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Old 06-10-2014, 11:49 PM   #71
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I'm glad you folks who posted today got on. If you haven't yet, you should go back and look at all the rants I got when I said the same things you did.
Yeah, I've seen some really, really bad advice here.
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Old 06-11-2014, 02:23 AM   #72
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I'm in the financed for 15 years crowd, I also am nearly debt free (no cc debt, house payment and vehicle payment combined less than 20% of my salaried income) and I laid out a nice down payment.

I paid my first TT off in six out of ten years while going through a divorce. This one I predict I'll have paid off in about six years, I'll have the vehicle payment done next spring, the payment will go straight there along with half of my yearly sales bonus.

The secret to debt is the same as the secret of life. Do what works for you, wisely, with options weighed and measured. Some say cash is king, some scoff at the notion and exercise their credit. Some get in over their heads and guess what? They learn. I was drowning in debt after my divorce, I was advised to bankrupt twice by financial planners. But I didn't. I worked hard, paid off my debt and could have paid more down or just kept the paid off TT but I wanted to keep my cash reserve and got the 5er I wanted.

So do what works for you and be happy. Just don't look down your nose at me, I can poke holes in anyone's glass house just like a declined cell phone application.
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Old 06-11-2014, 08:11 AM   #73
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Our first TT we paid cash for, however, we paid ourselves that monthly payment into our savings account and then when we upgraded the TT we took the money and used for a down payment on our new one. Though we did finance the balance but its really no different then a vacation home or beach house payment.

Each way has pros and cons about them, it all comes down to your situation and if you want to buy outright or finance
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Old 07-11-2014, 07:01 AM   #74
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Interesting topic. Well, I'm a fan of credit union, I started banking with about a year ago. I've been happy with their customer service and locations around town. Apparently, Credit union registration is becoming the in thing lately, as the past two years were tangled up with people getting rid of big banks for community based ones. They aren't exactly running in droves, but a steady stream is pouring out of the banking industrial complicated into credit unions.
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Old 07-11-2014, 07:57 AM   #75
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We just financed our TT with a Credit Union out of Chattanooga, TN, 5 years, 2.5%. They were the easiest folks I have ever dealt with for a loan. They loaned the same regardless if it was a private party or dealer and used NADA retail for the loan valuation. I had looked at the TT from a dealer, but crazy as it seems, there was the exact same model for sale by a private party within 2 miles of my home and it cost me $2300 less and he included a WDH in the deal.
So, overall for the 5 years the finance cost is just shy of $700, not a bad deal, the WDH almost covers that. I suppose it's always better to pay cash, but if you're like me and want it now, 2.5% is good.

The credit union at my work is terrible to deal with. Although the folks are nice, the loan application itself is unbelievably difficult to fill out. They want EVERYTHING on it... even your shoe size and the last time you had to take a "comfort" break. (jk, seems like it, though) Rates aren't nearly as good as the one we got, either.
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Old 10-01-2014, 10:31 PM   #76
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A Quote from J. Paul Getty ( Use your money to buy thing that appreciate, use others people's money to buy things that deprecate.
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Old 10-02-2014, 07:58 AM   #77
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I've read through this and decided to put my two sense in. As a tt can be used as a tax deduction I financed mine. I only financed it for 7 years. In which I hope to be able to early retire at 50. It works for me. As for others that may finance longer it gives people who might be tight on money an opportunity to enjoy the lifestyle.
We just bought our first tt this year. It's been the best thing for my family let alone myself. I would if financed a travel trailer for 50 years just to get the relaxation and family time that this tt has offered us. Just saying.


Life is a highway!!!!!
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Old 10-02-2014, 09:41 AM   #78
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Financing crowd member here.

When we bought our Class C this summer we financed a long term loan as well. It was a hard decision. We are a modest income family and were not in a position to put a huge chunk of cash down. We would not have wanted to either.

That said...

Other than a very modest mortgage, we had no debt. The RV payment is largely covered with the funds available by having no cell phone contracts, no cable TV, no land-line, not eating out too often, etc. We have made sacrifices. Yes, we are saving for a modest retirement if we make it that long... but we must live this journey as well.

The places we have already gone this year, the new dreams, the relaxation, the memories created with our last child still at home and our grandson are priceless. We wish we would have spent more time like this with the other kids when they were young. Too late.

If I were to lose my job, then I'll need to re-group. So be it. It can be done, and it can be done without defaulting on loans and passing the buck. We'd likely sell the house, pay the RV off and downsize even further. It's in the plan already anyway.

Be responsible, but live the journey.
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Old 10-02-2014, 11:34 AM   #79
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Financing crowd member here.

When we bought our Class C this summer we financed a long term loan as well. It was a hard decision. We are a modest income family and were not in a position to put a huge chunk of cash down. We would not have wanted to either.

That said...

Other than a very modest mortgage, we had no debt. The RV payment is largely covered with the funds available by having no cell phone contracts, no cable TV, no land-line, not eating out too often, etc. We have made sacrifices. Yes, we are saving for a modest retirement if we make it that long... but we must live this journey as well.

The places we have already gone this year, the new dreams, the relaxation, the memories created with our last child still at home and our grandson are priceless. We wish we would have spent more time like this with the other kids when they were young. Too late.

If I were to lose my job, then I'll need to re-group. So be it. It can be done, and it can be done without defaulting on loans and passing the buck. We'd likely sell the house, pay the RV off and downsize even further. It's in the plan already anyway.

Be responsible, but live the journey.
Excellent post.
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Old 10-02-2014, 12:10 PM   #80
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I have been with my credit union for over 30 years and have done all my barrowing with them from cars/trucks,motorcycles, my land, tractor and just now our new 5th wheel. Low rates and pay the min. or pay alot extra every month they don't mind either way. I've always paid off my loans alot earlier mostly in half the time of the term.
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