[Ganaraska]

Originally Posted by doug&maggie

We got the same letter from Thor, who financed us for 6.99% with 10% down in 2007. We wanted to refinance now to get a better interest rate, after some phone calls eventually spoke with GE who told us they had "acquired" Thor financing. To make a longish story shorter, Prairieland Credit Union here gave us 5 1/2%, signing the papers this am, takes several years off the loan.

We had thought about making double payments at some point, to pay the AS off early, determined that the tax deduction on the loan interest was more beneficial to us as we have our home paid off and being able to itemize deductions is biggie.

We were told many years ago by a financial advisor that the basic rule of thumb is to use your own money for things that appreciate in value and others' money for things that depreciate, which we generally live by and has served us pretty well. Keeping your credit rating up is critical, and good financing is out there even today.

Your financial advisor is nuts. It is smart to go into debt for things that appreciate, dangerous to go into debt for things that depreciate. Think it over.