About to purchase- Finance questions
Hey all, I have a downpayment on a new travel trailer and just sold my pop up last night. Thursday I will go to sign papers. They were touting 4.99% finance rates until I got the deal. Then it ju...
Forum Discussion
Roy,
At this point it sounds like you playing a game but you are not sure of the rules. There are several different types of loans, and various ways to manipulate the payments.
I prefer a simple interest loan where you pay a fixed amount per month over a certain period of time. The loan is set up so that you can increase your payment and the increase goes directly to the principle and not the interest.
Go to your bank or CU and see what the rate and payments are.
The dealerships are set up to provide a money source for everybody; good credit, bad credit, no credit, smart or foolish. If you want to purchase a TT, they will find the financing for you. They have no idea what the impact will be on your budget; that is your business not theirs.
Buying a TT is not a race and a complete understanding of what you are doing can eliminate a lot of buyers remorse.
At this point it sounds like you playing a game but you are not sure of the rules. There are several different types of loans, and various ways to manipulate the payments.
I prefer a simple interest loan where you pay a fixed amount per month over a certain period of time. The loan is set up so that you can increase your payment and the increase goes directly to the principle and not the interest.
Go to your bank or CU and see what the rate and payments are.
The dealerships are set up to provide a money source for everybody; good credit, bad credit, no credit, smart or foolish. If you want to purchase a TT, they will find the financing for you. They have no idea what the impact will be on your budget; that is your business not theirs.
Buying a TT is not a race and a complete understanding of what you are doing can eliminate a lot of buyers remorse.
