Thread Tools Search this Thread Display Modes
Old 10-14-2016, 08:49 PM   #1
1 Rivet Member
Lexington , South Carolina
Join Date: Sep 2016
Posts: 8
Financing a leftover unit

I was interested in purchasing a leftover '16 at Colonial and wanted to put down 10% and finance the rest for 8 years, was told that they only do 15 year loans. There is no way I would finance a trailer for that long (even if they have no prepayment penalty), anyone get a shorter term than that from them? This is the only thing keeping me from buying a trailer for them. Wanted to go older, but then I need more money down because the banks won't lend to much on a 2012 unit compared to the selling price. I probably should loan shop but I like one stop shopping.

SCbarber is offline   Reply With Quote
Old 10-14-2016, 08:53 PM   #2
Rivet Master
AWCHIEF's Avatar
2006 23' Safari SE
Biloxi , Mississippi
Join Date: Nov 2011
Posts: 6,701
Images: 54
Check with your bank or credit union.

WBCCI 10656 Southeastern Camping Unit
Associate European Unit
2006 Safari LS 23 ft
Formerly 1964 Bambi II

"I got a fever and the only prescription is more cowbell"
AWCHIEF is offline   Reply With Quote
Old 10-14-2016, 09:24 PM   #3
Some Guy
djarrett's Avatar

Nashville , Tennessee
Join Date: May 2015
Posts: 172
Finance it for 15 (better interest rate) and write off the interest as 2nd mortgage. (trailer qualifies).

Pay it off in 7. These are simple interest loans with no pre-payment penalties.

The Jarretts
Nashville, Tennessee
2015 25' Eddie Bauer
2015 F250 TV-Petrol
djarrett is offline   Reply With Quote
Old 10-14-2016, 09:24 PM   #4
Rivet Master
rodsterinfl's Avatar

2006 25' Safari
Fort Myers , Florida
Join Date: Oct 2011
Posts: 2,093
Images: 4
SCBarber, check on those borrowing facts yourself. I borrowed initially on mine and it was a six year-old model. They set it up for 12 years but I paid it off in a year- just had to shuffle money. A 2012 is only four years old. It may be that their lender may not go that old or they do not want to sell it as much as they do a new one. You may have to put down more though.
2015 Ford F-150 3.5 Ecobeast 3.55 Lariat
rodsterinfl is offline   Reply With Quote
Old 10-15-2016, 12:10 PM   #5
3 Rivet Member
2016 30' Classic
Santa Rosa , California
Join Date: Apr 2015
Posts: 125
I agree with djarret. Take the 15 year financing, make one principle plus interest payment per month, and an additional monthly principal-only payment of the same amount (or less, when convenient). You will have it paid off within 7 years.
Happy Trails,
phann is offline   Reply With Quote
Old 10-15-2016, 12:59 PM   #6
2 Rivet Member
2007 28' Classic
Ivanhoe , Virginia
Join Date: Aug 2015
Posts: 29
Term is determined by amount financed, used to be anything over 25k would finance for 15 Yrs. Take the term Erie off interest as second home, pay off after 7-8 years when payment becomes mostly principal.
senioryakker is offline   Reply With Quote
Old 10-15-2016, 01:19 PM   #7
Rivet Master
CruizinDux's Avatar
2014 20' Flying Cloud
Eugene (Tracktown USA) , Oregon
Join Date: Mar 2014
Posts: 504
Originally Posted by phann View Post
I agree with djarret. Take the 15 year financing, make one principle plus interest payment per month, and an additional monthly principal-only payment of the same amount (or less, when convenient). You will have it paid off within 7 years.
I agree with djarret & phann. You can also simply make the payment that amortizes (google amortization calculator) it for 8 years or any term you wish, assuming it is simple interest and you need to confirm. Historically dealers/banks have used paper that front loads interest so an early payoff balance is a surprise. Google rule of 78's.

Also the dealer probably sells the paper to the bank and term may be part of the value of that paper. Also as awchief said....check around, especially credit unions.

CruizinDux is offline   Reply With Quote
Old 10-15-2016, 01:35 PM   #8
Rivet Slave
Rocinante's Avatar
2014 27' FB International
Western WA , Washington
Join Date: Dec 2013
Posts: 2,187
Blog Entries: 49
Yep, TurboTax agrees that if you itemize and other deductions don't reduce / eliminate the value of your interest deduction by pushing you near or over the maximum deduction amount, mortgage interest deduction on an RV as second home is fine as long at it has sleeping, cooking and toilet facilities. (check the paragraph under "It's not equal")

Still seems a good idea to pay off the loan faster, even though that would reduce the interest you pay along with the associated potential deduction.

BTW, I'm no tax accountant - if your return is complex, get professional help. In any case, check & verify what I said above before you start spending money.
Rocinante is our 2014 International Signature 27FB
(Named for John Steinbeck's camper from "Travels With Charley")

Rocinante is offline   Reply With Quote
Old 10-15-2016, 03:40 PM   #9
Rivet Master
2005 19' Safari
Phoenix , Arizona
Join Date: Aug 2004
Posts: 2,359
Re: Rule of 78s

See links for explanation of "rule of 78s" pre-computed loan interest:

The "rule of 78s" is illegal in 16 states, but the others still allow loan issuers to take advantage of borrowers using this interest calculation method.

If loan interest is computed in this way, there is no savings in paying off a loan early.
Phoenix is offline   Reply With Quote
Old 10-15-2016, 04:34 PM   #10
4 Rivet Member
2015 30' FB FC Bunk
2012 25' FB Flying Cloud
Golden , Colorado
Join Date: Jun 2013
Posts: 294
Do the math and send in the payment to payoff on your desired schedule/time frame. There should not be a prepayment penalty, at least not any I have financed and paid off early.

Sent from my iPhone using Airstream Forums
2015 30' FC Bunk, Dual A/C, Full Awning, RV550, Sleep Number, ProPride, Nokian Rotiiva AT 15" Tires

2015 Chevrolet 2500HD 4WD Duramax/Allison LTZ Crew Cab Short Bed, Huper Optik, Bull Dog Spray In, Roll-N-Lock, Full Amsoil, Denali SoundBomb, Yakima
2012FB is offline   Reply With Quote
Old 10-15-2016, 04:42 PM   #11
3 Rivet Member
banderabob's Avatar
2008 19' Safari SE
Bandera , Texas
Join Date: Jun 2012
Posts: 103
Buy it and pay it off early.

banderabob is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Need to buy some leftover Nuvite F9 lewishw Cleaning, Stripping & Polishing 1 12-01-2014 06:08 AM
Leftover 2014 AI Ext good price? Teamaron Sprinter and B-van Forum 33 06-05-2014 08:33 PM
Buying New 2008 Leftover Bluto Buyer Guidelines 7 02-01-2009 03:16 PM
Leftover Stirling Silver topcoat by POR15 pinkflamingoes Repairing/Replacing Floor &/or Frame 6 02-10-2008 09:27 PM

Virginia Campgrounds

Reviews provided by

Our Communities

Our communities encompass many different hobbies and interests, but each one is built on friendly, intelligent membership.

» More about our Communities

Automotive Communities

Our Automotive communities encompass many different makes and models. From U.S. domestics to European Saloons.

» More about our Automotive Communities

Marine Communities

Our Marine websites focus on Cruising and Sailing Vessels, including forums and the largest cruising Wiki project on the web today.

» More about our Marine Communities

Copyright 2002-2015 Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 09:57 AM.

Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, Jelsoft Enterprises Ltd.

Airstream is a registered trademark of Airstream Inc. All rights reserved. Airstream trademark used under license to Social Knowledge LLC.