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Old 12-05-2021, 10:00 PM   #15
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I can't say enough positive things about the excellent level of customer service we recently received from all of the staff at Southeast Financial in TN during our purchase in October. Our rate at the time was 4.49. Give them a call.
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Old 12-06-2021, 09:10 AM   #16
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Back in my youthful stupid days but already married with three kids, my father-in-law gave me a sage piece of advice that I never strayed from, "Never Borrow Against Your House"! His only exception if there was to be one is if the monies borrowed were to improve your house. Many times I was tempted to ignore that statement especially when I bought our three RV's and stared at loan terms going up to 20 years, insane!

His own son took a home equity loan to buy a fairly expensive boat. His job went south and he was in a real pinch with the loan payments. He went to his dad for help in paying off the loan. He was told to go pound salt and a few "I told you so's". His relationship with his dad never recovered till the day of his dad's death, and as far as I know is still dis-infranchised from the rest of his family.
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Old 12-06-2021, 01:25 PM   #17
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RV Money

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We are moving from one class A DP to another and it looks like the rates have jumped up over a percent. Previously we were at 2.99 but everything we see now is over 4.00. Anyone getting any better rates? If so where?
From my savings..
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Old 12-06-2021, 08:17 PM   #18
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Back in my youthful stupid days but already married with three kids, my father-in-law gave me a sage piece of advice that I never strayed from, "Never Borrow Against Your House"! His only exception if there was to be one is if the monies borrowed were to improve your house. Many times I was tempted to ignore that statement especially when I bought our three RV's and stared at loan terms going up to 20 years, insane!

His own son took a home equity loan to buy a fairly expensive boat. His job went south and he was in a real pinch with the loan payments. He went to his dad for help in paying off the loan. He was told to go pound salt and a few "I told you so's". His relationship with his dad never recovered till the day of his dad's death, and as far as I know is still dis-infranchised from the rest of his family.

I received the same advice many years ago followed by if you donít pay for that car they will take the car....if you attach it to your house they will take your house. I understood that clearly and have never considered a home equity loan or line of credit.
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Old 12-06-2021, 08:18 PM   #19
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From my savings..
Where is the line?
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Old 12-07-2021, 08:21 AM   #20
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I received the same advice many years ago followed by if you donít pay for that car they will take the car....if you attach it to your house they will take your house. I understood that clearly and have never considered a home equity loan or line of credit.
I think the above mentioned options mentioned are viable options only on one condition. That condition is that you have a plan to pull yourself out of the fire.

The reason for using those kind of loan options for some are valid and can work if you donít want to disturb other assets. But if you do borrow against your home, as I suggested, have a plan ready to go with if things fall apart so you donít jeopardize your family by putting your home at risk.
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Old 12-08-2021, 07:04 AM   #21
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I think the above mentioned options mentioned are viable options only on one condition. That condition is that you have a plan to pull yourself out of the fire.

The reason for using those kind of loan options for some are valid and can work if you donít want to disturb other assets.
But if you do borrow against your home, as I suggested, have a plan ready to go with if things fall apart so you donít jeopardize your family by putting your home at risk.
Exactly. When I have used the HELOC it was so I wouldn't have to take it out of an investment account that was earning what was a good return. Some would say that isn't realistic because not everyone has those investments available and based on "my plan" couldn't get their RV/boat/motorcycle or other toy. Perhaps so but here's some adult advice if you subscribe to that financial model.

No one owes you anything. You don't deserve anything. You have to earn everything. You are not entitled. I substitute "you" and put in "I". When I was young I had a steady job and income but I still never had the biggest house, fanciest car, or took lavish vacations we couldn't afford.

Right now I'm in pretty good financial situation. I don't owe anything except a 0% loan on the Ram for a few $K. Makes little sense to take interest earning money and pay off a no interest loan except I hate payments and like a drawer with titles. I could probably qualify for a loan on a Newell but don't want, more importantly don't NEED one. Discipline is needed but that is in short supply in this entitled feeling society.

My rant and sermon for the morning. Now back to my regularly scheduled coffee.
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Old 12-08-2021, 07:41 AM   #22
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Good post Chunker
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Old 12-08-2021, 08:16 AM   #23
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Chunker, Amen. Thanks for today's sermon. Obviously you and I attend the same church of financial wisdom.
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Old 12-08-2021, 12:58 PM   #24
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Best local credit union financing is currently 3.75% but that depends on your credit score (720 +), amount financed and length of loan.
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Old 12-08-2021, 07:45 PM   #25
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Why isn't there more financing options in the RV industry?
Because they are mobile domiciles that when someone defaults on the loan the bank has no idea where it is. This makes a repo difficult.

Also they drop in value quickly and therefore are more risky for the bank.

IF you were a bank would you rather make a loan for a sticks and bricks house or an RV?
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Old 12-08-2021, 07:47 PM   #26
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From my savings..
The S&P is up 23% this year. So if you could have gotten that loan at 4% then your loan rate is 19%!!
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Old 12-08-2021, 08:57 PM   #27
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The S&P is up 23% this year. So if you could have gotten that loan at 4% then your loan rate is 19%!!


Opportunity cost is misunderstood by many.

So is the effect of inflation. When inflation is 6 percent, and the interest rate on a loan is 4 percent, the lender's return after inflation is less than zero. In such a situation, we say the real interest rateóthe nominal rate minus the rate of inflationóis negative.
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