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Old 07-26-2016, 01:36 PM   #15
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Jewels one more thought. I don't know how much money you're planning to finance but if you're putting 20% down and financing under $100,000.00 with a credit score in the high 700's. You'll get a loan strictly on your credit score!
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Old 07-26-2016, 09:16 PM   #16
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We could have paid cash for our Magna, but why since we make more on the annuity than we pay in interest?
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Old 07-26-2016, 09:23 PM   #17
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We could have paid cash for our Magna, but why since we make more on the annuity than we pay in interest?
Exactly..with interest rates so low it makes more sense to pay with future dollars assuming you have an income stream. 2 and 3% is almost like free money if you can deduct the interest. I could have paid cash but with these rates that's not a smart move.
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Old 07-26-2016, 09:40 PM   #18
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We financed with Essex Credit and got a better rate than the dealer could give us.

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

Jon
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Old 07-27-2016, 07:12 AM   #19
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USAA is very competitive up to fifteen years.
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Old 07-27-2016, 07:44 AM   #20
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We financed with Essex Credit and got a better rate than the dealer could give us.



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



Jon

We have used Essex on two different motorhomes. Best rate in the market, good folks, but be prepared; man are they SLOW!!
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Old 07-27-2016, 07:57 AM   #21
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The only bad I can say on a 20 year note is your health and nobody knows what that will be.and even then if something happen would you rather your wife have a $100000. Sitting in the driveway or the bank. If you finance she can always call the bank and tell them to come get it don't think they will take a widow lady to court but I could be wrong. I do know one guy that was upside down call the bank and told them he just coulda afford it any more they knock about fifty grand off the note and refinance they Did not want it back.
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Old 07-27-2016, 08:06 AM   #22
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Come on halftimer, "the sky is falling, the sky is falling"! Good heavens, enjoy yourself, plan as best you can and by golly, if you have a chance to enjoy yourself. I say enjoy yourself!!!

Is that so wrong?
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Old 07-27-2016, 08:13 AM   #23
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When I looked into financing I found my local bank only offered 10 year loans, and worse they only offered adjustable rate loans.

When I got credit approval I was quoted the same rate as shown on goodsamsrvloans.com, which I believe is currently 4.49% for 20 years. (credit score well over 800, 20% down)

Make sure it's a fixed rate loan (unless you're counting on the new negative interest rates that are starting to pop up on some home mortgages :\)

I'm glad I'm not a bean counter worry about depreciation...if I did that I'd never have been able to rent an apartment when I was younger.

I've made a ridiculous amount of money (completely unintentionally) on the houses I've owned over the years and it's a nice bonus...however it's *only* an actual bonus when you sell the place. All the rest of the time any theoretical increases in value are at very high risk of the whims and high risk adventures of the Wall Street banks.

I look at it as renting a mobile apartment. No way I could justify it using accounting rules, but I live by human rules.

I treat it this way: How much would you willingly pay to enjoy a vacation where you got to spend one month in each of the continental US states and each of the Canadian provinces and in Mexican states? $1000/month would be a really good deal, wouldn't it?

Any money spent on a vacation fuel and lodging is 100% pure depreciation, so subtract the amount you normally spend every year on that from the annual depreciation of the RV.

Lots of ways of looking at it, very few make financial or ecological sense, but as good old Albert explained to us, everything is relative. An RV makes less financial/ecological sense than an apartment, which makes less financial/ecological sense than a house, which makes less financial/ecological sense than living in the least expensive hovel in the collective...so yes, I'm pissing my money away, but not as bad as that bloke over there...
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Old 07-27-2016, 08:14 AM   #24
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I financed with USAA back in 2011. Used coach 5 years old under $100K, 10% down, 15 year note at around 6%. Refinanced in 2015 for a better rate (cleared a bunch of debt in the five years) for 10 years at 4.49%. Paying by-monthly with a scheduled pay off in a few years.

Bunch of variables that will effect what the final interest rate will be and a dealer or loan officer can only give you a very basic ball park range until such time as they pull your credit numbers.
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Old 07-27-2016, 08:28 AM   #25
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US Bank beat GS and USAA hands down. 20 year, 20% down, 3.1% I'd never take a 100K and purchase something when i could get a fixed rate less than 3.5% loan and invest that same 100K in an account earning twice as much as the interest i am paying. That's not letting your hard earned money work for you.
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Old 07-27-2016, 08:29 AM   #26
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FICO above 800, 20 year, $50K down, B of A, 3.5% loan
My 2nd RV loan with BofA. Happy with the servicing. Very helpful when I sold my other unit privately. Gave me the best rate and I shopped to 6 different banks/CUs.
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Old 07-27-2016, 08:34 AM   #27
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That's 7% Dennis, where exactly do you get that kind of guarantee in today's market? Housing, stock market and far from a guarantee? You're talking a 7% guarantee right?
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Old 07-27-2016, 08:45 AM   #28
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That's 7% Dennis, where exactly do you get that kind of guarantee in today's market? Housing, stock market and far from a guarantee? You're talking a 7% guarantee right?
You beat me to it. I want to know the same thing.
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