Will you have trouble making your RV loan payment this month?

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Times are tough. Nearly 30 million Americans are unemployed. And times are getting more challenging each passing day that we deal with the COVID-19 Pandemic.

More than 3.4 million homeowners are temporarily skipping their home mortgage payments because they’ve lost income. Under the CARES Act rescue package passed by Congress, affected homeowners can skip or delay payments for up to a year.

But there is no such program for RV loan payments. Millions of RVers are currently making a monthly payment on their recreational vehicles, some in the thousands of dollars each month.

From our previous polls, we know that RVtravel.com readers are better off than most Americans. For most, their income does not come primarily from a job, but from investments, pensions and Social Security.

Still, many financed their RVs — some that cost hundreds of thousands of dollars — for up to 20 years, and no matter what their income it might be difficult or even impossible to make their monthly payments.

What about you?

Remember, it make take a few moments for the poll to load. So stand by.

Oh, read our story from the other day where we discussed making RV loan payments.

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Marilyn Granger
4 months ago

Bought a new 5th wheel in 2018 and made double payments for year and said enough is enough. Paid it off and am so glad we did!

Milo
4 months ago

Handed them a check for the full amount and out the door we went. We even donated our 2 stimulus checks to our church’s food bank.

Bill
4 months ago

Paid cash for a new (2012) 23 ft. Forest River, Salem travel trailer. We’ve outgrown it and have been planning on moving up to something better. But at this point we’ll wait to see what the market brings.

Rita M. Black
4 months ago

I’m retired, so I live on my Social Security and a small pension each month. So, I know exactly how much I will have each month and try to keep all my expenses below that total. My stimulus check went straight into my camping trip and emergency expenses account,

Einar
4 months ago

Luckily we bought our camper used. Just so that we knew that when we took out a loan to buy it, that the payments would not be to high. And now we only have a few payments left to pay it off. In fact it will be paid off by the end of this camping season. My wife and I both talked about this as soon as she was furloughed from her place of work just two month ago. My wife had told me that she was worried about it until she saw that there were only a small amount of payments left on it. So we both decided to dip into our savings if need be and get it out of the way. Then she got a call about her job, and is now able to work from home or our camper at our seasonal campsite. But we are going to stay on track to pay it off this season.

TIM
4 months ago

I made one payment – the day I bought it. No monthly payments.

David Binkley
4 months ago

In this world in which we now find ourselves cash is king and debt will really start to hurt very soon if it doesn’t already. I could have bought a very nice RV with a loan but chose to pay off a commercial investment property instead. Glad I did. The RV can wait and it appears waiting will pay off since there is going to be glut of both new and very gently used coaches on the market very soon.

For most out there, paying cash is the best choice. Don’t get a loan. If you cannot pay cash, wait until you are able to do so.

Bill
4 months ago

Poll wouldn’t load, but no, we won’t have a problem. So far, the virus response has not effected our income

Admin
RV Staff (@rvstaff)
4 months ago
Reply to  Bill

Sorry you’re having trouble with the poll, Bill. We’ve had more than 1,400 readers participate in it this morning, so it could be your computer. Here’s a possible explanation from one of our IT experts, Jessica: “Sometimes script blockers and ad blockers interfere with our polls since they are from a 3rd party site. If you have one of these try and turn it off and see if that fixes the issue.” I hope that helps. 😀 —Diane

Wayne Caldwell
4 months ago

Own ours outright. Bought it used (14 years old at the time) and paid cash. That, due to wise spending and saving (thanks to my bride), we wrote a check for our (five year-old) truck when we bought it two years ago.

Captn John
4 months ago

I took out a 20 year low interest loan at $300 a month. I usually send them $2500 but often more. This month $3300. My cash remains in CDs at a much higher rate than expect on renewal.