Financing motorhomes?

[9 Lives]

Found a chevy 5500 with the duramax diesel in it that I fell inlove with. I think dutchman or something to that affect is the manf.



How does the financing work on motorhomes? Its a $105,000 motorhome. I had talked with my father about it and he said they generally go out about 15yr. on financing through their providers. How steep are payments generally on something that size?

 

[RustyJC]

At the risk of upsetting Dutchmen owners, I would highly recommend that you look at some alternates - such as the lineup of Jayco Seneca Class Cs that use the Kodiak chassis.



Rusty

 

[9 Lives]

Hey its not hurting my feelings. Just didn't know if the figures were right for the financing.

Went on my dealers website and it said financing on average 8% for 15 yrs. that this $105,000. 00 motorhome should cost just over $1,100 per month... does this sound right?

 

[RustyJC]

I don't know if the $105K you're talking about is list price, but if you work at it, you should be able to get 25% to 30% off of MSRP.



Rusty

 

[jelag]

My credit union has RV loans on their web sight... . 6. 75%



I'm guessing that if you do business with a credit union you can much better money than the 8% you quoted... .



Understand that if you take a 15 year loan on one of those things and you'll be backwards in the motorhome for at least the first 8 years..... which means you'll have to pay to sell it.....

 

[9 Lives]

How long have you guys went out on your loans? The website for the seller says 15...

 

[TowPro]

What ever you do don't take out a home equity loan for it. With an RV loan the interest is tax deductable if you claim it as a 2nd home (you only get to claim one 2nd home). I been doing it for years. No reason to tie your home up with a motorhome loan.



As far as how long you take out the loan, its up to you.



Also before you buy anything, look its value as if it was 1 years old on nadaguides.com.

Some manufactures stuff looses 1/3 of its value in the first year or 2. When I saw that I ran! I believe nadaguides used value reflects what the pros think of the different manufactures.



If that $1000 per month sounds like a lot, check out some used ones. I know there is plenty of nice used with low miles on them out there. there used to be a guy on this list that dealt in used motorhomes (down in TX I think), I think he is still here. There should be a bunch of used ones coming up for sale around the Gulf Coast. I have heard of guys buying them down there for 25c on the $1. 00 or even less!

 

[9 Lives]

The 1K month price wasent so much of a shock. Im just stuck inbetween a full blown motorhome like that Jayco with the chevy kodiak 5500 (duramax diesel).



If I get the motorhome it will be pulling a enclosed trailer with 2 race trucks in it.



Or I have thought of getting a huge 5th wheel race hauler that has the race trucks in the back and living space up front. 9 out of 10 of the trips we would be taking is going to races.

 

[KennethS]

No way for 15 years to tie yourself up for that

Maybe 3 years but 15 forget that. If you do you will be sorry that you did that. If you can't pay for it forget it. Save up your money and pay cash. A home yes car boat notor home nope forget that. You better think about this befor you do somethat like that.

 

[RJOL]

Hey its not hurting my feelings. Just didn't know if the figures were right for the financing.

Went on my dealers website and it said financing on average 8% for 15 yrs. that this $105,000. 00 motorhome should cost just over $1,100 per month... does this sound right?

With the information you gave, your payment should be exactly $1,003. 43. Your total interest paid, over 15 years, will be $75,618. 24. 15 year financing is a long time for an RV.



The Dutchmen line is an entry level RV. You pay for what you get.



Also... Be very careful with dealer financing. They have a tendency to somehow come up with figures that are a littler higher then they should. You will generally do better by finding your own financing with a credit union, etc. JMHO...

 

[crobertson1]

Maybe 3 years but 15 forget that. If you do you will be sorry that you did that. If you can't pay for it forget it. Save up your money and pay cash. A home yes car boat notor home nope forget that. You better think about this befor you do somethat like that.

Agreed! I'd say think about the future as far down the road as you can.

 

[Ramtough]

What these guys are trying to say is not to get yourself upside down in any vehicle financing. This means a situation where your vehicle depreciates faster than the principal is reduced on the loan. If you decide to get out early and you are upside down, you will have to pay the bank to get you out of the loan when you sell the vehicle for less than you owe on it. Motorhomes depreciate VERY quickly. The probability that you will want or need to get out in less than 15 years is extremaly high.



The $1,003 payment number is correct. If you are being quoted $1,100, you are being loaded up with insurance and a bunch of other worthless fees.



The way you prevent this is to either make a substantial down payment or significantly shorten the financing term or both. Of course, shortening the financing term will make the payment go even higher.

 

[9 Lives]

I guess ill have to go the 5th wheel trailer route. Yeah I couldnt handle financing it for 3-4 or even 5 years. 2K+ a month is over my budget. Maybe one day ill know what its like to be able to throw down the big cheese like some of you guys

 

[Ramtough]

Hey 9 Lives - don't beat yourself up. I own a 5th wheel. You couldn't give me a motorhome. Although I say this at the risk of being flamed, I have never been able to justify the extra initial cost, maintenance headaches and ongoing expense associated with owning a motorhome. Lots of people are getting rid of them in favor of 5ers.



Length for length and considering comparable upfitting, you get so much more for your money with a trailer that I have never been able to figure out why anyone would want a motorhome in the first place.



Anyway, a trailer will give you a great reason to continue justifying the ownership of the turbodiesel - the finest package ever assembled for motivating a RV

 

[TowPro]

Anyway, a trailer will give you a great reason to continue justifying the ownership of the turbodiesel - the finest package ever assembled for motivating a RV

Plus I can't afford to keep the truck if I got a MH, and its tough loading plywood in the MH.

 

[TowPro]

If I get the motorhome it will be pulling a enclosed trailer with 2 race trucks in it.



Or I have thought of getting a huge 5th wheel race hauler that has the race trucks in the back and living space up front. 9 out of 10 of the trips we would be taking is going to races.

Wow, not sure I have seen a motorhome that could pull a trailer with 2 trucks inside it. That's got to be pushing 18k lbs with the trailer? Not even sure sure I have seen a 5th wheel toy hauler that can fit 1 truck in it, let alone 2.



you need one of these

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