On another forum I just read and interesting thread. Guy said he can afford to finance his new RV for 72 month payments BUT is financing for 20 years!
His plan being to pay as-if 72 month payment but has the insurance of a lower payment should any financial issues or want to take extended time off..
It seems too simplistic and prone to pitfalls but I can't think of any. As long as one is determined and consistent in paying off a 20 year loan in 6 what would be the "problem"? I don't know if one can get a lower interest rate on short vs. long term loans....seems we have to actually pull the trigger and meet with an FO to get real numbers...
Since we're in shopping mode and finding "deals" sooner than we anticipated this sort of scenario may let us get into an AS sooner and cheaper. Our logic being IF we're going to finance isn't starting to pay as good as saving for a down payment? Especially since 2021 AS WILL cost more too?