Financing Q's
Hi all, Probably been asked before, but a search didn't seem to get me what I wanted. The wife and I are seriously thinking about pulling the trigger on a new trailer to replace our 2005 Hybrid. ...
Forum Discussion
Firehawvvk wrote:
I always like to have enough money down and never finance too long of a period. Doing either one or both can put you "upside down" on your purchase and put you in a bad spot if you total it out in an accident or need to sell or trade it in you will owe more than it's worth putting yourself upside down in your loan.
Sadly most folk don't care or want to care about the harsh reality of the upside down loan.. I have seen coworkers LOSE their homes because they bought too much house for what they could afford on one income and one spouse lost a job..
RVs are a "toy" and lose value.. The moment you sign the papers the RV has lost money. The trick here is to use a downpayment to REDUCE the amount borrowed instead of stretching out the payments.
Sadly folks now days don't mind financing the entire purchase and are willing to pay for it upwards of 15 yrs..
