20 year loan for RV?

wildtoad wrote:
However, just because you get a twenty year loan, doesn’t mean you have to take twenty years to pay for it. You can make double or triple payments, but if you run into a financial difficulty for a while, you can make only the required payment, or no payment at all for a while.

Well stated. That's why I like 30-year mortgages on homes, especially for new buyers.

Plus, I always get a kick out of buyers, especially very young buyers, saying that they're buying their "forever home" ..... yeah, right. Chances are about 1 in 7 (at best) that it will indeed be their 'forever' home.

wapiticountry wrote:

ppine wrote:
Some people never figure out the difference between investment spending and consumptive spending.

I have had friends asking me for years "how did you retire so young, I could never retire."

I don't:
Take vacations to France every summer.
Remodel the kitchen every 5 years.
Have new car loans.
And I don't buy Rvs with a 20 year loan.

That is very true, but then again you didn't have a newly remodeled kitchen every 5 years, aren't driving a new car, haven't had the cultural experiences you get visiting France every summer and didn't have an RV for those 20 years. There are many people who wouldn't trade those experiences for the ability to retire young. I sure wouldn't trade everything I have experienced over the years for the money I spent on them.

The pay cash/ save crowd in my opinion are missing half the equation.
I am living proof. Wife died at 66 very unexpectedly. We spent the last 15 years rving, and going over seas. Spent a lot of money.
Would not trade those times for any amount of money

Kids grow up, people get sick and die, and get old. My thought don't go crazy, but have fun while you can, spend some money. You just never know what's around the next bend, enjoy life a bit, and worry less about money

ppine wrote:
Some people never figure out the difference between investment spending and consumptive spending.

I have had friends asking me for years "how did you retire so young, I could never retire."

I don't:
Take vacations to France every summer.
Remodel the kitchen every 5 years.
Have new car loans.
And I don't buy Rvs with a 20 year loan.

That is very true, but then again you didn't have a newly remodeled kitchen every 5 years, aren't driving a new car, haven't had the cultural experiences you get visiting France every summer and didn't have an RV for those 20 years. There are many people who wouldn't trade those experiences for the ability to retire young. I sure wouldn't trade everything I have experienced over the years for the money I spent on them.

ppine wrote:
Some people never figure out the difference between investment spending and consumptive spending.

I know the difference. I also know the difference between taking a brief (not 20 year) loan to buy a larger camper for my young and growing family so that I can give them experiences growing up that they wouldn't otherwise have.

For 3 years worth of interest my children get to Florida every February. They get to go to the beach every fall. They get to go to the lake a couple times a year. They got to go to Tennessee 2 years ago, Outer Banks last year, Vermont this year and who know's where next year. We have a group of good camping friends, and the kids have a couple sets of "camping friends" that live over an hour away. That's too far for regular play dates, but for 8-12 trips a year they get to spend lots of time with those friends. They get to go on boats, get to go tubing, get to go to waterparks, etc. These are experiences that I rarely had growing up and my wife never had.

Those are experiences that will make me have to work another year or two at the back end, but give my children a more fulfilling childhood than they may have had before. Completely and totally worth it. Heck, for that matter my wife gave up her job (RN at a major pediatric hospital) to stay home to homeschool the kids. These are major financial sacrifices that we have knowingly made for the sake of our children. All money WELL spent, in my opinion.

By the way, I got a pretty good deal on my camper, 34% off MSRP. By negotiating a decent deal, putting a hefty cash down payment and financing $18,000 over about 3 years I paid right around $1000 in interest. $1000 to buy 3 years more camping time with my family??? I'll spend that money any day!

ppine wrote:
Some people never figure out the difference between investment spending and consumptive spending.

And many others know full well the difference, and decide to do both in different aspects of their lives.

Some people never figure out the difference between investment spending and consumptive spending.

I have had friends asking me for years "how did you retire so young, I could never retire."

I don't:
Take vacations to France every summer.
Remodel the kitchen every 5 years.
Have new car loans.
And I don't buy Rvs with a 20 year loan.

time2roll wrote:
Usually zero % is in lieu of a rebate. So the forgone rebate is your cost of zero % interest.

It's always best to do the math and figure out what works for you. I have very good credit, so when I've bought new, it usually makes sense to take the "cash back" and obtain my own financing. Bought the wife's minivan last fall and used the $3500 cash back instead of 0% financing. I ran the numbers and ultimately paid LESS by paying interest.

Manufacturers are always making money. They offer 0% financing but the sales cost is higher. It costs them money to borrow, so they gotta make it from somewhere.

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.

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.

way2roll wrote:

Desert Captain wrote:
Yep, free money... right up there with waterproof and maintenance free. :S.

Sorry folks but none of them actually exist



:B

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.

:S