financing a travel trailer??

[whirlsy]

Hi all~ my husband just came home tonight and asked me if I would be interested in buying a travel trailer, he has a friend from work selling one for 5,000.00. it is a 1995 and very clean and nice, hardly ever used, my question is how do I figure out the monthly payments? I know my good friends just bought a big one over 15,000.00 and financed it like a second home so has anyone gone through this? I would like to know how much my monthly payments would be. Thanks for any help. Dawn

 

[Poohstyx]

RV'n - Thats a great way to go! We have had a motorhome for six years now. Started off in a van, then went to a tent, then a 30 foot travel trailer and now a motorhome.

Most lending institutions will lend from 12 to 15 years at 6 to 9%. All depends on your lender. We used a credit union but banks lend on RV's also. There are companies that specialize in financing RV's. All depends on how your lender is feeling that day.
Something you can do is bring up the NADA site on the internet and find out what the going price is on the unit you're interested in.

Before you buy, be sure to look along the seams for any leaks. Leaks are the worst problem that RV's have, in my opinion. Also, check to make sure that everything works.

Two places that will help in your decision is the camping forum on this site, and IRV2.com. IRV2 people are a frendly lot and they like nothing better that to talk about all aspects of RV'n.

 

[Disneycrazymom]

Another good sourch of information is The Open Roads Forum www.rv.net . It is my next favorite after the Dis. Tons of great info. We love our travel trailer. Be sure that you have enough towing capacity, some of the older trailers are very heavy.

 

[Gette88]

Wish I could help, but we just bought a travel trailer - cash. We just didn't want the payment so we safed for a few years and just got it in April. We are only taking it to a campground for a week in July (kinda wiped us out) but next year it will be parked for the season in Cape May NJ. We are very excited. It's a 2003 Citation 33A. Good luck.

 

[pat fan]

We bought a used pop-up a few years ago and went through my DH's credit union.Does your DH's place of employment have a similar set-up?We pretty much did it over the phone,they told us what would be deducted every week from his check, and walah...it was done!

 

[luvwinnie]

March. LOVE IT> We financed it through the dealer, but I'm sure your own bank would give a loan...if not there are places the specialize in this...search under RV financing. Good luck!

 

[NHMickey]

I am in RV sales and while we offer financing to our customers I have seen a trend in the last few years of Banks and Credit Unions offering very low rates to there members for RV loans. Most of these loans are just like a mortgage in that you can claim the interest of your taxes as a second home. You will also want to make sure that it is simple interest and has no early payoff penalty. You may find that you like camping and want to trade up and if you get the wrong type of loan you may have trouble getting out of it. So ask

1 Is it Simple Interest?
2 Is there any penalty for paying it off early?
3 Can I use this type of loan as a tax write off as a 2nd home?
You may need to ask your accountant on this one
4 If I pay more than what is due does it go against the principle
with out any interest attached.

You may also want to check the value of what you are buying at nada.com They are the industry standard.