How Long of a Loan?

[ElCamino Man]

Hey guys. Im in the market for an Airstream. Iv found several that I really like but very few I can afford. Iv done told myself, if I get another Airstream, its going to be one I like regardless!

Finding the perfect Airstream is easy. Getting a loan is easy. Getting a loan for a length of time I can afford... is not. What Im saying is, Iv found several very nice Airstreams in the $15,000 range. $15,000/36 months = WHOOA! That's a lotta money! Then I read on the internet where some banks will give camper loans for as long as 10 years, some 20 for loans of $50,000 or more. $15,000/120 = much better on my small budget. Yes 10 years is a VERY long loan but I don't plan on working part-time forever and I want to go camping ASAP. This means I could do the 120 month loan for now, then refinance in the future OR just make larger payments and cut the loan time in half.

My real question here is: was that just internet hype or is it really possible to get a 10 year loan for an Airstream?

[DKB_SATX]

My usual approach to a loan is to get the longest term that still has good interest rates, so that my required payment is always manageably small. Then I pay the loan off as early as it's comfortable to do so, but if I have a lean month or two there's no problem with just paying the minimum.

If your financial situation is such that you itemize deductions, remember that interest you pay on an Airstream is tax deductible (RVs that have a kitchen and bath can be treated the same as a 2nd home), for now at least. That might at least help it hurt less.

[ElCamino Man]

I don't have a 1st home lol

[Air Apparent]

With good credit you can get a 15 year loan on an Airstream.

Try Essex Credit; they specialize in RV and boat loans.

https://www.essexcredit.com/home/rv/

[daveswenson]

I have a 20 year loan through Ally, procured through the dealer at 4.25%

[Wazbro]

When answering remember he said a $15,000 Airstream so it is not new.

This may make a difference on how long of a loan he can get.

Also a used Airstream often sells for double what a bank will finance it for.

[m.hony]

Most lenders will only go 5 years at 6 percent interest on a used RV.
That's roughly $300 a month note.
Sounds reasonable to me.

[TinShack]

Originally Posted by Air Apparent

With good credit you can get a 15 year loan on an Airstream.

Try Essex Credit; they specialize in RV and boat loans.

https://www.essexcredit.com/home/rv/

FYI...Good Sam Financing goes through Essex too. Both are great to deal with.

[m.hony]

On our first trailer we borrowed money from the credit union for 5 years.
The credit union will only go 5 years at 6% on a used trailer and 6 years at 5% on a new trailer. That is the way to go if you can stand a big trailer note. Saves tens of thousands over a 20 year loan.
It was a used 2009 in 2010 and was $18,000.
When we traded for the Airstream I thought I would not get approved for the loan.
The dealer did a credit app through Bank of the West and it was denied.
The finance man at the dealer told me that some people who had been denied had secured a loan on their own by going through Good Sam.
I applied online through Good Sam and was approved.
The funny thing about it is that the Good Sam loan was still through Bank of the West.
Go figure.

[ElCamino Man]

You all make good points but like Wazbro said, this isn't a new trailer. Not even close as a matter of fact. I checked Good Sam and they have an asterisk which states "For Purchase, RV must be model year 2005 and newer". My favorite Airstream I have seen so far is a 1994 34'.... Only 11 years off.

Im not sure how in the world you got a 1 year old Airstream for $18,000 lol

Bummer

[cameront120]

Why go into debt to go camping? Why not buy what you can afford with cash, be it a pop-up or pup tent?

[m.hony]

Originally Posted by ElCamino Man

You all make good points but like Wazbro said, this isn't a new trailer. Not even close as a matter of fact. I checked Good Sam and they have an asterisk which states "For Purchase, RV must be model year 2005 and newer". My favorite Airstream I have seen so far is a 1994 34'.... Only 11 years off.

Im not sure how in the world you got a 1 year old Airstream for $18,000 lol

Bummer

It wasn't an Airstream...
It was a sob.

[Jim Clark]

Originally Posted by DKB_SATX

My usual approach to a loan is to get the longest term that still has good interest rates, so that my required payment is always manageably small. Then I pay the loan off as early as it's comfortable to do so, but if I have a lean month or two there's no problem with just paying the minimum.

Same here. I also play the no intrest game where you get no intrest for 6 mths, or whatever the offer and they slam you when you go over. I divide the payments by the term and be sure to have it paid before the end of the free intrest period. Sometimes I will make small payments then treat the loan like a ballon at the end, just depends on how my cash is flowing.

[daveswenson]

Originally Posted by Wazbro

When answering remember he said a $15,000 Airstream so it is not new.

This may make a difference on how long of a loan he can get.

Also a used Airstream often sells for double what a bank will finance it for.

Which is why I ended up buying a new one. My payment is $400 a month, and most of that is tax deductible. I would have had to put more down and had just as big a payment going used.

[ElCamino Man]

Originally Posted by cameront120

Why go into debt to go camping? Why not buy what you can afford with cash, be it a pop-up or pup tent?

Once you go Airstream, theres no going back I can vouch for that!

Originally Posted by daveswenson

Which is why I ended up buying a new one. My payment is $400 a month, and most of that is tax deductible. I would have had to put more down and had just as big a payment going used.

But for a longer term. Seems worth it to me. Don't have to worry about it breaking down on ya or nothing. I may experiment with this option

[m.hony]

If a used one is just 10 grand less than a new one, you might as well get a new one.
One thing that influenced my decision- a 2012 has carpet in the living room and bedroom- a 2013 has no carpet.
The term is determined by how big a note you can stand. If you can stand an $1,000 trailer note you can go 5 years.
If your note must be smaller you must go longer, but halfing the note will triple the term, costing many thousands more in the long run.