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
Gdetrailer wrote:
Lets see how the math "works"...$45K for "new" - $5.7K "used" = $39.3K difference..People who have a habit of borrowing excessively tend to FORGET ALL ABOUT THE INTEREST THEY MUST PAY IN....So in reality I have $39.3K MORE MONEY in my pocket by buying a used one and fixing it than if I bought a new off the lot one....
Credit used in a sparing way, only when NEEDED is your "best" policy..
Well, maybe not quite. I ran numbers on the $25,000, and came up with about $3500 in interest (5yr. 5%). After 5 years total cost at $28,500 thus you've saved $22,800; though your not taking into account how much the "new" rig is worth after 5 years. Maybe 1/2 at $12,500; then you've saved just over $10,000, which is probably the difference between camping in a used rig, and a new rig. You are correct that $10,000 in your account is more than not, but there is also value (not monetary) to a new rig vs. a used rig and different people choose differently. (to get to $20,000 interest you need a 10 year loan at 11.5% interest, which is extremely high these days, though maybe not unheard of, scary though!)
