Tuesday, July 5, 2022

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Do you own your RV outright or make payments?

We want to know: At this very moment, do you own your RV outright or do you make payments on it? If you do make payments, will you share in the comments below the poll how much longer you’ll be making payments (if you don’t mind sharing, of course).

If you’re curious about RV payments, this article by The Savvy Campers is very informative and answers a lot of questions. Check it out.

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32 Comments
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Dan F
5 days ago

Bought a 50 year old model in cash ,then proceeded to rebuild it from bottom up for 1.5 years .I know everything in it and how to fix it . We looked at new but the quality yo value is just not there.We are now in the hunt for an old Del Rey truck camper. Lot of nice newer stuff out there ,just price to value and depreciation ratio just to me is such a wide margine.

Lorelei
8 days ago

I do have to wonder why anyone cares if people are making payments or not. I own mine, made a few payments and paid it off. Dragging it out with all that interest does not appeal to me.

Scott
11 days ago

bit the hook and financed for 15 yrs, that was 2+ yrs ago and am almost paid off. The financing gave me a lower payment if I needed a month where I was a bit tight on $$. Should be finance free in 4-5 months

Al
11 days ago

We put 50 % down and financed the rest for 15 years. We have seven left but we intend to keep our motorhome till we can’t drive anymore so it’s not a big deal and is figured into our budget.
Rather than buy then rv cash we paid the house off so we can feel better and more stress free while traveling.

Becky
11 days ago

Don’t know why Patty’s so upset. Vote in the poll or not. Optional, not mandatory. Anywho, after much research and hunting, found a beautiful used 5th wheel. We were fortunate to be able to pay cash. Hate financing anything if I can avoid it.

Patty
12 days ago

That’s a NOYB question! I would never discuss our finances to anyone, other than our CPA. Getting a little nosey for me.

Admin
RV Staff(@rvstaff)
12 days ago
Reply to  Patty

Hi, Patty. We have absolutely no idea who answers our polls or how they answer. But almost 2,000 people have participated in the poll, and 17 (not counting you) have commented. Your comment was the only thing negative we heard about this question. I guess since it’s totally anonymous, except for those who choose to comment, most people don’t feel this is that intrusive. But that’s OK. No problem. No one is forcing you to participate, and we apologize for it coming across as a NOYB question. Have a good night. 🙂 –Diane

Patty
12 days ago
Reply to  RV Staff

You know it’s so funny. I do comment on theses polls often., and you have come after me twice on my comments. The first time was when I said we had a booth Now instead of a table with chairs and you said that we needed to tie the chairs down while traveling. So screw you. I’m off this {bleeped} liberal newsletter.

Admin
RV Staff(@rvstaff)
12 days ago
Reply to  Patty

I have no idea what you’re talking about, that I came after you on your comment about a table and chairs. Why in the world would I even say you had to tie down the chairs while traveling? And I certainly didn’t mean to “come after you” when I explained that we don’t know who votes in our polls, and apologized that you thought it was a NOYB question. I know you comment often, Patty, and have enjoyed reading them. That’s why I was sorry you reacted negatively to our poll question. Take care. –Diane

Scott
11 days ago
Reply to  Patty

see yah…NOT !

Jay
8 days ago
Reply to  Patty

Your way or the highway? Me thinks you may be just a little touchy. Not judging, just saying.

Patty
12 days ago
Reply to  RV Staff

Please remove me

Patty
12 days ago
Reply to  Patty

And by the way I have donated 50 bucks to this newsletter.. more than most your readers

Admin
RV Staff(@rvstaff)
12 days ago
Reply to  Patty

Thank you very much, Patty. We appreciate it. Have a good night. 🙂 -Diane

Lee
8 days ago
Reply to  RV Staff

Good grief! I think we have camped next to Patty more than once! A complainer who complains about everything…ruined our camping experience!

Bob Weinfurt
12 days ago

Just for the fun of it, we bought our old motorhome nine years ago for $300. Some time and a few hundred dollar more and we were having fun with it. It’s getting a little rough around the edges but we’re still enjoying it. With the price of gas, we’re staying pretty close to home this year.
My credit score is a little low because I like living debt free.

Last edited 12 days ago by Bob Weinfurt
KellyR
12 days ago

Had zero debt. Took out 20 yr loan on RV, for low monthly payments, so as not to deplete savings, with intent to pay off much earlier once we had our other financial ducks in a row. Insurance company notified us that if we had better credit score that our ins payments would be lower. Called ins co and they said that if we had outstanding loans our score would be higher and rates lower. Told them that we had a loan on the RV that they were insuring. They notified credit companies and the loan went on their reports and our ins rates came down 14% and our credit score went from 700s to 800s. Our credit score is now at highest possible. Have been making double and triple payments and now back to regular payments for a couple of years fearing that when we are back to zero debt our credit score will drop. All seems backwards to me. Financial institutions seem to have me/us by the short hairs. We could easily pay it off, but ….?

Tom
12 days ago

Paid cash (and trade) for our Class A but have a loan on a small trailer. Take a loan when our investments are making more than the interest on the loan. Has worked very well for us so far – even paying the loans and living expenses our investments are still growing.

Jewel
12 days ago

We financed our Solitude fifth wheel along with trading in our previous trailer. But we opted for a credit union loan (again – all our vehicle purchases are through our CU) and no penalty payoff. Our loan is extended for the longest term with the lowest rate but we pay additional chunks and will have it paid off completely in 12 months or less. Frees up cash for our daughter to help her through college. And at the end, we only will have paid a few hundred in interest for use of our money.

No harm in financing – just do it wisely. It is only a good idea to pay in full in cash when you have no other debt, some people have higher interest cards to pay off or other expenses that cash will benefit more. Only finance for a longer term with a plan. You only live once but enjoy the life you have – get that RV but don’t go overboard!

Neal Davis
12 days ago

Any day now we will head to Florida and trade our fully owned 2016 MH for a financed 2022 MH. We are financing through a local S&L and will be able to pay off our loan early with no penalty.

Mike Johnson
12 days ago

We financed our small toy hauler through our credit union. The dealership tried to talk us into a 10 year note with their preferred lender, but we went three years and a MUCH lower interest rate with the credit union.

Gary
12 days ago

Straight cash, homie!

Sharon B
12 days ago

My first 2010 TT was new and paid cash. Still own that one for travel. Recently bought a 2014 Laredo 5th wheel also paid cash. I sold my home and now live in the
5 th wheel. Ahhh..no high property taxes or expensive home maintenance. Now keeping up with any TT or 5th wheel needs.

Joe
12 days ago

Basically paid cash for our new motorhome. We took a 20 year loan for our class A to get a better deal due to the dealership getting a kickback from the bank. The deal we made with the dealership was we had to make 12 payments to satisfy the bank kickback and paid off 19 years of it right away and held the other 11 payments over the dealerships head in the event they screwed me around on warranty work. Of course the RV dealer did not like this and eventually they did screw me around. I made the finial payments in a lump sum after warning them what would happen and showing them the payment history. We then pulled the MH from the dealership and took a 2 day drive to Elkhart to the factory for the repairs and paid it off. I guess they did not care or thought We were not serious!

Ray
12 days ago

That surevy leaves a very wide margin of discretion on how it can be answered. So 56% paid cash!? Yea, depending on about a dozen factors I suppose.

Bob
12 days ago
Reply to  Ray

Not sure what you mean, if you paid cash and never had a loan where you made payments, you answer the first response.

Rich
12 days ago
Reply to  Ray

what dozen factors? we negotiated a price, paid the downpayment via check and upon delivery wrote a check for the balance. no money was borrowed from any outside source. we’ve been married for 52-years. we haven’t carried a credit card balance for 51-years. we paid cash for our new cars beginning in 1990 and paid off our mortgage a few years before retirement in 2005. we saved, invested and saved some more. cash is king!

George Paniagua
12 days ago

Built mine, put everything in it that I wanted, paid as I went. I’ve had it 20+ years.

Skip
12 days ago

Paid for up front but when things weren’t crazy. Waiting for a crash or when there is a glut of RVs then upgrade. Because at this point I wouldn’t live long enough to pay one off.

Wayne Caldwell
12 days ago

Our last “make payments” on a new (to us) vehicle of any kind was about 20 years ago. Our trailer was 17, our van was 1, and my truck was 3 years old when we bought them.

Sheryl Hendrix
12 days ago

We could not have done this on a fixed income if we had to make notes. It was very easy for us to sell everything to start this journey. Two and a half years and loving it no regrets! We were also blessed with an unbelievable deal on a used Newmar.

Sharon B
12 days ago
Reply to  Sheryl Hendrix

Ditto on that!!

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