Journey with Confidence RV GPS App RV Trip Planner RV LIFE Campground Reviews RV Maintenance Take a Speed Test Free 7 Day Trial ×
RV Trip Planning Discussions

Go Back   iRV2 Forums > MOTORHOME FORUMS > MH-General Discussions & Problems
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
View Poll Results: Cash or Credit
Bought from a dealer - financed 28 17.39%
Bought from a dealer - cash 67 41.61%
Bought from a private party - financed 10 6.21%
Bought from a private party - cash 56 34.78%
Voters: 161. You may not vote on this poll

Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 01-07-2022, 08:19 PM   #1
Senior Member
 
Join Date: Mar 2019
Location: Lansing MI
Posts: 2,525
Cash or Credit?

Did you pay cash for your rig? Did you buy it from a dealer or a private party? Inquiring minds want to know.
__________________
An Old Fisherman
2017 Nexus Ghost 36DS, 2004 Ford F150 Long Bed
2007 Harley-Davidson Ultra Classic
arcaguy is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 01-07-2022, 11:20 PM   #2
Senior Member
 
Isaac-1's Avatar
 
Join Date: Jun 2016
Location: SW Louisiana
Posts: 7,091
Bought from a private party, financed over 4 years, could have paid cash, but would have taken a bigger tax hit, etc. from selling stocks to get the cash on hand to pay cash. Also the stocks were earning a higher dividend return than the interest was on the loan, so paying cash would have been a double whammy.
__________________
2002 Safari Trek 2830 on P32 Chassis with 8.1L w/ 400 watts solar 420Ah LiFePo4
2017 Jeep Cherokee Overland & 2007 Toyota Yaris TOADs with Even Brake,
Demco Commander tow bar and Blue Ox / Roadmaster base plates
Isaac-1 is online now   Reply With Quote
Old 01-08-2022, 04:46 AM   #3
Senior Member
 
Join Date: Mar 2016
Posts: 486
Quote:
Originally Posted by Isaac-1 View Post
Bought from a private party, financed over 4 years, could have paid cash, but would have taken a bigger tax hit, etc. from selling stocks to get the cash on hand to pay cash. Also the stocks were earning a higher dividend return than the interest was on the loan, so paying cash would have been a double whammy.
This hits the nail on the head. Before retirement, I thought people that got loans during retirement were nuts. Now that I'm there, I understand the downside of taking a big chunk of cash out of investment accounts. Its often better to get a loan.
blueridge-fl is online now   Reply With Quote
Old 01-08-2022, 05:31 AM   #4
Senior Member
 
Tha_Rooster's Avatar
 
Join Date: Aug 2008
Location: Georgia
Posts: 7,507
This is a topic that get posted regularly. This is what I get out of it. I have a buddy just ordered a new mountainaire should arrive in June or so paying cash he can afford it without selling their S&B like many do. While others need to finance a small travel trailer. So if you can afford paying cash or not doesn’t make you a good or bad person it’s all about peoples person financial situation.
__________________
2007 Fleetwood Revolution LE 40V
Tha_Rooster is offline   Reply With Quote
Old 01-08-2022, 05:35 AM   #5
Senior Member
 
boomersooner's Avatar
 
Join Date: Jan 2017
Location: Augusta Georgia
Posts: 714
Bought new from dealer. Put over half down, financed $100k about 2 months before retiring from full time work. Took consulting job for about 16 months, paid RV off about 3 months before retiring full time. If I had bought a new gas model would have paid cash but DW liked the diesel so needed to finance some. Financed $100k because the interest rate was lower on $100k and up. Only investments I touched were $35k from Roth to pay off balance. Love having nearly new RV with no payments and investments still intact.
__________________
Bob (retired Army CW4) & Brenda (Veteran Army Nurse CPT)
2020 Tiffin Allegro Red 37BA
2020 Ford F150 XLT 4x4 Air Force 1 braking system
boomersooner is offline   Reply With Quote
Old 01-08-2022, 05:45 AM   #6
Senior Member
 
dizcom's Avatar


 
Freightliner Owners Club
Holiday Rambler Owners Club
Join Date: Jun 2021
Posts: 1,170
This comes up from time to time. Dealer or private: get an inspection. Cash or finance: depends on your financial situation. We've done both, of both.
__________________
2021 Holiday Rambler Armada 44LE
2021 Jeep Wrangler High Altitude toad w/Ready Brute Elite II
dizcom is online now   Reply With Quote
Old 01-08-2022, 06:28 AM   #7
Senior Member
 
Join Date: Nov 2020
Posts: 412
It always depends on your net worth, cash flow, investments and interest rates. I would consider a loan under 4% on a mh, over that I would not even think about it.
Friends laughed at me once, because I bought a new car for cash and financed a golf cart.Hell yeah, zero %, I will finance everytime.
__________________
2021 Newmar Ventana 4369 Freightliner Chassis
2020 Chevy Blazer Toad
Winger2 is offline   Reply With Quote
Old 01-08-2022, 06:41 AM   #8
Senior Member
 
Psneeld's Avatar
 
Join Date: May 2020
Posts: 321
I agree it depends on many factors.

This may not work now, but considering the situation at the time 3 years ago when I bought my MH....I financed about 2/3. Paid it off in about 2.5 years...made enough on investments to pay off the loan and interest and came out thousands of $$$ ahead...

Just did similar with a newish Ford Ranger toad...bought in November and when I pay it off in a couple months I will be an estimated $500 dollars ahead of paying cash.

The motorhome never met the threshold for 2nd dwelling tax writeoff, but in some circumstances that would have sweetened the deal.

All my life has been a cash only for toys.... but sometimes the pendulum swings and ya gotta run the numbers up front, make an educated guess and roll the dice.
Psneeld is offline   Reply With Quote
Old 01-08-2022, 06:52 AM   #9
Senior Member
 
Winemaker2's Avatar
 
Join Date: Nov 2006
Location: Western NY
Posts: 5,159
Here's a thread with 200 posts re the same financing question.... just a different toy.
https://www.trawlerforum.com/forums/...ad.php?t=56347
My philosophy is #191

You will find a similar diversity of opinions re private / dealer. I've done both and IMO finding the right unit for your needs should be the primary factor... then which has the best deal if equally satisfactory units?
Psneeld... look familiar?
__________________
Don & Marge
'13 Newmar Ventana 3433 - '14 CR-V TOAD
'03 Winnebago Adventurer 31Y - SOLD
Winemaker2 is offline   Reply With Quote
Old 01-11-2022, 09:09 AM   #10
Member
 
Join Date: Aug 2020
Location: Little Rock, Arkansas
Posts: 87
Another point of view!

We financed, bought from Camping World and we had to buy the $$$$ warranty package. The finance officer told us we could not buy the motorhome without the warranty package because if something happened requiring warranty work it would look bad on Camping World if they would not fix the problem. Would this still happen if we paid cash? Has anybody had this experience?
terntes is offline   Reply With Quote
Old 01-11-2022, 09:31 AM   #11
Senior Member
 
BillJinOR's Avatar
 
Monaco Owners Club
Join Date: Jul 2012
Posts: 2,929
Cash or Credit?

Quote:
Originally Posted by terntes View Post
Another point of view!

We financed, bought from Camping World and we had to buy the $$$$ warranty package. The finance officer told us we could not buy the motorhome without the warranty package because if something happened requiring warranty work it would look bad on Camping World if they would not fix the problem. Would this still happen if we paid cash? Has anybody had this experience?


Shady finance guy at CW bags another. They outright lied to you. Nobody “needs” the warranty. Insurance on loss on financed things ? yes, but never a “warranty” actually a service contract!. If there’s still time get your money back! File a complaint ( however it’s only your word he said that) Sadly many don’t know their rights and believe this stuff. loan companies do not require any of that stuff.
__________________
2003 Beaver Marquis
2002 Ford Escape toad
2016 CargoMate Trailer
BillJinOR is online now   Reply With Quote
Old 01-11-2022, 10:29 AM   #12
Senior Member
 
Old-Biscuit's Avatar
 
Join Date: Nov 2015
Posts: 21,073
I'm not a high finance guy....but did manage to retire before I turned 50 thanks to following advice my Mom gave me

Debt free other then S&B Mortgage my whole life

Ordered New truck and New 5th wheel prior to going FT
Paid Cash cause I could W/O dipping into investments/retirement funds

Still Debt Free except for S&B Mortgage
__________________
Is it time for YOUR Medication or Mine?
Dodge 3500 w/Tractor Motor & NUWA 5vr
US NAVY---USS Decatur DDG-31
Old-Biscuit is offline   Reply With Quote
Old 01-11-2022, 10:52 PM   #13
Registered User
 
Join Date: May 2017
Location: Metamora, MI
Posts: 5,190
Now-a-days really depends on the cost of money. My mortgage interest is so low (2.75%) I don't want to pay it off. The money is earning much more in investments and the interest is tax deductible. Mortgage company offered a refinance at 1.99%...but the closing costs didn't make sense to do so. I like the idea of paying it off, but it just doesn't make financial sense.
Dav L is offline   Reply With Quote
Old 01-11-2022, 11:23 PM   #14
Senior Member
 
Mr_D's Avatar
 
Country Coach Owners Club
Solo Rvers Club
iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,713
I make more on my annuity than the interest I pay. It doesn't make sense to take money out of my annuity that pays 7% to pay off a 5% loan.
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
Mr_D is offline   Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Winnebago Industries Names Amber Murra Cash and Credit Manager DriVer RV Industry Press 0 01-14-2011 09:18 PM
Gas: cash vs. credit jerseyjim National RV Owner's Forum 17 11-28-2008 02:02 AM
Flying J-Your Credit Card-get Cash Price-Workaround Zimectrin iRV2.com General Discussion 9 09-24-2008 08:26 AM
IF you were to get a cash back credit card JWatkins Just Conversation 9 02-14-2008 11:37 AM

» Featured Campgrounds

Reviews provided by


All times are GMT -6. The time now is 09:07 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.