i have 17yrs or so left on the c-19 at $200 a month. If i upgrade payments will be like $350 ish a month for 20 years and a whole better camper. you forget to read that in like 3 yrs or so I ll start hammering money down to pay it off faster.
What about taking a year and pay the new payment toward the loan you currently have? If you pay less one month, for any reason, I would say it is an extremely bad move. Other trailers will come along if you can actually follow through with this kind of payment. By increasing the payment on the loan you have you may be able to go into the next purchase without being behind from the get go. Do not let this purchase be based on emotion. Make sure it is based on good financial planning.
As others have said, putting your home at risk for fun you could have in something as simple as a tent is probably a bad idea.
What led you to the first purchase that you are now wishing was different? It sounds like you are already regretting not being further along in your payoff. It will only get worse. It is like digging a financial hole that will begin to cloud your camping experience.
If it is tough to make the payments, then the additional camping expenses may begin to leave you with nothing more than trailer payments.
I question why at 29yrs old do you need such an expensive rig????? I'm 32 yrs old and paid 3000.00 CASH for my Boomer. Yes, I got a great deal on it, but I have NO desire to add MORE debt to what I already have. I owe for my house and ONE car payment and that is it.
Why not just buy an older rig and be happy with that until you can AFFORD to purchase a newer rig?
I really don't understand why so many people my age think it's "OK" to have such large amounts of debt.
To each his or her own, but that's how I feel about it.
1997 DODGE RAM 4x4, 2500 SERIES, , Reg. cab, 5.9L V8, AT, 4.10 gears. Prodigy Electric Brake Control
1995 BOOMER (Skyline) Model 2223
Lot of good info, i personally would not finance an Rv for 20 years, unless we were talking about a 40' diesel pusher. Also i have been told by many people one being a SVP at a bank to never take an equity loan for toys, if something ever happens your house could be in jepardy.
I think the biggest issue is that it looks like you paid way too much for the C19. I would try to stay with that unit and pay off as much as i could before trading in. During the summer when we bought our current unit they were asking $29k, i paid $22k, then they offered me 12 or 15 years to finance. we took the 12 years, our payment did not go up enough to bother us.
In the end if i were you i would wait before buying another trailer.
* This post was
edited 11/07/07 07:03am by 1jeep *
2007 Toyota Tundra Sr5 DC 4x4 8'bed 5.7 tow package 4:30 gears
2007 Keystone Outback Sydney 32BHDS
2006 HD Street Glide
1997 Yamaha YZF1000r
1995 Honda CR500r
baldag wrote: Assuming a $40,000.00 loan for 20 yrs @ 7.5%, the loan would be $323 per month, total payout after 20 years $77,338.
No way a new family should be taking on that much debt. Settle for something way cheaper - your kids won't know the difference!
George
Now there is a smart person, and he is 100% right. Besides, with the gas prices going thru the ceiling you will spend big bucks pulling that $77,338 trailer.
Of all the things I've lost, I miss my mind the most.
WOW, I wish you luck. Based on your other post, you mention that you finance everything. Go for it if you wish, however I think you will regret it in the long run. As others have mentioned, financing a depreciating "toy" is a very poor decision.
Some friends of ours bought a very nice three slide 5er this spring. I kiddingly asked if they financed it for 20 years and the answer was ten. If they take the entire 10 years to pay it off they'll spend over $13,000 just in interest. If you finance anything for that long, other than a house, you'll owe more than it's worth for a very long time. If you should be forced to sell for whatever reason, you'd still be on the hook for the rest of what you'd owe after subtracting whatever you'd get on the sale. Set your sights lower and get something you can afford, maybe used. Or keep what you have. Your worth as a person has nothing to do with how many things you own.
RRUGG
2008 Dodge 2500 QC 4x4 SB Cummins 6 speed auto 3.73
1997 Holiday Rambler 29FK travel trailer
2006 Summit 22RB travel trailer
2003 Dodge Grand Caravan Sport
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I won't bash you for needing to finance. Some of the forum well to do feel you must pay cash. I don't necessarily agree cash is best particularly for toys but that is another topic. Are you disciplined enough to pay it off soon? Double payments etc. I doubt TT will last 20 years. At some point TT will deteriorate and you will still have a loan. I give most rigs a ten year life cycle with that in mind you should carry loan for no more the 5-6 years. So 20 year term is acceptable only if you can make double and triple payments to pay loan off sooner.
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