Is there a minimum amount one can finance an RV?
Some of the finance websites I have seen say they will not finance anything under $8000. Is that a general rule of thumb for most RV dealers?
Forum Discussion
Grit dog wrote:
Once you take the loan, it does nothing to just chunk a little off the top of an amortized loan. Now if you're not taking the loan to term you can save interest by paying it off early but again makes no difference when you apply he extra $. Only the end date matters.
This is completely wrong. A simple interest loan (just about every consumer loan today is simple interest- not the old rule of 78's) will always pay down when extra money is applied to the principle. The problem is, however, most loan servicing takes extra money and applies it to future payments in order to preserve the interest they collect.
