Legnth of term for financing?

[tshirtman]

What is the most popular term for financing today? With the rates under 5% seems the longer the more flexable .
Loan amount would be under $25,000.00

[jdorant]

I did mine for 10 yrs but at the rate i pay it will prob more like 6/7yrs.

[Doug]

I would think the normal life expectancy of a TT is no more than 10 years.
Obviously, the shorter time you can afford to finance, the less charges you will incur.

Best regards,
Doug

[Crabman]

Not sure what the most popular is but the shorter term you can afford the better. If you take out a longer term, add some extra principal every month to the payment. Get that baby paid off ASAP IMO.

[clubhouse]

I stretched the note as long as possible, 10 yrs at 4%, to keep flexibility but it will be paid off in less than 5. Simple interest loan with no prepayment penalty, so it made sense to me.

[TeamFoxy]

Resale value for most RV's seems to drop like a rock. Unless its something with a cult following like Toyota Class C's or an Airstream you will be underwater on financing. I think the best bet is to buy used from a private seller, wave cash under their noses and play hardball with negotiations.

With reasonable care, an RV can last a long time. Our Toyota RV was 22 years old, but in great condition. It sold in 3 days for enough to buy our Jay Feather outright. I doubt we will be that lucky with selling the 25Z when the time comes, but at least we are not underwater on financing.

[Doug]

Originally Posted by TeamFoxy

Resale value for most RV's seems to drop like a rock. Unless its something with a cult following like Toyota Class C's or an Airstream you will be underwater on financing. I think the best bet is to buy used from a private seller, wave cash under their noses and play hardball with negotiations.

With reasonable care, an RV can last a long time. Our Toyota RV was 22 years old, but in great condition. It sold in 3 days for enough to buy our Jay Feather outright. I doubt we will be that lucky with selling the 25Z when the time comes, but at least we are not underwater on financing.

X2

Some great deals on used.

[dave89]

We got ours for 10 yrs with a 4% rate. I hope to have it paid off in 6-7 yrs.

[rbrumfield]

Financed mine for 10 years and paid off in 6 months.

[Iraqvet05]

The lenght of the loan also depends on the amount financed and varies from bank to bank. The wife and I had a $16k loan approved with BOA at 4.73% for 12 years but got a better rate (4.2 something) thru the dealer. We financed $13k after putting up a down payment.. US Bank would only do 10 years since we borrowed less than $15k.

[Crabman]

Originally Posted by rbrumfield

Financed mine for 10 years and paid off in 6 months.

Kudos to you!

[Rob_Fla]

Originally Posted by Crabman

Kudos to you!

x2

[amabee]

Originally Posted by clubhouse

I stretched the note as long as possible, 10 yrs at 4%, to keep flexibility but it will be paid off in less than 5. Simple interest loan with no prepayment penalty, so it made sense to me.

I agree with this line of thinking, also put down a solid(at least 20%) down payment. This is how most people get "upside down" on loans.

[Doodlebug]

We kinda' did what a lot of others have donel I financed ours for 10yrs....could have wrote a check for it. But I wanted to "furnish" it really nice. With me that never seems to happen unless I do it right when I purchase an item.....I'm basically a cheapskate!! Whatever I have left after we're done with all the purchases goes right on the loan.....shouldn't be more than a couple of thousand dollars left at most....I should have it paid off in 6mos in the worst case. If not, the loan pmt is $100/mo
It's a lot better than putting the "furnishings" on a credit card at 9%.....