021, 01:14 PM

Just to give an example of what a good investment it was

I paid $340k in 2005 for a Monaco Sig 2 years old window sticker new $596k
$40k down
$2200 a month for 10years(20 year loan)
Wrote a check to pay it off for $244k
Sold it 3 years later for $125k

Ouch!!!