Reply
 
Thread Tools Display Modes
Old 04-09-2014, 06:05 PM   #31
fx2
Senior Member
 
Join Date: Mar 2014
Posts: 418
I wish people would get off of the "my way is the right way" and "all credit is bad" mentality. Someone else's choices may or may not work for you.

I, for one, do have a 15 year loan on my TT. I have it because my CU required that any loan between $XXX and $YYY was 15 years. Does that make it foolish? Some would say yes. Others would understand that I put 30% down and will be paying SUBSTANTIALLY over the scheduled payment.

I also have 2 car loans, one 4 year loan and one 5 year. That, on paper, may be foolish to some. However, once again they would be wrong. The cars are both financed at 2% and I have substantially more cash than all 3 loans combined that is sitting in Schwab earning a 5 year average return of 14.75%

Judging others because it does not fit your mold is foolish.

Let he who is without sin cast the first stone.
__________________

__________________
fx2 is offline   Reply With Quote
Old 04-09-2014, 06:16 PM   #32
Senior Member
 
davel1971's Avatar
 
Join Date: Nov 2013
Location: Seaford, De
Posts: 2,317
Quote:
Originally Posted by fx2 View Post
I wish people would get off of the "my way is the right way" and "all credit is bad" mentality. Someone else's choices may or may not work for you.

I, for one, do have a 15 year loan on my TT. I have it because my CU required that any loan between $XXX and $YYY was 15 years. Does that make it foolish? Some would say yes. Others would understand that I put 30% down and will be paying SUBSTANTIALLY over the scheduled payment.

I also have 2 car loans, one 4 year loan and one 5 year. That, on paper, may be foolish to some. However, once again they would be wrong. The cars are both financed at 2% and I have substantially more cash than all 3 loans combined that is sitting in Schwab earning a 5 year average return of 14.75%

Judging others because it does not fit your mold is foolish.

Let he who is without sin cast the first stone.
THANK YOU. Was also getting tired of getting schooled on finance. I figure as long as we go to work and earn our money, it's ours to spend how we wish. I also have a 15 year RV loan after putting $8000 down. 7 year loan on my truck. 3 cars that are paid for. If I had all this while collecting food stamps and welfare, now that would be the wrong way.
__________________

__________________
David & Lynn
2014 Coachmen Chaparral Signature 327 RLKS
2016 Ford F350 Lariat CC Dually
davel1971 is online now   Reply With Quote
Old 04-09-2014, 06:56 PM   #33
Senior Member
 
Join Date: Jun 2012
Posts: 6,721
Quote:
Let he who is without sin cast the first stone.
I'm debt-free.
__________________
1988 Coleman Sequoia - popup (1987-2009) - outlasted 3 Dodge Grand Caravans!
2012 Roo19 - hybrid (2012-2015)

2016 Mini Lite 2503S - tt (2015 - ???)
2011 Traverse LT, 3.6L, FWD
2009 Silverado 1500 Ext Cab, 5.3L, 4x4, 3.73
2016 Silverado 2500HD Dbl Cab, 6.0L 4x4, 4.10
rockfordroo is offline   Reply With Quote
Old 04-09-2014, 07:08 PM   #34
Oklahoma Proud
 
MillerTime's Avatar
 
Join Date: Jul 2012
Location: central OK
Posts: 2,774
Quote:
Originally Posted by rockfordroo View Post
I'm debt-free.
Thats pretty sweet!
I hope to be there in hopefully less than the 28 years left on my house!

MillerTime- Future Sabre Handler!!
__________________
MillerTime is offline   Reply With Quote
Old 04-09-2014, 07:14 PM   #35
fx2
Senior Member
 
Join Date: Mar 2014
Posts: 418
Quote:
Originally Posted by rockfordroo View Post
I'm debt-free.
You completely missed the point.

I could make the same argument - my cash on hand far exceeds any debts. That doesn't give me the right to judge others. Get off your high horse and get back on OP's subject.
__________________
fx2 is offline   Reply With Quote
Old 04-09-2014, 07:38 PM   #36
Senior Member
 
davel1971's Avatar
 
Join Date: Nov 2013
Location: Seaford, De
Posts: 2,317
Quote:
Originally Posted by rockfordroo View Post
I'm debt-free.
SO WHAT. That doesn't mean you are any better or having any more fun than those of us that aren't.
__________________
David & Lynn
2014 Coachmen Chaparral Signature 327 RLKS
2016 Ford F350 Lariat CC Dually
davel1971 is online now   Reply With Quote
Old 04-09-2014, 07:46 PM   #37
Senior Member
 
OL Creeker's Avatar
 
Join Date: Oct 2012
Location: In our CC.
Posts: 646
A couple of you sound like my 6 & 7 year old granddaughters!
__________________
Alan, Kathy & Cooper the camping cat
2014 Cedar Creek, 36CKTS
2013 GMC 2500 Denali
Duramax/Allison
Full timers since 5/30/2013
OL Creeker is offline   Reply With Quote
Old 04-09-2014, 09:27 PM   #38
Senior Member
 
Join Date: Jun 2012
Posts: 6,721
Interesting replies here. My original post stated:

Quote:
It's also good to never finance for any more than 3 yrs. {If you go more than that, chances are good you're buying more trailer than you can really afford.) Then when it's time to move up (assuming you can go 3 yrs without moving up) it'll already be paid for.
Please read it carefully. I did NOT say don't go into debt for an RV. I did NOT say you can't have outstanding credit. I did NOT say DON'T EVER go into debt for more than 3 years. I did NOT say this applies to everyone.

ALL I SAID was that if you need to finance for more than 3 years, I believe you MAY be buying more RV than you can really afford. Of course, some folks may have lots of $$ and may find it advantageous to go more than 3 years, but I'm pretty sure they are few and far between.

And given the tone of some of the responses above, I suspect there are a number of responders who HAVE bought more than they should and they are "guiltily" defending themselves.
__________________
1988 Coleman Sequoia - popup (1987-2009) - outlasted 3 Dodge Grand Caravans!
2012 Roo19 - hybrid (2012-2015)

2016 Mini Lite 2503S - tt (2015 - ???)
2011 Traverse LT, 3.6L, FWD
2009 Silverado 1500 Ext Cab, 5.3L, 4x4, 3.73
2016 Silverado 2500HD Dbl Cab, 6.0L 4x4, 4.10
rockfordroo is offline   Reply With Quote
Old 04-09-2014, 11:09 PM   #39
Member
 
parpar1's Avatar
 
Join Date: Jan 2014
Posts: 94
"ALL I SAID was that if you need to finance for more than 3 years, I believe you MAY be buying more RV than you can really afford"

To live like that either takes some good coin or everything bought is older. I can't even pay a $20,000 truck off in 3 years and i think i get paid pretty darn good. Well maybe a could but then i could not pay all the loans and credit cards i have.
__________________
parpar1 is offline   Reply With Quote
Old 04-10-2014, 08:14 AM   #40
Mod free 5er
 
Join Date: Mar 2008
Location: Concord, NC
Posts: 24,215
Regardless, it is nice to be completely debt free with only monthly utility, insurance, etc. bills to handle. Took 35 yrs to get there and we enjoy it. Our system is we pay cash for whatever we buy.
__________________

__________________
OldCoot is offline   Reply With Quote
Reply

Thread Tools
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



» Virginia Campgrounds

Reviews provided by




ForestRiverForums.com is not in any way associated with Forest River, Inc. or its associated RV manufacturing divisions.


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -5. The time now is 08:46 PM.