Community Forums

IFlyABus · 08-10-2016, 09:32 AM

If you finance it for less than 20 years your interest rate will go up. Finance for the best rate. Then pay extra and it will be just like a 10 or 15 year loan. Plus, if you get in a bind in a year or two, those lower required payments may save your bacon.

If you pay cash, you won't be able to deduct interest, sales tax, nor insurance each year. And don't forget to depreciate it on your taxes.

For those who can afford to pay cash, good on you. For those who prefer to invest and enjoy at the same time, just do it smartly. For us, the RV is our home, so having a loan made the most sense. Everyone's situation is different.

AggieDad · 08-11-2016, 05:39 PM

Quote:

Originally Posted by Mekanic

Very few RVs, TTs, or anything on wheels will be worth 20% of what it cost once its 20 years old.
Most are built like total crap compared to a sticks and brick home.
A Home is a Completely different situation.

On the other hand, in 20 years I won't be 20% of what I am today either - if I am around at all.

jblondon · 08-12-2016, 04:34 PM

3.99% would be a good place to be for 20 years but suggest making principle payments when you can

If you financed $75k for 20 years at 3.99 you're paying over $108k for it by the time you're done. Credit Union might be a good option vs. on line banks and big banks.

IFlyABus · 08-12-2016, 11:01 PM

I absolutely will pay extra each month... about 56% extra in fact.

Not sure about CU loans where you are, but I checked with my two, and both wanted over 7%.

Quote:

Originally Posted by jblondon

3.99% would be a good place to be for 20 years but suggest making principle payments when you can

If you financed $75k for 20 years at 3.99 you're paying over $108k for it by the time you're done. Credit Union might be a good option vs. on line banks and big banks.