Help me make sense of financing
Hi, I'm embarrassed to admit that I'm confused about best way to structure my financing deal, asking for the wisdom of who has done it before here (I am sure many have). I paid cash for my curre...
Forum Discussion
bucky wrote:
Here is a suggestion that has worked for us when we had to finance. It will only work if the equity in your house is more than the RV price or close.
Take a fee free or low fee home equity loan as an interest only payment. The rates are significantly lower that way. When you sell your existing RV pay those $ towards the loan. Every time you get an extra 50 cents pay that towards the loan. Your payment amount goes down with each extra "deposit" you make. We haven't had to do that in a few years, your results may vary.
Not a bad idea if you are are stable financially and know how to manage you money. I think a home equity line is about 2.99% apr now with no or very little fees. Not a good idea for someone in a lot of debt or not good with their money management.
