Financing Survey
Hey all, I'd like to take a quick survey of the group. Basically, when you bought your Trailer/RV, did you finance? But, lets go a little deeper. Not just did you finance, but these questio...
Forum Discussion
1. Did you make a down-payment in cash, if so what percentage?
2. What length of loan term did you go with?
3. Did you accept the lender offered by the dealer or bring your own?
4. How much percentage of your monthly income would have been too much?
We were going to put down 15% and pay the taxes out of pocket until the dealer came and said we could get a better rate on a shorter loan if we put down less and financed the taxes. So we took the loan and used the down to set up the trailer.
Loan was 4.5% for 6 years.
The credit union we went thru was one of the six options the dealer offered. Most dealers were offering 7.99% and 12 years, we would have paid twice in the end.
We could have paid cash but didn't. I can get a personal loan with great rates any time. As a small business I would have to jump thru hoops and that is if the opportunity lasted that long. Having cash in the bank means that I can jump on a deal or get needed equipment when I need it.
Everyone handles their finances differently for their own reasons. Our decision worked out well for us because a small amount of hail damage got our trailer totaled. The insurance gave us our trailer and a check and 8600 in payments went bye bye. The original money is still in the bank and the trailer is ours.
2. What length of loan term did you go with?
3. Did you accept the lender offered by the dealer or bring your own?
4. How much percentage of your monthly income would have been too much?
We were going to put down 15% and pay the taxes out of pocket until the dealer came and said we could get a better rate on a shorter loan if we put down less and financed the taxes. So we took the loan and used the down to set up the trailer.
Loan was 4.5% for 6 years.
The credit union we went thru was one of the six options the dealer offered. Most dealers were offering 7.99% and 12 years, we would have paid twice in the end.
We could have paid cash but didn't. I can get a personal loan with great rates any time. As a small business I would have to jump thru hoops and that is if the opportunity lasted that long. Having cash in the bank means that I can jump on a deal or get needed equipment when I need it.
Everyone handles their finances differently for their own reasons. Our decision worked out well for us because a small amount of hail damage got our trailer totaled. The insurance gave us our trailer and a check and 8600 in payments went bye bye. The original money is still in the bank and the trailer is ours.
