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Originally Posted by Chaplain Kent There was a great article in the Good Sam magazine this month about financing RVs and being upside down on the payments and value of the RV. I would recommend it to anyone thinking about financing an RV. |
I haven't read the article yet, but that is a risk when you stretch out a loan that far, especially when it's a loan for total purchase price. I know some auto dealers are now selling an insurance plan that protects you from an upside down situation in case of loss of the vehicle.
From a lending situation, (I used to be in banking), RV loans are probably one of the safest loans made. Folks consider RV's their homes and when crunch time comes, they will skip the payment on the car, credit cards, etc., but not the payment on the home and the RV. Delinquency percentages on RV's are much lower than automobiles and trucks.
Jack