Financing
looking to buy a toy hauler fifthwheel and the truck I currently have will not pull it! Wondering if I would be better off buying a truck that will work and then the trailer? The trailer then the truc...
Forum Discussion
Jayco-noslide wrote:
I'll chime in with the lectures. Taking out a loan is just a way of delaying payment for something we can't afford. Secondly, if you don't have a really big down payment you will soon owe more than the items are worth. My suggestion: try to scale back the amount you will borrow by going used, cutting back on what you want or saving first. Being debt free is a wonderful feeling and the benefits snowball.
I think that philosophy has merit when interest rates are high, but not necessarily now. There is more then one way to look at this.
Interest rates are at historic lows. I got a NO INTEREST loan from Ford when I bought my truck. For 6 years ! Why in the world would I pay cash ? Keep your own money making interest and use Ford's money for FREE !
Interest rates for RVs are also very low and usually tax deductible. Again, keep your own money in stocks and bonds, making more interest then you are paying on the loan and use someone else's money for cheap.
