I guess the bank will let us keep it.

[cbshoestring]

I know many say that borrowing money for an RV is not the best option. However, many of us do....as we are not all independently wealthy.

The book says our final (60 month) installment is due in April 2018. Since we have sent "extra" every month, I knew we should be close to early payoff. Called the bank yesterday; payoff amount is less than a full month's payment.

The wife sent the online payment of $102.69.... Once the payment clears, we shall own our "tiny home".

OH WHAT A BEAUTIFUL FEELING.... OH WHAT A WONDERFUL DAY.

[bob_nestor]

I never like to finance a new RV for more than 10 years myself, but when I bought my current one in Feb they wrote it up for 15 years. Wasn't that big of a deal to me since I had put 50% down on the purchase and intended to accelerate the payments anyway, like I always do. It'll be paid off by Christmas at which time I'll be totally debt free yet once again.

But being as it's based on a Sprinter I may need to take out a new loan for the first oil change!

[rk911]

cbshoestring wrote:
I know many say that borrowing money for an RV is not the best option. However, many of us do....as we are not all independently wealthy.

The book says our final (60 month) installment is due in April 2018. Since we have sent "extra" every month, I knew we should be close to early payoff. Called the bank yesterday; payoff amount is less than a full month's payment.

The wife sent the online payment of $102.69.... Once the payment clears, we shall own our "tiny home".

OH WHAT A BEAUTIFUL FEELING.... OH WHAT A WONDERFUL DAY.

congrats! it is a great feeling. now consider setting aside that RV payment into a RV maintenance fund and/or an RV replacement fund.

[ken56]

Good money management habits are essential if one wants to be debt free at some point in their life. We just upgraded our rig also and I was shocked to find they put the financing through for 15 years. Now, I had planned to pay it off asap anyway but on travel trailers that may have a useful life of 10 years or so, that any bank would extend that long a term just boggled my mind. Payment was 244 a month, very affordable but also very easy to get upside down on a loan like that. Fortunately I made a $5000 investment in Philip Morris and Altria 12 years ago, split evenly between the two and reinvested the dividends and that is what paid off our new Laredo. That 5k grew to 31k. Its a beautiful thing.

[2112]

Congratulations! Oh what a great feeling that is.

FWIW not financing is more times than not poor advice. Ill spare you the details.

[FunnyCamper]

CONGRATS! Not a thing wrong with some financing something in your life 🙂
you did good, now go out and enjoy that paid off RV!!

[wowens79]

stickdog wrote:

wowens79 wrote:

cbshoestring wrote:

time2roll wrote:
Not too soon to start saving up for the next RV.

My last truck was paid for in 4 yrs, I had it for 14 yrs. I bemoan the cost of a new one and once again having a payment. My dad says: "If you had continued to set aside what you had been paying, you would have a sizeable chunk saved up".

He was (is) right, of course, but I wouldn't have that paid for Harley, that sits in the garage, cause I never make the time to ride it.

I paid off my 2002 in 4 years, and had payroll deduction of $400 a month put into savings for a new truck. Now I've got the money for a new one, but dang they are expensive, and I just can't bring myself to do it. Maybe the ol Chevy will last a little longer.

Worth keeping if the AC still works.

It went out last summer, and has been fixed, so nice and cold 🙂 It's needed about 9 months a year in Georgia.

[stickdog]

wowens79 wrote:

cbshoestring wrote:

time2roll wrote:
Not too soon to start saving up for the next RV.

My last truck was paid for in 4 yrs, I had it for 14 yrs. I bemoan the cost of a new one and once again having a payment. My dad says: "If you had continued to set aside what you had been paying, you would have a sizeable chunk saved up".

He was (is) right, of course, but I wouldn't have that paid for Harley, that sits in the garage, cause I never make the time to ride it.

I paid off my 2002 in 4 years, and had payroll deduction of $400 a month put into savings for a new truck. Now I've got the money for a new one, but dang they are expensive, and I just can't bring myself to do it. Maybe the ol Chevy will last a little longer.

Worth keeping if the AC still works.

[wowens79]

cbshoestring wrote:

time2roll wrote:
Not too soon to start saving up for the next RV.

My last truck was paid for in 4 yrs, I had it for 14 yrs. I bemoan the cost of a new one and once again having a payment. My dad says: "If you had continued to set aside what you had been paying, you would have a sizeable chunk saved up".

He was (is) right, of course, but I wouldn't have that paid for Harley, that sits in the garage, cause I never make the time to ride it.

I paid off my 2002 in 4 years, and had payroll deduction of $400 a month put into savings for a new truck. Now I've got the money for a new one, but dang they are expensive, and I just can't bring myself to do it. Maybe the ol Chevy will last a little longer.

[Deb_and_Ed_M]

Congratulations!!! It's always nice to pay something off 🙂

[cbshoestring]

newman fulltimer wrote:
Time to go to a show lol

Pittsburgh show is in January. My wife said I will be sick that weekend.

[cbshoestring]

time2roll wrote:
Not too soon to start saving up for the next RV.

My last truck was paid for in 4 yrs, I had it for 14 yrs. I bemoan the cost of a new one and once again having a payment. My dad says: "If you had continued to set aside what you had been paying, you would have a sizeable chunk saved up".

He was (is) right, of course, but I wouldn't have that paid for Harley, that sits in the garage, cause I never make the time to ride it.

[Desert_Captain]

When we bought our Class C I put 35 per cent down and got a very low interest 15 year loan on {it helps to have excellent credit}. This kept the payments small and gave me the option of making additional principle reductions anytime I saw fit/was able to do so.... my choice not the banks.

Four years later we are on track to have it paid off in under 7 years as the original loan has now been paid down to less than half. Looking forward to that day but in the mean time a $268 a month payment is no big deal. We have had the use and enjoyment of our dream coach, fattened up our credit score even more and if we did decide to sell {doubtful}, there is a very nice chunk of equity available.

Works for me.

:C

[time2roll]

Five year payoff is not a bad way to go. Extra payments when times are good is also prudent.
Congrats on the payoff! Keeping it for a while after is often an issue. Not too soon to start saving up for the next RV. Enjoy.

[Dennis12]

Luckily the owner had the title laying on the dash when I stole my camper. NO PAYMENTS !