Financing used vs new travel trailer

[jkennedy626]

Hello all,  newbie here!  My husband and I decided that we would like to do some seasonal camping. We have two boys (8 & 12),  so would like a bunk area and a queen bed. We looked a new models because a salesman said that they're easier to finance than used. How true is that?  I've been reading a lot on here and see most people suggest used for beginners. We have found some decently sized 2010 models and they are very nice. Any advice is appreciated!

 

[kdbgoat]

I don't know about easier, but new(er) can generally get financed for a longer term.

 

[Pugapooh]

I would suggest going with a well-maintained used unit.  You will avoid the steep depreciation of buying new.  You may decide you want a bigger TT or a different floor plan/features after some time actually camping.  You can also get more for your money on the used market. 

Welcome to the forums!

 

[Gary RV_Wizard]

Financing a used model depends somewhat on the age - most lenders won't finance anything over 10 years of age, and a few draw the line at 5. The percentage of the purchase price that can be financed may also be less. The MSRP of a new RV is known so the loan value can be reliably calculated, but market values for used rigs are subject to a lot of variation. Lenders tend to go low on used values to make sure they don't get burned too badly if the loan defaults.  Nothing is written in stone, though.

 

[lone_star_dsl]

I've never had a problem financing used RV's. All of mine have been for five years with 10% down.

There's only one reason that a salesman told you that financing a new one is easier...he wanted to make the sale.

 

[jkennedy626]

Thanks all!  We'll be shopping somewhere else this weekend. We can buy slightly used that looks brand new for half the price. I don't want a 12 year loan! 

 

[MN Blue Skies]

Thanks all!  We'll be shopping somewhere else this weekend. We can buy slightly used that looks brand new for half the price. I don't want a 12 year loan!

Usually there is no prepayment penalty.  If so, you can make larger payments (when best for you) and pay it off sooner.  The interest rates for a longer term loan are slightly higher.