Good Sam Club Open Roads Forum: Beginning RVing: 20 year loan for RV?
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 > 20 year loan for RV?

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time2roll

Southern California

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Posted: 05/19/20 11:48am Link  |  Quote  |  Print  |  Notify Moderator

way2roll wrote:

time2roll wrote:

Well there are periodic posts of how to get out from under an upside down loan. Those that pay cash or pay extra on the loan don't seem to have those issues. Careful what you wish for. Bank will generally loan more than people can afford and will not really provide any related financial advice. So you get it here.


I must have missed something as I didn't see that asked in this post.


Here was the question:
way2roll wrote:

Why are so many people interested in what someone else does with their money?


Was just trying to say many have been down a bumpy low road. So they give advice not to take the same path.

Yes some people genuinely care that others avoid a potential pitfall.


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spoon059

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Posted: 05/19/20 12:07pm Link  |  Quote  |  Print  |  Notify Moderator

way2roll wrote:

PLEASE share where you are getting a mortgage rate for 2.75. Today's lowest rates are 3.2 - 3.5.

Just settled about 3 weeks ago on a refi, 15 years at 2.62% from my credit union.


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way2roll

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Posted: 05/19/20 12:08pm Link  |  Quote  |  Print  |  Notify Moderator

spoon059 wrote:

way2roll wrote:

PLEASE share where you are getting a mortgage rate for 2.75. Today's lowest rates are 3.2 - 3.5.

Just settled about 3 weeks ago on a refi, 15 years at 2.62% from my credit union.


That's awesome! I think rates have spiked a bit since then. That's a great rate, almost free money.

Desert Captain

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Posted: 05/19/20 12:28pm Link  |  Quote  |  Print  |  Notify Moderator

Yep, free money... right up there with waterproof and maintenance free. [emoticon].

Sorry folks but none of them actually exist

I think most folks here share their experiences whatever they may be in hopes that someone else will benefit from their experience. I don't see any malice in that.

As always... opinions and YMMV.

[emoticon]





way2roll

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Posted: 05/19/20 12:30pm Link  |  Quote  |  Print  |  Notify Moderator

Desert Captain wrote:

Yep, free money... right up there with waterproof and maintenance free. [emoticon].

Sorry folks but none of them actually exist



[emoticon]



Thanks - another "I'll twist what was said and respond just so I can say something" post. Super helpful!!

doxiemom11

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Posted: 05/19/20 01:19pm Link  |  Quote  |  Print  |  Notify Moderator

Didn't take a 20 year loan, but took a 10 yr loan on a 10 year old higher end unit and we have not been sorry. If it's quality built, it will last a very long time. Much longer than 10 years. We have yet to replace even an appliance in ours. Only a couple of circuit boards, some new tires and normal maintenance. We will be keeping this one for a long while yet as newer ones don't even compare. They are all glitz and glamour with poor workmanship.

4x4van

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Posted: 05/19/20 01:54pm Link  |  Quote  |  Print  |  Notify Moderator

doxiemom11 wrote:

Didn't take a 20 year loan, but took a 10 yr loan on a 10 year old higher end unit and we have not been sorry. If it's quality built, it will last a very long time. Much longer than 10 years. We have yet to replace even an appliance in ours. Only a couple of circuit boards, some new tires and normal maintenance. We will be keeping this one for a long while yet as newer ones don't even compare. They are all glitz and glamour with poor workmanship.

Yup, similar situation here. I bought my current RV, a 2004 model, in 2016, at 12 yrs old. Excellent condition, inside & out, low miles, new tires/batteries/awning and slide covers/generator carb. Other than a replacement rearview camera and normal routine maintenance, I've had to make NO repairs. Everything works perfectly, it currently has only 32K miles, and I have no doubt that it will still be going strong when the 12 year loan that I took out on it is paid off. In the meantime, the payments are low, the insurance is low, the registration is low (even here in CA), which frees up money to actually use it as well as do other things. Not sure how anyone could consider that a dumb move, but if they do, then I would simply have to agree to disagree.

Desert Captain wrote:

Yep, free money... right up there with waterproof and maintenance free. [emoticon].

Sorry folks but none of them actually exist


[emoticon]
Sometimes free money does indeed exist. My youngest daughter just finished paying off her 2015 Corolla; 5 year loan at 0% interest.

* This post was edited 05/20/20 09:52am by 4x4van *


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Desert Captain

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Posted: 05/19/20 02:12pm Link  |  Quote  |  Print  |  Notify Moderator

way2roll wrote:

Desert Captain wrote:

Yep, free money... right up there with waterproof and maintenance free. [emoticon].

Sorry folks but none of them actually exist



[emoticon]



Thanks - another "I'll twist what was said and respond just so I can say something" post. Super helpful!!


As opposed to an incomplete/selective partial quote of what I posted...

"I think most folks here share their experiences whatever they may be in hopes that someone else will benefit from their experience. I don't see any malice in that.

As always... opinions and YMMV."

Guess you missed that part.

[emoticon]

time2roll

Southern California

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Posted: 05/19/20 03:10pm Link  |  Quote  |  Print  |  Notify Moderator

4x4van wrote:

Sometimes free money does indeed exist. My youngest daughter just finished paying off her 2015 Corolla; 5 year loan at 0% interest.
Usually zero % is in lieu of a rebate. So the forgone rebate is your cost of zero % interest.

4x4van

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Posted: 05/20/20 09:50am Link  |  Quote  |  Print  |  Notify Moderator

time2roll wrote:

4x4van wrote:

Sometimes free money does indeed exist. My youngest daughter just finished paying off her 2015 Corolla; 5 year loan at 0% interest.
Usually zero % is in lieu of a rebate. So the forgone rebate is your cost of zero % interest.
True. So could the rebate be considered "free money"?

Seriously, though, NOTHING is free. We always pay in some way, shape, or form.

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