Travel Trailer Buying/Financing Questions
Hello all, this is my first post here. I’ve been lurking here a while looking for info on campers. I’m looking to buy a TT for the 2020 camping season and I’m trying to plan my finances accordingly....
Forum Discussion
Ralph Cramden wrote:time2roll wrote:
Go big and go long.... as long as you get the lowest interest rate. Some loans go out 20 years and this is good as long as you make more than the minimum payments to be on maybe a 5 year schedule.
With good credit a minimal or no down payment is possible. I would go with the minimum.
Camping World is a mixed bag. Plenty of purchase and service complaints. I am sure there are some good transactions too but they tend to be under reported.
I don't know about the go long, maybe only if going big. A week or so ago we received a card from the Camping World located near Pittsburgh. It was touting 180 month financing @ 6.99% for a stick and tin Wildwood POS.
Not the best idea to buy a trailer worth about $16-17K at most (CW ad price was $20K) and spend more than $32K over 15 years. When the thing is falling apart 8-10 years down the road you'll still owe over $10-13K on it. Or if you want to upgrade and sell it off in 3-5 years good luck getting $14K or up to $17K out of it to pay the loan off.
Nothing wrong with going long as long as you don't actually go all the way.
With the lower monthly payment it allows for emergencies. A huge medical bill or catastrophic problem could make a large payment on a short time note difficult or impossible but the smaller payment may still be manageable, keeping your credit clean. Pay off the long note quick(maybe in half the time or shorter), saving interest and prevent being upside down.
