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View Poll Results: How much is/was your monthly RV note payment?
Under $250 per month 6 8.70%
Under $500 per month 17 24.64%
Under $750 per month 14 20.29%
Under $1,000 per month 6 8.70%
Under $1,250 per month 7 10.14%
Under $1,500 per month 2 2.90%
Under $2,000 per month 1 1.45%
Over $2,000 per month 2 2.90%
I just going to tell people not to finance and not answer the question 14 20.29%
Voters: 69. You may not vote on this poll

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Old 10-04-2020, 07:05 AM   #1
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RV note payment amount?

For those of you financing your RV, I am wondering what are your average note payments? For this question it does not matter if you are financing a low end travel trailer over 24 months, or a high end diesel pusher over 240, as I am just trying to get a feeling of about what everyone's monthly note expense is.
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Old 10-04-2020, 07:18 AM   #2
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Old 10-04-2020, 08:20 AM   #3
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What is purpose of ....
I just going to tell people not to finance and not answer the question
It seems harsh to me? Seems like you restricted the poll to just those that may have financed; which make sense.

But since you went there; for those that may wish to advise others to not finance; it would NOT necessarily be their intent to NOT answer the question.

As far as the poll goes, not sure the way the question is being posed that it will tell you anything meaningful?

i.e. some people may finance, 12, 24, 36, 60, 120, 240 months etc., you would additionally need to know how much put down and net loan amount.

Interest rate paid and finance period may be more relevant information.

FWIW, in my case I did not Finance ( I am not a Gamillionaire; but if I can afford taxes I can afford to buy what I want ) But if I was given option of 0 % loan, and a 30 year term, I may have financed and paid very little each month. To finance or not is all a personal depends situation based one's personal financial security risks & rewards.

I didn't vote because the poll did not apply to me, but I did want to participate to chip in to help answer the question.
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Old 10-04-2020, 09:20 AM   #4
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I'm paying in full for a diesel pusher. I would rather not make payments on something that depreciates so much.
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Old 10-04-2020, 11:47 AM   #5
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I added that point, because it seems almost all threads revolving around RV financing quickly devolve into people lecturing others on how it is a bad idea to finance depreciating luxury items. As to the purpose of this thread, my motorhome is almost 20 years old (it turns 19 next month), though I just bought it 2016, financing it for 4 years, as it made sense versus the tax hit I would have taken paying cash, with the final note paying being this month. This started me looking at running some numbers, I looked at how much my note payment would have been if I would have bought the same coach new 20 years ago, what my payments would have been each month, etc. As it turns out they would have been about 15-20% higher than what I have been paying over the last 4 years...
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Old 10-04-2020, 11:58 AM   #6
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My payments would have NO bearing on you or others payments

How do you know it would have been 15-20% 20 yrs ago?

Credit score, payment history, age, local, relationship with finance company, interest rate, length of long, non-payment, amount financed etc ALL play into monthly payment

Besides other then a S&B Mortgage I do NOT finance anything.
That payment is $499 PITI but I send $700 so principle goes down quicker
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Old 10-04-2020, 11:59 AM   #7
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We financed even though we had the resources to pay for it we wanted to. Drawing that much out of an IRA in one year, though, would have put us solidly in the 25% bracket. Then, we got a gift when the tax cuts took effect, and we've drawn enough out each year to say in the 12% bracket and applied that to the loan. We're well on target to pay the note in full next year.

Isaac, if you've got Excel on your computer send me your email addy in a private message, and I'll send you good amortization schedule. It'll let you put the amount financed, length of time, and interest rate in, and it'll give you payments along with an amortization schedule.
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Old 10-04-2020, 12:01 PM   #8
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Quote:
Originally Posted by dkoldman View Post
What is purpose of ....
I just going to tell people not to finance and not answer the question
It seems harsh to me? Seems like you restricted the poll to just those that may have financed; which make sense.

But since you went there; for those that may wish to advise others to not finance; it would NOT necessarily be their intent to NOT answer the question.

As far as the poll goes, not sure the way the question is being posed that it will tell you anything meaningful?

i.e. some people may finance, 12, 24, 36, 60, 120, 240 months etc., you would additionally need to know how much put down and net loan amount.

Interest rate paid and finance period may be more relevant information.

FWIW, in my case I did not Finance ( I am not a Gamillionaire; but if I can afford taxes I can afford to buy what I want ) But if I was given option of 0 % loan, and a 30 year term, I may have financed and paid very little each month. To finance or not is all a personal depends situation based one's personal financial security risks & rewards.

I didn't vote because the poll did not apply to me, but I did want to participate to chip in to help answer the question.
Am I missing something? Did someone edit a previous response? I don't see anything you're referring to in this thread.
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Old 10-04-2020, 12:16 PM   #9
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Quote:
Originally Posted by Isaac-1 View Post
I added that point, because it seems almost all threads revolving around RV financing quickly devolve into people lecturing others on how it is a bad idea to finance depreciating luxury items.

Well that is true Maybe why it keep resurfacing ?

in general financing should ALWAYS be a bad idea unless..
1. Financially you have to (thus you have no choice)
2. Have business or legal entity in which you plan or don't mind filing for bankruptcy to beat the system
3. Having terms where you have 0% interest, no loan processing fees & no fees for early payout.


As to the purpose of this thread, my motorhome is almost 20 years old (it turns 19 next month), though I just bought it 2016, financing it for 4 years, as it made sense versus the tax hit I would have taken paying cash,

I didn't see how you avoided a tax hit? Are you really saying that because you were willing to pay more in taxes by way of paying interest on the taxes in addition to balance on RV? If true you are even in deeper hole if depreciation is a factor. Note: Unless you have overpaid; depreciation on 16 year old coach should not be a factor.


with the final note paying being this month. This started me looking at running some numbers, I looked at how much my note payment would have been if I would have bought the same coach new 20 years ago, what my payments would have been each month, etc. As it turns out they would have been about 15-20% higher than what I have been paying over the last 4 years...
That becomes subjective and highly speculative, i.e. what price did you use to purchase 20 years ago?
Your example may be circular proof of why many warn against financing an asset or RV that will heavily depreciate. You seem to have proved your counter argument.
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Old 10-04-2020, 12:21 PM   #10
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Many say do not finance a depreciating asset. I say do not pay cash for a depreciating asset, use some one elseís money. Just put enough down so that, hopefully, you will never be upside down. I put 30% down and financed the difference. It you ever want to sell or trade in, hopefully, you will get enough to pay off the note. If you own free and clear and are trading in, the dealer will low ball you on the trade. If you owe, hopefully the dealer will give you enough to pay off the existing note and have some trade in value for the down payment on the new rig. The key is to never be upside down. Iíd rather have the $$$ in my bank account for a potential emergency.
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Old 10-04-2020, 12:22 PM   #11
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Financed used MH, could have paid cash but the income tax on closing my annuity would have cost me $100,000. My annuity pays 7% and the loan is at 5% so I make more than the interest and still have most of the principle.
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Old 10-04-2020, 12:26 PM   #12
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Just an observation.

Too much overthinking of the question. OP is not interested in any reasons why monthly expenses are at a certain level, only what those expenses may be for fellow RVers.

Just check a circle in the poll (or don't) and move on.
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Old 10-04-2020, 01:53 PM   #13
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Without getting into details in my specific situations I ran the numbers, and in the long run it saved me money financing over a short term, I choose 4 years, though I could have picked 3, as I would have taken a tax hit, etc. for selling dividend paying stock, plus lost the dividend payments from the stock had I opted to pay cash. It was not a big savings doing it this way, but it was some, the dividend payments on the stock I would have had to sell over 4 years just about covered the interest charges on the loan (they were within about $100).
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Old 10-04-2020, 09:56 PM   #14
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Am I missing something? Did someone edit a previous response? I don't see anything you're referring to in this thread.
Just to clarify my previous post, my first view of this thread was on my phone and the survey did not show up. Now that I am on my laptop, I see the survey and realize the reason for the for dkoldman's question. Please ignore my post.
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