Hey there fellas, just stoppin to get a few points before i go out shoppin this week. Looking to purchase a new 5th wheel toy hauler. My question comes on financing. Do they run much like trucks as in terms of the term of finance? Or do they come with longer terms? Im aware of some of the perks to the primary residence as thats what this will be, I figure why pay for apartmetn when i can get a nice tripple slide 5th wheel haha.

 

Most will go 10 years but interest is higher on a RV or boat

 

Yes you can go as long as 15-20 years with some.

 

The last show I went to they were offering pretty low rates for 15 years on some of them, with nothing or next-to-nothing down....

The way those things depreciate, though, the people who got sucked into that deal will be way upside down for pretty much the whole life of the loan.

Like any loan, shop your bank, CU, dealer, and whoever else for the best rate, and make sure you put enough down that you will always have equity.

Life can throw people an unexpected change once in a while, and it would sure stink to be one of those people who owes like $10,000 more on their RV than they could ever dream to sell it for...

 

I would consider a slightly used model. A 1 or 2 year old 5th wheel will have already taken a lot of the depreication, they are really nice and some people trade almost yearly.

Nick

 

I would highly recommend used. Most rigs are worth 50% less after 3 years. You can do some shopping on line at pplmotorhomes.com .They are the largest consignment dealer in the country. You can get some idea of prices, floorlayouts, pictures, etc. Many of these rigs were used a few times & the owners decided they did not use them enough to keep that much money tied up. So, they dump them, usually losing $10-30k. Their loss can be your gain.
Besides, if you don't like whatever you bought, you can turn it without losing much.

 

Thanks for the info everyone, i guess i meant used haha. I know of the depreation on them:P one i was looking at was 58k new, found an 03 for 31, oh well haha