lacofdfireman
Tehachapi, Ca
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I had a little bit of an eye opener today. Are RV loan amortized different than like an auto loan? I was figuring that a $75k RV loan for 20 years would be like maybe %500 per month. Instead it's like $700 per month. If I bought an RV for $75k and did the 20 year rate it's almost like paying double for the RV. Am I figuring this out wrong? If so guess I better be looking Used. "Real Used."
If there are any RV loan experts out there help me out here. I would like my payment to be $500 or under so how much of an RV could I afford? My credit score is in the 760's...
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mpmeisch
Aurora, IL
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You must of done something wrong. I went to Good Sams Finance web site, and their current interest rate of 6.5% at 20 years would be a payment of $559.18. I used Good Sam to finance my MH, its actually GEMB Lending. And it was painless and quick. Got approval fast and a check in a couple of days. Here is a link to their loan calculator: http://www.goodsamfinancecenter.com/EPC/goodsam_calc.php?keycode=
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tatest
Oklahoma
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A 3 year RV loan should look pretty much like a 3 year auto loan.
A 20 year RV loan will look more like a conservative 20 year real estate mortgage, except that you may not get as good an interest rate, or anything like the no-principal terms you could get in a ballooning real estate market, because your collateral is rapidly depreciating.
If lenders did 20 year auto loans, the amortization would look like what you saw for the motorhome. But lenders don't do 20 year auto loans, for obvious reasons.
Tom Test
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tropicalgeezer
Northern California
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I just used the loan calculator right here on RV.net. $75,000 at 6% for 20 years is $537.
I don't know where you got the $700 figure.
Tom
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Briteskys
Mesa, AZ
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lacofdfireman wrote: Instead it's like $700 per month. Lets see... At the money you guys are making today - 700 bucks is probably only one OT per month. 
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Aridon
SE Florida
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Loans all pretty much work the same way.
Principal, interest, and term will net you a payment. Mess with any of those and naturally things change substantially.
Unless you go with interest only options or something really short term they are calculated pretty much the same way.
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wayne_tw
South Dakota/Georgia
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If you do not have the money to pay for an unnecessary depreciating asset like a motor home or any RV, then you can not afford it regardless of the monthly payment amount.
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mhrm60
Long Beach, CA
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Quote:If you do not have the money to pay for an unnecessary depreciating asset like a motor home or any RV, then you can not afford it regardless of the monthly payment amount.
In a perfect world! If this were the case, I doubt there would be many RV manufacturers in business right now.
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bagman
Downriver Detroit
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I think they were quoting him on a 15 year term note! Bagman.
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lacofdfireman
Tehachapi, Ca
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bagman wrote:I think they were quoting him on a 15 year term note! Bagman.
Bagman, Sorry I was looking at 15 years. Didn't realize I hadn't changed the term to 240months. Sorry for the mistake. Need to pay better attention next time.
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