sunrisor
Well-known member
Kinda' new to the RV world.
I've read a few topics here about financing, and loan lengths vs. RV age vs. depreciation. We've been thinking hard about a purchase, since longer loans give lower payments. But, some of the topics talk about how quickly RVs depreciate, and it makes me a little nervous thinking about what the value will be when the loan is paid. I'm not talking about credit scores, or income/debt ratio, or APR, or this bank vs that bank. I can figure out that part (my wife is the haggler), being new to the RV world depreciation is the question...
All the above being equal, I have a hypothetical scenario:
2010 Class A diesel pusher, 31', with 15K miles (seriously I actually saw this) asking 64,995 from an east coast dealer.
Assuming all mechanicals are functioning properly, condition is 'Good-to-Good+'
Question:
In regards to depreciation, would this be an acceptable risk for a loan over 10 years? over 15 (is this even possible? not that I would)?
Would it matter if I put 20% down? 10%?
This, now, 7 year-old RV will be 17 years old (or more), when it's paid for. If it's everything we asked for in a RV, then life is good, and we keep rolling....but...what if its not? I guess that's my question.
I've read a few topics here about financing, and loan lengths vs. RV age vs. depreciation. We've been thinking hard about a purchase, since longer loans give lower payments. But, some of the topics talk about how quickly RVs depreciate, and it makes me a little nervous thinking about what the value will be when the loan is paid. I'm not talking about credit scores, or income/debt ratio, or APR, or this bank vs that bank. I can figure out that part (my wife is the haggler), being new to the RV world depreciation is the question...
All the above being equal, I have a hypothetical scenario:
2010 Class A diesel pusher, 31', with 15K miles (seriously I actually saw this) asking 64,995 from an east coast dealer.
Assuming all mechanicals are functioning properly, condition is 'Good-to-Good+'
Question:
In regards to depreciation, would this be an acceptable risk for a loan over 10 years? over 15 (is this even possible? not that I would)?
Would it matter if I put 20% down? 10%?
This, now, 7 year-old RV will be 17 years old (or more), when it's paid for. If it's everything we asked for in a RV, then life is good, and we keep rolling....but...what if its not? I guess that's my question.