How is interest applied on an RV loan?
When you take out a 10 year RV loan, is the interest spread out equally across all the payments or is it mostly paid up front like a home mortgage?
Forum Discussion
Hmmm. While I do understand simple interest, there is a major difference on how a mortage works, compared to a simple interest curve. Under a 30 year mortgage, I would be paying something like 80% interest for say the 1st 10 years, meaning I paid little to no primary. While it is what it is on a house and we have little choice as we NEED a home loan. I certainly don't want to pay mostly interest the 1st 5 years of an RV loan like a house and still owe the majority of the principle.
I would probably sell the RV in 5 years or less and don't want to be in a position where it is worth $10k and I owe $15k.
I would probably sell the RV in 5 years or less and don't want to be in a position where it is worth $10k and I owe $15k.
