Great Loan Rate!!
Found on this forum but had to hunt around. Wings Credit Union has a fantastic rate for those looking to buy for the spring. 2.99% up to 6 year term. I calculated I would save $2400.00 over that ter...
Forum Discussion
majorgator wrote:
I'm with the "pay cash" crowd. The notion that it makes more sense to buy on time when your investment gain is outpacing the cost of the loan does not apply to toys. You want to buy a house, an investment property, or perhaps a vehicle that you must have, then a loan might be OK. An RV loses value so fast, and quite frankly they're mostly all junk. You can get a 10 or 15 year loan on an RV, which is what many people have for their mortgage. Just plain crazy. My RV is a hair over 15 years old. I would puke myself to know that up until last year I was making a payment on it.
I've never met anyone (myself included) who regretted making a large purchase with cash in lieu of financing. On the other hand, I know MANY people who have regretting (and are regretting) doing the opposite. The last 2 vehicles we've purchased have been made with cash, and what a liberating feeling that is.
With the current state of the economy, the unemployment rate, and the rampant instability of jobs, who in the world would want to bog themselves down with another monthly payment?
You are comparing the rate of return on competing investments. This is not the same as what is discussed above. FYI, in the event everything turns sideways like in your example the individual could just payoff the loan with their investments.
