RV Financing Recommendation?

[uncagingmyspirit]

Due to C19, my credit union is being very limiting on all loans and no loans for recreational vehicles without half down (similar for new homes).  Wondering if anyone has had positive experience with non bank/credit union financing, they can recommend.  I have a decent amount saved, just not half.

 

[DLTooley]

Have you considered a private party transaction? I’m thinking something like Craigslist or RV Trader, part of Auto Trader.

You probably won’t save half, but you could get close. Talking directly with a long term owner is the best information you can get on a vehicle so long as you’ve got a good BS detector. That’s a lot less likely to be needed than with a used car salesman.

 

[uncagingmyspirit]

I'm looking at newer models (2005+) in the $40,000 = $50,000 range. I'm hoping to get something that can last 20 years if needed. I'm also looking at less expensive / older models as well. I'm keeping my options opens and trying not to have too many limitations.

 

[maki2]

While you are thinking of keeping it for 20 years that might not happen. You might get out on the road and then something changes in your life. When you buy new you take an immediate hit on a drop in value. If you can't afford to do it without a loan and you can't get a more affordable loan from your preferred provider then you now have 4 major reasons not to invest in such an expensive purchase. You don't want to take out an expensive loan with higher interest from a source you are not comfortable taking a loan with, that makes no real sense.

Buy something less expensive for cash if you need to get something now. A lot of people work their way up into having nicer rigs over the years by trading up rather than just making an initial leap into an expensive RV.  Make sure it is mechanically sound. A perfect interior is a dream but rarely does one find such a thing because they are made for the majority of customer use preferences. But you are in the minority, someone who lives full time and works in it. It is what it is and there is nothing you can do about that other than remodel over time or delay your dream of having an absolutely perfect interior for a few more years. But don't let the issue of perfection or not getting a big loan stop you. Because ultimately you have the ability to within your own self become adaptable to a different set of circumstances and criteria.

 

[DLTooley]

In the private party market once you get over a certain price point your competition for purchase is mostly those same used car dealers buying inventory.

I don’t follow the market closely, but if you have 10k you should be able to very well, especially if you are buying something to build out, as opposed to a regular RV.

I’m a fan of doing that, starting with just a good car camping set up and an interior bed and upgrading step by step.

Everybody’s situation is unique. I do imagine though that there are going to be a lot of unemployed folks making this transition very soon.

 

[bullfrog]

I would hold onto my cash a while longer as I would think there will be a lot of them for sale as people try to keep their bills paid. Buying a year or two old RV in many cases means any problems from the factory have either made themselves apparent or gotten fixed saving you time and money.

 

[1shemp]

Going in debt for something that is losing value rapidly is not the best policy.I would advise you to buy what you can pay for.If you can hold off a few weeks,the market will be flooded with used rv s at bargain prices.

 

[trailer-t]

^^^^^good point above I had not thought about. Financial crisis in the spring + stay home orders and nothing but closed campgrounds = buyer's market for a camper.

 

[crofter]

Only buy a used RV in good condition that you can buy for cash. Making payments will kill your RV lifestyle.
-crofter

 

[uncagingmyspirit]

I see a lot more people looking, asking questions and definitely buying.

 

[uncagingmyspirit]

Going in debt for something that is losing value rapidly is not the best policy.I would advise you to buy what you can pay for.If you can hold off a few weeks,the market will be flooded with used rv s at bargain prices.

I agree; and I believe your right. I can afford to wait. I don't want to, but I can. Staying indoors 6 days a week working at home when I could be out in a pretty area with my work laptop is a little depressing. But, it's only temporary.

 

[maki2]

The thing about laptops is you can take them along in an ordinary passenger vehicle and have a perfectly good time. Get a beach umbrella to provide shade and a folding table and chair. Get a portable battery pack. If you don't have one already invest in an anti-glare screen cover for your laptop to make it easier to see when working outside. All of those things will still be useful for van life so consider them an investment. You can even get a popup shelter or one of the small sunshade shelter you use at the beach and literally have the lap top on your lap. If you want to work outside, just do it, you can make that happen.

I have done hundreds of car camping trips in my life. I have done  a great many afternoons of go park my car someplace nice and spend the afternoon working and or reading or even doing some wood carving. I was tired of working inside so I took a folding sawhorse I had, made a board with a magnetic bar to hold my chisels on, created a sharpening wheel I could chuck into my battery drill motor and put a mounting plate on my carving vise. Then grabbed my folding chair, a drink and went outside. I did not even go to any place special, I was just sitting outside in the parking lot on a weekend when no one else was around. But it works for car camping just fine and I have done that with it too. I designed it after I got back from a trip when I wished I had taken some tools and wood along for some recreation time. But I have taken my laptop on all kinds of outdoor excursions since I first bought one in the mid 1990's. Last summer I got a folding aluminum platform that is adjustable height to use for my outdoor desk/workbench/kitchen. I can make it just the right height for a computer desk.