RV Financing..
New to purchasing and financing a rv.. Really would like 240 month financing, but no experience here.. Are banks doing it? Min down payment going this route or min dollar amount financed? Would...
Forum Discussion
winnietrey wrote:
Another way of doing it, becuase money is so cheap right now, is to go long on the terms, put the rest in the bank. ( difference between the short and long term payments) That way you can still pay it off early if you choose.
There is no ATM in the basement of a house or trailer. I would rather have cash in the bank, than high equity in an RV.
Just a thought
This is true. If you can earn more than 4.5% or so on your money (and you actually save it) you would be better off investing and taking the longest term possible. The tax savings on interest can even further help you out. That being said you will find no one who will finance you that long for that amount. And if you aren't planning on investing the extra cash flow a 240 month term would be a bad deal for you. On $17k you would only save about $70/month in cash but you would pay for twice as long and pay more than 2x the amount of interest than on a 120 month plan.
