I guess the bank will let us keep it.

CONGRATS! Not a thing wrong with some financing something in your life :)
you did good, now go out and enjoy that paid off RV!!

Congratulations! Oh what a great feeling that is.

FWIW not financing is more times than not poor advice. Ill spare you the details.

Good money management habits are essential if one wants to be debt free at some point in their life. We just upgraded our rig also and I was shocked to find they put the financing through for 15 years. Now, I had planned to pay it off asap anyway but on travel trailers that may have a useful life of 10 years or so, that any bank would extend that long a term just boggled my mind. Payment was 244 a month, very affordable but also very easy to get upside down on a loan like that. Fortunately I made a $5000 investment in Philip Morris and Altria 12 years ago, split evenly between the two and reinvested the dividends and that is what paid off our new Laredo. That 5k grew to 31k. Its a beautiful thing.

cbshoestring wrote:
I know many say that borrowing money for an RV is not the best option. However, many of us do....as we are not all independently wealthy.

The book says our final (60 month) installment is due in April 2018. Since we have sent "extra" every month, I knew we should be close to early payoff. Called the bank yesterday; payoff amount is less than a full month's payment.

The wife sent the online payment of $102.69.... Once the payment clears, we shall own our "tiny home".

OH WHAT A BEAUTIFUL FEELING.... OH WHAT A WONDERFUL DAY.

congrats! it is a great feeling. now consider setting aside that RV payment into a RV maintenance fund and/or an RV replacement fund.

I never like to finance a new RV for more than 10 years myself, but when I bought my current one in Feb they wrote it up for 15 years. Wasn't that big of a deal to me since I had put 50% down on the purchase and intended to accelerate the payments anyway, like I always do. It'll be paid off by Christmas at which time I'll be totally debt free yet once again.

But being as it's based on a Sprinter I may need to take out a new loan for the first oil change!