Originally Posted by rlchall
Bank of America will even go 30 yrs on a 2007 Class C motorhome for 4.5% I had no idea that was even an option.
Listen guys, a simple loan analysis using a program like this Mortgage Calculator from Bankrate.com - Calculate Payments with Ease
will educate you on loan basics. Just take the calculated payment x the number payments and subtract the borrowed amount. That will tell what the cost of the money is for your loan. Always remember the basic rule, time is your #1 enemy on any loan. Use the same rate but shorten the term by a few years and see why the lender loves to stretch the term out. The rate is a distant second. The caveat is that they will treat it very differently than say, a car loan. And for good
reason, there are much stricter rules on allowed terms for car loans, as opposed to RV's. So beware. Use the program to see how much your really paying over the life of the loan.
Also, take the time to shop for the money, and after you play around with this amortization program, it may open some eyes on exactly what that RV loan is costing you.