rbpru wrote:
Most of us have to finance at a payment we can afford.
My wife and I always set up a simple interest loan. This allows us to pay on the unpaid principle, so if future finances allow, we can pay down quicker, this in not always possible with a pre-computed loan.
Our priorities for the TT purchase were TV capacity, acceptable floor plan and affordable monthly payment. If it did not fit any of the above, we passed.
It still is but loan companies hate it. We are doing that now. Every time we make a bulk principle payment they have to re-calculate. They did everything they could to stop us but our loan says "no payoff penalty" Once we accused them of fraud and informing banking board they got the message. One principle payment equal to the value of a payment may be several months in payments.
