Financing a motorhome.
My old motorhome needs to be replaced. It's 26 years old. Everything works but, I feel like it has major repairs in the near future that will cost more than I'm willing to pour into a unit that old....
Forum Discussion
The question of weather to finance or not has nothing to do with the OPs question. It's obvious if he was in a position to pay cash the question never would have been asked. :W
When we bought ours the dealer had a better rate than any of the other, normal outlets. Like many, we went 20 years to begin with, but a few years into it rates dropped and we did a refi with Good Sam Credit that shaved 4 years off the note - we kept the payment the same, just shortened the term.
The longer term does let you make a lower payment, but you MUST look at the overall costs. We went 20 years for the lower payment "just in case". Like some others we also make a habit of paying ahead. We paid the MH off in 8 years. We went 20 years on our house, paid that off in 12. I just financed a truck for 5 years, at my current rate it will be paid off well before it's 3rd birthday.
We always figure what the payment would be at a shorter term vs the longer term, normally finance at the longer term but make the larger payment of the shorter term. A longer note gives you the lower payment OPTION as a safety net in case the poop hits the fan and you can't swing the bigger payment. Paying off in the shorter term is normally (always) the better option.
When we bought ours the dealer had a better rate than any of the other, normal outlets. Like many, we went 20 years to begin with, but a few years into it rates dropped and we did a refi with Good Sam Credit that shaved 4 years off the note - we kept the payment the same, just shortened the term.
The longer term does let you make a lower payment, but you MUST look at the overall costs. We went 20 years for the lower payment "just in case". Like some others we also make a habit of paying ahead. We paid the MH off in 8 years. We went 20 years on our house, paid that off in 12. I just financed a truck for 5 years, at my current rate it will be paid off well before it's 3rd birthday.
We always figure what the payment would be at a shorter term vs the longer term, normally finance at the longer term but make the larger payment of the shorter term. A longer note gives you the lower payment OPTION as a safety net in case the poop hits the fan and you can't swing the bigger payment. Paying off in the shorter term is normally (always) the better option.
