First Time Buyer...Updated 03/06/2006
This post is intended to be helpful to the first time buyer of a motor home. For those of you who don't fall into that category or believe this post is incomplete or off the mark, do us all a favor, a...
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Well, of course - be careful. But that pretty much goes without saying when it comes to credit - doesn't it?;)
With no mortgage and no outstanding debts - for us and the bank it was a "no-brainer". Leave the assets in place, earn more than the cost of the loan with the equivalent investment, deduct the interest charges and figure out what the bottom line looks like. We did a little research and went with the forecast of lower short-term interest rates and :B guessed right! They went down instead of up for a change. Of course, it helps that we aren't talking luxury coach here :)
While we won't catch it at rock-bottom, when the interest rates (short term and variable) start back up, we'll lock in the balance at a term rate and feel good about the whole transaction.
With no mortgage and no outstanding debts - for us and the bank it was a "no-brainer". Leave the assets in place, earn more than the cost of the loan with the equivalent investment, deduct the interest charges and figure out what the bottom line looks like. We did a little research and went with the forecast of lower short-term interest rates and :B guessed right! They went down instead of up for a change. Of course, it helps that we aren't talking luxury coach here :)
While we won't catch it at rock-bottom, when the interest rates (short term and variable) start back up, we'll lock in the balance at a term rate and feel good about the whole transaction.
