Interest rates

Gdetrailer wrote:

danimal53 wrote:
nothing wrong with a 10+ year loan when you can pay extra/early without penalty. your minimum payment is obviously going to be lower, which would help if there were a job loss, unexpected expense, etc. can always pay more to reduce that 10 years (and total interest)

money is very cheap right now, and saying "don't ever finance" isn't always the best/wisest decision for everyone

There in lies the "problem".. There is no such thing as "cheap money", it costs you SOMETHING whether it is interest or your TIME and typically it is BOTH.

You go to "work" and put YOUR TIME into a 8hr, 10hr, 16hr work day, the company doesn't pay you to sit around.. No they expect you to work.

Nobody has ever gotten rich by borrowing money, sure you can get a loan to start a business but keep in mind better than 90% of all upstart businesses which borrow money to start up WILL fail within the first year..

The MOST "successful" businesses tend to not borrow money to startup and they are the ones that often turn out to make it past the first year of operation..

Spending your hard earned money WISELY is the best way, that means not borrrowing more than what you can pay off in a reasonable time at an interest rate which is as low as possible..

You and anyone else are more than welcome to hand a banker lots o money.. After all the bank Presidents deserve their multi-million mansions plus retreats homes plus expensive sports cars..

yes there is such thing as cheap money. i didn't say free money, of course it costs you something. and like you said, your time is worth something as well. so if you want to save up for a number of years to pay with all cash, fine, but those number of years might be valuable time to some people. theres always a trade off. you aren't earning much by saving money with low interest rates, and it doesn't cost you much in financing with low interest rates. with inflation, a fixed interest rate today gets cheaper in real terms the further out you finance.

not a "get rich quick" scheme or anything, and i totally agree you should live within your means. I'm not recommending to borrow 100k for a tricked out badass-mobile. But borrowing money is not evil, and done wisely, will not ruin you.

anyway, to the OP, i shopped around a few places for interest rates (a couple banks and RV finance companies) and still found the rate from the dealer's bank was the best for me. Doesn't cost you anything to get quotes from a few places, just a little effort to do your homework.