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
#1nobby wrote:
Well that might be YOUR experience.....but I cut a deal for the car to my satisfaction BEFORE any talk of payment was introduced.
I was willing and able to pay cash.
But couldn't NOT take the 0-0 deal.
Oh...and by the way...I can pay it off anytime I want. They would actually like that. :)
Actually banks/lenders don't really "care" for folks paying off loans early..
Why?
Well, they lose a lot of interest for one..
They also count your loan payments as "income", looks good for their bottom line in their "receivables" department..
Depending on the type of loan, they often sell the loan accounts to other lenders which allows them to get all of the interest money due from the loan without waiting for the end of term. So in a sense it becomes a "bartering tool" between lenders..
Because we are smart savers and use credit extremely sparingly, payoff auto loans early and never ever keep a running balance on a credit card we were able to pay in cash on a nice shiny new 2019 truck..
The money that we would have paid in interest on auto loans was set aside in our savings and has grown over the years to the point that NOT NEEDING a loan to buy a new vehicle!
Pretty darn great feeling to not have a $600 loan payment for the next 4 yrs :B
