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Old 02-27-2014, 02:06 PM   #15
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I am buying a new Newmar and financing a small portion thru the dealer .......I got 3.75%....When factoring in the benefit of deducting the interest as a second home, it drops it even a bit lower at tax time........

Smart or not is a personal choice.....I have a lifelong friend with more money than he could ever spend, earned in the market over 40 years, who says I am a fool for not financing the max I could then putting the cash to work making more than the 3.75......Too risky for me but choice is nice......

Steve and Liz
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Soon to be Newmar 4018 owners
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Old 02-27-2014, 02:48 PM   #16
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dsbear I have USAA and they referred me to Progressive I also got a quote from Blue Sky which was much cheaper. 2 weeks ago I had a claim with Blue Sky for $12,000 and they were great they paid in full minus my deductible.

Jim
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Old 02-27-2014, 02:50 PM   #17
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If you have a sticks and bricks home, take out a home equity loan. The loan rate will probably be lower, and you will be able to write off the interest.
Be very careful about using a home equity loan for your RV. You don't want the instance where you lose your RV and it ends up causing you to lose your house too. Any RV loan interest is deductible as it is treated as a 2nd home.

You should really consult with your tax or investment professional about your best option as everyone's financial situation is different.
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Old 02-27-2014, 03:07 PM   #18
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If you have good credit your interest should be less than 4.5%, and maybe less than 4%. I take a second home tax deduction for the interest, which means that the actual interest cost would drop to approximately 2.5% or so.

Frankly, for that low cost of funds, it does not make sense to use your own cash, regardless of what some may say that will never buy something on credit. Use their money, not your own.

Be prepared to pay it off if necessary. But you can invest your money and make more than the cost of those funds. If you need to sell, or trade it in in the future, pay off the old loan then, versus financing it back into the new loan. That does make for a good financial decision.

Just MHO, as a person that retired from the financial industry after 30 years.
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Old 02-27-2014, 04:48 PM   #19
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Thanks Jim I will get a quote.
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Old 02-27-2014, 05:20 PM   #20
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personally I would never finance and pay interest on a depreciating toy. soon as you drive an Rv off a lot your already upside down in it, don't need interest on top of that.
Wow, you are very lucky to be able to pay cash for everything. We are jealous!
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Old 02-27-2014, 05:37 PM   #21
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Lol!

I am not jealous, but I'd rather make an additional 4 to 8% minimum on the invested funds (after the cost of funds) during the time that it is financed, versus saving only the 2.5% cost of funds over that same period.

There is always more than one way to think of financing things.
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Old 02-27-2014, 05:47 PM   #22
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Lol!

I am not jealous, but I'd rather make an additional 4 to 8% minimum on the invested funds (after the cost of funds) during the time that it is financed, versus saving only the 2.5% cost of funds over that same period.

There is always more than one way to think of financing things.
x2. I would only be jealous of the dealer who got straight cash!
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Old 03-01-2014, 06:40 PM   #23
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Old 03-01-2014, 07:24 PM   #24
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I just hate to see people lose money they didn't expect to, wind up having to sell and wondering how it could have happened not figuring everything in at the onset.
Did you ever think that a lot of us know what we are doing? And how do you know they are losing money? They may feel they are ahead - there are so many great things in life ( retirement) that we get to do because we have the motorhome. Some things are just priceless.

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Old 03-02-2014, 06:44 AM   #25
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I say do what you want some say pay cash, they did and don't finance and sell your house that they took a 30 year loan to buy. Most of us are not spring chickens and we got were we are on our own. The one thing I personally would not do is tie it up with my house or sell my house for it I didnt need it that bad.
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Old 03-02-2014, 07:49 AM   #26
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Did you ever think that a lot of us know what we are doing? And how do you know they are losing money? They may feel they are ahead - there are so many great things in life ( retirement) that we get to do because we have the motorhome. Some things are just priceless.

Barb
sure, there are some responsible. the rest are having to try to find the money when they have/want to sell and need to make up the difference, or get repossessed, for a variety of unforeseen reasons.
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Old 03-02-2014, 07:54 AM   #27
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Wow, you are very lucky to be able to pay cash for everything. We are jealous!
jealous? I'm the one that's jealous, I didn't get a crystal ball that tells me I'm gonna have the money to be able to make payments 15 yrs. down the road.
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Old 03-02-2014, 07:59 AM   #28
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jealous? I'm the one that's jealous, I didn't get a crystal ball that tells me I'm gonna have the money to be able to make payments 15 yrs. down the road.
Huh?
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