v10superduty wrote:
beemerphile1 wrote:
timjcarter9 wrote:
sherpaxc wrote:
I stand by my statement. Sell it, cut your losses, get your savings built up, then buy something used and less expensive. It is a hard pill to swallow, but I think it is the right pill.
Sorry - but this has to be one of the dumbest things I have ever read. Seriously.
Not a dumb thing at all, I'm not saying the OP should do this because it would be a very difficult and personal decision. However I do understand the concept and it can work.
The OP plans on using a seasonal site and not towing regularly. Most campgrounds with seasonal sites already have a number of older units for sale, parked and ready to use.
The OP takes out a personal loan for the gap between equity and debt plus the cost of an older unit parked and ready to go. Let's say it is $7,000. They now have a much smaller debt that can be paid off much quicker and with less interest. They don't give up anything of the camping experience but just may have more time to spend with the family.
Another option would be to take out a personal loan for the gap between equity and debt, and camp in a tent. Still camping, much less debt.
Like the Good Book says; "The rich rule over the poor, and the borrower is slave to the lender." It really is true.
Not sure why I am jumping back in but I am.. :W
There was a post about week ago about folks lacking
"reading comprehension.." I think that applies here.
The OP said
-he can handle the payment he has ok
-he knows he made a impetuous jump doing this
-he can't handle a larger payment
-he now understands he should (and probably will) make extra payments once another smaller debt is finished
His "ONLY" question in OP was "IF" his new trailer would likely last the term of his loan.
Your estimate of only $7000 to cover shortfall in loan AND buy a low price used trailer is WAY low IMO.
The shortfall will have to be financed also and at a shorter term and probably higher rate??
That means a higher payment than now possibly.
Really doesn't make sense?
Do you think a trailer being used as he plans will last him 10-15 yrs?
I do.
Exactly what I meant. For the op this is a ludicrous idea. Keep paying financing on the shortfall for years and have nothing. Them save for more years and have nothing. Meanwhile he can afford the payment and can enjoy the new unit for years to come. Not to mention he never asked for advise on dumping it and getting out of debt.
The better plan is to make extra payments as he can. There is nothing wrong with carrying debt you can afford for something you will use and enjoy. Not everyone has the mindset they have to be debt free and pay cash for what they want. One size does not fit all.
