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ZINGERLITE

Union Lake

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Posted: 03/15/19 11:20am Link  |  Quote  |  Print  |  Notify Moderator

Rjpoog1989 wrote:

I should have stated that I’m not interested in anything David Ramsey would say. Yes I could save money and go camping 5-10 years from now. My goal however, is to get out camping with my daughter while she’s young and get her interested in the outdoors.

I’ve looked at used, but I’ve got enough used junk laying around that I have to work on all the time. I don’t want to be fixing things when I’m trying to take a relaxing trip.

I’ve looked at rates from my credit union and will possibly use them. I have an 800+ credit score. My car will be paid off soon and I have plenty of money to make the payments.


I agree with the junk laying around comment. we financed and bought new because i want vacation to be vacation. eliminate the chance of the "everything i own is junk" anger moments lol. I want to relax. not stress over things that are broken.

2012Coleman

Florida

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Posted: 03/15/19 11:47am Link  |  Quote  |  Print  |  Notify Moderator

Rjpoog1989 wrote:

I wish there was a like or thank you button on this forum. I appreciate everyone who has tried to answer my questions. I’ll clarify a few things here:

We are looking at a small unit. We know the limits of my truck and we’ve found several floor plans we like. I want to get something as short as possible, with bunks, to eliminate the risk of scraping the backend coming into my steep driveway. I also am limited by garage space for it, as I plan to keep it indoors when not in use.

I’ve only ever bought 1 thing I didn’t need. I don’t live some extravagant lifestyle spending endless amounts of money. There’s not much to just simply cut from my budget and start saving on the scale needed to buy what we want. That being said if we get one we like we will keep it for a long time.

Case and point: I will absolutely be buying a camper prior to March 2020 and will absolutely be financing it.


My in-laws have a camper and we have gone on some trips with them. I have a pretty good understanding of what goes into all of this.
Please don't feel the need to justify your choices to the trolls on this forum. My credit score is like yours because like the poster above states - I use it and make on time payments.

But you are a lot better off getting your own financing - Here is some good reading on what people have found by going with the other alternative you mentioned.

BTW, no matter what, if you are buying new, you should negotiate at least 30% off the MSRP - do it after they give you their sale price. 30% off the MSRP will most likely be lower. Be ready to walk if they don't bargain with you. Seriously - have your calculator on your phone and do the calculation while sitting there. You can google to find RV buying strategies. You can look on RVTrader.com and see prices for new and used to get an idea.

One more thing - pass on the extended warranty, interior fabric protection, and exterior sealers. The fabric inside isn't worth the money you spend on some protection plan, and you can wax the thing your self once or twice a year.

Good luck and happy camping!


Experience without good judgment is worthless; good judgment without experience is still good judgment!

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time2roll

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Posted: 03/15/19 12:01pm Link  |  Quote  |  Print  |  Notify Moderator

Go big and go long.... as long as you get the lowest interest rate. Some loans go out 20 years and this is good as long as you make more than the minimum payments to be on maybe a 5 year schedule.

With good credit a minimal or no down payment is possible. I would go with the minimum.

Camping World is a mixed bag. Plenty of purchase and service complaints. I am sure there are some good transactions too but they tend to be under reported.


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Ralph Cramden

US

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Posted: 03/15/19 12:29pm Link  |  Quote  |  Print  |  Notify Moderator

time2roll wrote:

Go big and go long.... as long as you get the lowest interest rate. Some loans go out 20 years and this is good as long as you make more than the minimum payments to be on maybe a 5 year schedule.

With good credit a minimal or no down payment is possible. I would go with the minimum.

Camping World is a mixed bag. Plenty of purchase and service complaints. I am sure there are some good transactions too but they tend to be under reported.


I don't know about the go long, maybe only if going big. A week or so ago we received a card from the Camping World located near Pittsburgh. It was touting 180 month financing @ 6.99% for a stick and tin Wildwood POS.

Not the best idea to buy a trailer worth about $16-17K at most (CW ad price was $20K) and spend more than $32K over 15 years. When the thing is falling apart 8-10 years down the road you'll still owe over $10-13K on it. Or if you want to upgrade and sell it off in 3-5 years good luck getting $14K or up to $17K out of it to pay the loan off.

sgfrye

north carolina

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Posted: 03/15/19 12:37pm Link  |  Quote  |  Print  |  Notify Moderator

2012Coleman wrote:

Rjpoog1989 wrote:

I wish there was a like or thank you button on this forum. I appreciate everyone who has tried to answer my questions. I’ll clarify a few things here:

We are looking at a small unit. We know the limits of my truck and we’ve found several floor plans we like. I want to get something as short as possible, with bunks, to eliminate the risk of scraping the backend coming into my steep driveway. I also am limited by garage space for it, as I plan to keep it indoors when not in use.

I’ve only ever bought 1 thing I didn’t need. I don’t live some extravagant lifestyle spending endless amounts of money. There’s not much to just simply cut from my budget and start saving on the scale needed to buy what we want. That being said if we get one we like we will keep it for a long time.

Case and point: I will absolutely be buying a camper prior to March 2020 and will absolutely be financing it.


My in-laws have a camper and we have gone on some trips with them. I have a pretty good understanding of what goes into all of this.
Please don't feel the need to justify your choices to the trolls on this forum. My credit score is like yours because like the poster above states - I use it and make on time payments.

But you are a lot better off getting your own financing - Here is some good reading on what people have found by going with the other alternative you mentioned.

BTW, no matter what, if you are buying new, you should negotiate at least 30% off the MSRP - do it after they give you their sale price. 30% off the MSRP will most likely be lower. Be ready to walk if they don't bargain with you. Seriously - have your calculator on your phone and do the calculation while sitting there. You can google to find RV buying strategies. You can look on RVTrader.com and see prices for new and used to get an idea.

One more thing - pass on the extended warranty, interior fabric protection, and exterior sealers. The fabric inside isn't worth the money you spend on some protection plan, and you can wax the thing your self once or twice a year.

Good luck and happy camping!


yes very good advice on the fabric protection, extended warranty etc. upsale add ons.

delwhjr

TX

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Posted: 03/15/19 01:26pm Link  |  Quote  |  Print  |  Notify Moderator

Ralph Cramden wrote:

time2roll wrote:

Go big and go long.... as long as you get the lowest interest rate. Some loans go out 20 years and this is good as long as you make more than the minimum payments to be on maybe a 5 year schedule.

With good credit a minimal or no down payment is possible. I would go with the minimum.

Camping World is a mixed bag. Plenty of purchase and service complaints. I am sure there are some good transactions too but they tend to be under reported.


I don't know about the go long, maybe only if going big. A week or so ago we received a card from the Camping World located near Pittsburgh. It was touting 180 month financing @ 6.99% for a stick and tin Wildwood POS.

Not the best idea to buy a trailer worth about $16-17K at most (CW ad price was $20K) and spend more than $32K over 15 years. When the thing is falling apart 8-10 years down the road you'll still owe over $10-13K on it. Or if you want to upgrade and sell it off in 3-5 years good luck getting $14K or up to $17K out of it to pay the loan off.


Nothing wrong with going long as long as you don't actually go all the way.
With the lower monthly payment it allows for emergencies. A huge medical bill or catastrophic problem could make a large payment on a short time note difficult or impossible but the smaller payment may still be manageable, keeping your credit clean. Pay off the long note quick(maybe in half the time or shorter), saving interest and prevent being upside down.


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Ralph Cramden

US

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Posted: 03/15/19 01:52pm Link  |  Quote  |  Print  |  Notify Moderator

delwhjr wrote:



Nothing wrong with going long as long as you don't actually go all the way.
With the lower monthly payment it allows for emergencies. A huge medical bill or catastrophic problem could make a large payment on a short time note difficult or impossible but the smaller payment may still be manageable, keeping your credit clean. Pay off the long note quick(maybe in half the time or shorter), saving interest and prevent being upside down.


Woulda, Coulda, Shoulda.

It seems to me that if one takes out a 15 yr drag and then proceeds to pay off the long term loan quick, maybe in half the time or shorter (7 years or 6 or 5), saving interest and preventing being upside down, that would require you to up the payment from the get go to what it would of been on a 5 or 6 year drag anyway, or close to it?

You then need to have a tuned up crystal ball so you can predict the catastrophic problem you mention will not hit until after year 6 or 7? Or do you wait until year 6, when you'll still owe close to the original amount financed on the 15 year drag, and then make massive payments in the order of minimum + 900% or something, for a year to pay it off.

Not even taking into account typically you get a better rate on a 4 or 5 year loan than you'll get on a 15.

time2roll

Southern California

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Posted: 03/15/19 02:18pm Link  |  Quote  |  Print  |  Notify Moderator

Re-read my post. I covered both. Be prepared to pay in 5 yrs, don't pay a higher interest rate to go long. RV finance is a misfit and the rates are not always different for different terms same as a mortgage.

This gives flexibility if conditions go bad OP can revert to the minimum payment to keep from drowning.

And certainly if you have $100k+ languishing in a money market account then by all means pay cash.

Rjpoog1989

PA

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Posted: 03/15/19 02:31pm Link  |  Quote  |  Print  |  Notify Moderator

ZINGERLITE wrote:



I agree with the junk laying around comment. we financed and bought new because i want vacation to be vacation. eliminate the chance of the "everything i own is junk" anger moments lol. I want to relax. not stress over things that are broken.


I’ve been trying to get away from the “everything I own is junk” moments. I do still mow my yard with a 70 year old tractor that I have to hand crank. That’s the type of thing I’m trying to get away from when I go on vacations.


Researching to buy a TT before end of 2019

TV: 2014 GMC Sierra 1500 SLT / Summit White / 6.2 Ecotec III / 6 AT / Crew Cab / Standard Bed / 2 inch coil spacers / Zone AAL / BfGoodrich All-Terrain KO2 / Ranch Sierra Cap

Rjpoog1989

PA

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Posted: 03/15/19 02:37pm Link  |  Quote  |  Print  |  Notify Moderator

time2roll wrote:

Go big and go long.... as long as you get the lowest interest rate. Some loans go out 20 years and this is good as long as you make more than the minimum payments to be on maybe a 5 year schedule.

With good credit a minimal or no down payment is possible. I would go with the minimum.

Camping World is a mixed bag. Plenty of purchase and service complaints. I am sure there are some good transactions too but they tend to be under reported.


You’re basically saying what I’ve been thinking. Right now my car payment (to be paid off before TT purchase) is triple what I’m wanting my minimum TT payment to be. I’ll essentially be making payments in triple the amount 90% of the time, but if I have a bad month I can just make the minimum. I’ve realized there are sometimes things that come out of the blue that can really wreck a budget. I’m no financial guru, but I have yet to run completely out of money, so whatever I’m doing has worked thus far.

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