RV Financing
- Thread starter rknight111
- Start date
rhody605
Active VIP Member
Truth
. I will admit some guilt of that myself. Been reeling it in over the last few years.
I came across a saying this winter. “*uck the jones’s*. It’s alright to say no and say I would rather not spend the money to do that right now.
neilsleder
Active VIP Member
They won’t be because so much is left owing on them. They will be priced high because people need there 20years of interest paid to
- Moderator
- #24
Not everyone makes enough to pay cash for everything, so they shouldn't be allowed to participate? Even though they can make the 20 year term?
ABMax24
Active VIP Member
Here's another thought. You can live in a house, you can live in an RV. If sh!t goes south and you can't afford the payments on either, they know where to find your house... But how do they know where to find the RV?
At least that's my "sh!t hits the fan plan".
At least that's my "sh!t hits the fan plan".
pfi572
Active VIP Member
This is very true but people can save until they can afford and buy good used if they search ?
It’s just everyone wants a $60k plus unit a 80k plus truck to pull it , a SXS , boat , holidays , snowmobile and blah blah .
Then work 5 days a week so they can use all the STUFF.
Then all the lifting costs plus day to day living expenses. Lol
The numbers don’t add up in the end so the terms keep getting longer and longer with so called low interest rates .
Then to top all that off it’s all personal dept so it’s all tax paid moneys on the interest paid .
Needs and wants boys and girls !!
Cdnfireman
Active VIP Member
Gonna be lots of good repo units in a year or two....
catalac
Active VIP Member
My bad only if they trade the rv back for less than principle owing the difference is attached.
Purchase for 19990, owe 15000 after 5 years, dealer says it’s worth 12,000. New one is 38k+15k-12k= 41k plus interest. People walk out with Rv financed for more than new.
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- Moderator
- #29
Another way to make my point is...... some people can't save any money period. So the only way they get a head or their "needs and want" is to financeThis is very true but people can save until they can afford and buy good used if they search ?
It’s just everyone wants a $60k plus unit a 80k plus truck to pull it , a SXS , boat , holidays , snowmobile and blah blah .
Then work 5 days a week so they can use all the STUFF.
Then all the lifting costs plus day to day living expenses. Lol
The numbers don’t add up in the end so the terms keep getting longer and longer with so called low interest rates .
Then to top all that off it’s all personal dept so it’s all tax paid moneys on the interest paid .
Needs and wants boys and girls !!
Same as why do people rent????? Everyone should own their own home and be mortgage free, right?
Cdnfireman
Active VIP Member
Nothing wrong with wanting things...but people need to avoid the instant gratification and keeping up with the joneses mentality....start off with an older tent trailer and truck, then move up when you can afford it by saving some money....looking at some of the units rolling down the highway there’s a quarter million worth of truck, trailer and toys....hard to believe there’s that many people with that much disposable income to put it into what’s a rapidly depreciating collection....
FernieHawk
Active VIP Member
My $300 tent is paid for...LOL
Stompin Tom
Active VIP Member
Wife works part time at an RV dealership, she says its crazy how many impulse purchases happen. Family gets bored, drives by on saturday morning for "just a look" 3 hours later they are signing papers and picking up the new unit on Wednesday. They dont know what hit them till 2 years later.
- Moderator
- #33
100% agreed. When I bought my trailer in 04, I had a 83 Dodge 1/2 ton reg cab, long box. About 5 years later I was able to upgrade to a 93 Chev3/4 ton ext cab long box diesel and still making my 215/month trailer payments
papajake
Active VIP Member
Then to top it off they have to pay 100-150 to store it every month
That's not what I saying Doug, but people could choose something that there is a hope of actually owning. If a persons debt to income ratio is to the point that the payment needs to be made small by extending the loan term, its likely that its just not within reach. Not everyone can afford new and need to face that reality.
In all honesty I have no idea how people can afford, 2 vehicle payments, morgage etc.
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neilsleder
Active VIP Member
Helping my wife buy a truck right now as she sold her diesel. The dealers now don’t even want to sell you a vehicle it’s all financing. The price is higher if we pay with cash that’s if the even would sells it.
skegpro
Active VIP Member
On what planet does that make any sense.
The thing is if someone needs to finance on such a long term they are just a hamster on a wheel and will always be on it, never being able to pay for it in cash because they give the banks so much money in interest. Either they need to wait and save up in cash, or earn more to pay it off quicker and pay cash for the next one. Unless you're living it in a RV is a want and not a need, and financing is not a great idea. You can even go rent one if you want it's probably cheaper for most people then buying even. If someone wants to finance an RV for 20 years there is nothing "wrong" with it it just makes terrible financial sense and if they stay that way they will always be broke. The problem is so many will finance a new vehicle or two, the rv, toys, etc and have thousands in payments over 10-20 years and only really be paying interest, maybe even being underwater because that stuff depreciates so fast. If they waited say 5 years with a older vehicle and skipped the rv and toys they could save up a ton of cash and actually be able to afford that stuff and in the long term be so much better off financially for it.
The other thing is how much better it is actually owning something. I've found in the last few years having all vehicles, equipment, etc paid for it's just that much better and I would never finance any of that stuff again.
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Finance it, and go pay out the loan the next day. Nothing they can do about it.
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