I'm still convinced these people are crazy.
Years ago, pre-2008 in fact, I posted something that lighted a firestorm of indignation - I questioned the sanity of people who buy new RVs and amortize the purchase over 20-25 years. I had been to an...
Forum Discussion
WyoTraveler wrote:
The post was just assumptions that everyone that gets an RV loan or vehicle loan is poor and don't have any idea about finances. Terrible assumption.
He needs some education about finances.
#1. If I can borrow money cheaper than I am making money in the stock market why should I pay cash?
#2. He has no clue about other people and their funds.
#3. He probably has bad credit and jealous that others can enjoy their life RVing and he hasn't figured out how to get a loan.
I'm sorry that is just my humble opinion.
Okay - You've got me, I'm not a financial wizard.
#1 - If you have money invested at a higher rate of interest than an RV loan - of course, the choice is obvious. I'm willing to bet, however that the majority of people signing up for relatively high-interest RV loans don't have the whereabouts to use that option.
#2 - Absolutely correct - I have no clue about others finances, just observations and North America's situation in general.
#3 - Oh, believe me, the bank would love to have me access the equity in our home - It wouldn't be a problem at all.
So what's your issue with questioning the wisdom of borrowing big money for an RV? Don't you think it's worth discussing whether someone should mortgage their future for the few times (historically speaking)their expensive, mortgaged RV will be used in the next 20 years?
