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
1500 wrote:
You want to not be poor? Don't spend 40k on a 20k item just because you don't have the 20k cash up front.
I pay cash for everything (house excluded), not because I make a lot, but because I don't.
not paying interest gets you more trips.
LOL, To finance $20K and pay back $40K that would be 31.6% interest. Are your financing with a credit card or a payday loan? (60 month term). Or are you talking about financing a $20K item for 120 or 144 months or something? You have to be a financial idiot to even consider it. A $300K class A is one thing, a $20K trailer another.
How about financing the $20K @ 3.9% for 60 months, total cost $22,046.00
Take the $20,000 cash and invest it for 5 years and turn it into roughly $27K (6% return per year), and very possibly a good bit more if you play your cards right, without getting too aggressive, for a 5K min profit?
