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Old 08-19-2015, 03:15 PM   #31
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I've always finance the longest term possible to get the lowest payment possible just in case that off chance an emergency pops up and you can only pay that lower payment that month. Other wise, like others have said, pay more per month and pay it off early.

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Old 08-22-2015, 07:56 AM   #32
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About the percentage rates are right now on new units?

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Old 08-22-2015, 05:36 PM   #33
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To address the financing issue . . . rates can vary depending on amount financed. We sold a TT for $10,000 and planned to put it as down payment on a new 5th wheel. But it brought the balance below the required $25,000 to get the better rate so we put down only $8500 then paid $1500 on the first note against the principal.
Msrp is high on RVs so get everything you can in a discount. Good luck.
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Old 08-22-2015, 06:05 PM   #34
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Originally Posted by Herk7769 View Post
LOL, yea; but THAT will be "deductible" in the year paid regardless, provided you itemize!

Geez, I don't believe I've ever thought that paying out several extra hundred dollars in Taxes so I could get 30% of it back was such a great deal! Guess I'll have to try the "new math"!
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Old 08-23-2015, 07:33 AM   #35
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The essence of what folks are saying is that at least with the RV loan you can write-off the interest as your "2nd home" so you are better-off owing on the RV vs. higher interest auto loans, credit card debt., etc. with interest you cannot write-off... Yes, not owing is better, but most people my age have a mortgage & auto loan...

I used to counsel folks who had just lost their jobs & it can happen to anyone, anytime - especially when the Dow drops 500+ pts, like last Friday... IMO I would rather have $20K in savings with the bank owning the RV in the driveway than have to worry about selling the RV (at a huge loss during a recession) until a new job could be secured...

A couple years ago I made a career change mid-life which meant working less hours & taking grad. classes full-time. I could not have done that if we had all of our savings sitting in the driveway... Everyone's financial picture is different, so the advice that works for one may not be good advice for another...

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