Is there a minimum amount one can finance an RV?

DownTheAvenue wrote:

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.

Ha! Yeah you're right. And apparently the 78s rule went away in 2001!
Apologies for the bad info. Haven't taken any ancillary loans since around that time. Save for ones that were extremely temporary and paid off quickly. Learn something new every day.
That's cool that there's a real incentive for paying down principle.
In that case, OP, if you're building credit, take a loan for the full amount and chunk some off the principle periodically but if you take the loan to term, you likely will still get the "credit" for a larger loan.
But again, at 44years old I'm not an expert on loans, credit ratings, etc. Been out of the game too long apparently. Find a couple credit unions and go and talk to them rather than internet sources. Generally regarded as a better lending experience.