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Old 01-29-2014, 06:26 PM   #21
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Well, I'm not offended!

Quote:
Originally Posted by Skater View Post
There's no need to judge how others choose to live.

If you can't usefully contribute to a topic, there's no need to respond.
I mean thanks for the support, Skater, but if it was directed at anybody it was directed at me and it really didn't offended me. It was not a judgment but a statement of philosophy. My philosophy is that it's ok for other people to have opinions that arent mine!

[Ignore the gibberish that follows ... I can't delete it!]

he "no debt" philosopha useful tool IMHO--
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Old 01-29-2014, 06:37 PM   #22
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Quote:
Originally Posted by Belbein View Post
It was not a judgment but a statement of philosophy.

My philosophy is that it's ok for other people to have opinions that arent mine!

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Old 01-29-2014, 07:17 PM   #23
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Quote:
Originally Posted by Belbein View Post
It was not a judgment but a statement of philosophy. My philosophy is that it's ok for other people to have opinions that arent mine!
Thanks for realizing that...I was not out to get you at all. I was just making a statement about the way I like to do things. I am quite aware my way is not the only way...but it works for me and to each his own.

Good luck in your search for an Airstream. The right one- for the right price- will come to you if you are patient.
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Old 01-29-2014, 11:26 PM   #24
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Credit

Quote:
Originally Posted by PA BAMBI II View Post
Thanks for realizing that...I was not out to get you at all. I was just making a statement about the way I like to do things. I am quite aware my way is not the only way...but it works for me and to each his own.

Good luck in your search for an Airstream. The right one- for the right price- will come to you if you are patient.
If you never borrow, then for some really great reason you need to, you're quite likely to get turned down. OTOH, it's really easy to get sucked into a downward spiral of borrowing to pay the interest on previous loans, and borrowing from higher and higher interest rate sources. If you've got to borrow
  1. know the difference between need and want
  2. don't borrow for a "want" if you have any other "want" that's still not paid for
  3. PLAN - a good budget means that no "need" is unanticipated or a total surprise
  4. when you borrow, PLAN the repayments, be prepared to routinely overpay the minimum, then if you have a bad month you're not in "late charge hell"
  5. carry good insurance
  6. keep a BIG downpayment for "whatever" - it's easier for lenders to lend you money if you have some of your own skin in the game.
  7. know how to say "NO".... "but Ms. Ford, this time share unit is priced $5000 under list... at $9000 you could save $5000 off of the regular price if you buy today. Respond: And I could save $14K if I say "NO!" to the whole idea."
If your neighbors think you're living like some third world refugee and they have much more and much better stuff than you do - your borrowing is probably under control, they're probably living in a house of cards that can collapse if one wage earner has to take off 4 weeks for an appendectomy!

Last June I wrecked "Foiled Again" and "Mother Truck #1". Both were well insured, but since I fulltime I didn't have a year to shop for "comparably priced replacements. So I ended up with a gently used Eddie Bauer 2012 and a 2013 Ford 150 Ecoboost. With only one vehicle, I need "dependable" and just couldn't locate a low mileage used truck quickly or nearby. So... I had to borrow. Colonial Airstream got me a great rate on the EB and the dealer got me a great rate on the F150. I used the insurance payments plus some stashed cash on each of the replacements... and I'm regularly paying double payments on the loans on both items. Had I opted to move into a SMALL apartment locally it would have cost me $900 per month PLUS utilities. So credit for the Airstream makes REALLY GOOD sense.

The F-150 Ecoboost has always left me a bit cool... Doesn't have the massive power of the Silverado 2500 Diesel, and the placement of some of the control buttons is less than wonderful. But literally, within the last 38 hours I have finally fallen totally in LOVE with this truck - 8 to 12 inches of snow where we rarely get an inch, drivers who have never driven on snow and think flooring it is a good thing, ACK!. The EcoBoost performed FLAWLESSLY allowing me to bring several of my staffers to work and back home safely! Everything low slung was in the ditches, even some other 4WD's. The EcoBoost's 4 WD is totally amazing especially it's ability to take on 3 foot "plow dams" across driveways. I felt totally in control and safe. Of course I didn't try to go 55 mph in this mess either.

Paula
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Old 01-30-2014, 12:16 AM   #25
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To the OP's original question: Costco offers competitive rates on RV's with loans out to 15 years, new and used. The dealer can probably beat that rate. In October, rates with solid credit were under 4%. Nearly all loans required 5% down.

Of the advice in this thread, the one piece I feel pretty clear about rebutting: DO NOT RAID YOUR 401K to pay off a trailer without first speaking to your tax advisor, unless you want to add b/t 15-30% or more to the cost of your AS.

Assuming the OP has not recently graduated high school, and has come to his/her own informed conclusion about buying an RV let alone an Airstream, and the impact of this decision on personal finances, not all debt is bad debt. Consider the following: Joe buys a $50k AS, and has the following options: pay cash from savings, borrow at 4%, or raid his 401k. Which one is best for Joe?

The worst is raiding his 401k. He pays 10% penalty of $5k to start, and income tax on the $50k, likely $15k at a 30% tax bracket. He's $20k in the hole before he's even started. His $50k AS is now costing him $70k right at signing.

If he finances over a long period at 4%, he's paying around $1500-2.2k per year in interest. But 450-660 of that comes back as a tax deduction assuming a 30% tax bracket, making his effective interest 1.1-1.5k annually. He could finance 20 years out before making the 401k raid option remotely viable. The $50k he leaves in his 401k still earns $2.5k-5k depending on his rate of return, tax free.

Say he didn't raid his 401k but paid cash from savings. Good plan right? Well, he still loses the potential investment earnings, and the benefit of a tax deduction. Plus, he's 50k less liquid in case of emergency.

Above 6%, the math starts to change the picture. And 10% seems like a bad deal. But a 4% tax deductible loan beats raiding a 401k ten times out of ten. And if his investment rate of return is closer to 10%, he may be better off financing and using his investment return to accelerate payoff of the loan, rather than pay cash from savings.

I'm not a dealer or a banker, but the rationale for avoiding debt doesn't always hold water, nice as it sounds. Every situation needs to be looked at with all factors in mind.
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Old 01-30-2014, 05:38 PM   #26
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Old 02-03-2014, 07:15 PM   #27
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I can't believe this thread is still going. We got offered 11% by some bank that travels by (stage) coach. We got offered 6s and 7s by various on-line (sketchy) places. I think Good Sam was at 4.75 or something. Then one dealer offered us 4.24, and another 4.49. So the dealer's deals were the best.

Along the way, we found two dealers we really, really liked. I don't know if it's appropriate on this site to give their names or not, but if anyone's looking and wants private references, I'll give them off-line. Just PM me.
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Old 02-04-2014, 06:27 AM   #28
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The dealer names may be helpful to some. I do not think there are any rules against it. Jim
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Old 06-11-2014, 03:35 PM   #29
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May be helpful. We have a credit union with great rates on boats and motorcycles, but they'll only do collateral on an RV and the rates, not that great. We're currently researching options. I plan on 10% down, and I'd prefer not to empty my brokerage account just so I can own the title. I'd rather leverage someone else's money so we can go full-time.
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Old 06-11-2014, 04:42 PM   #30
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Good Sam/Bank of the West had the best interest rates in 2012- around 5% I think. I've never seen RV interest rates any lower. We paid 6% through our credit union on our previous trailer. The rate is slightly higher for a used trailer. When I took out a signature loan to replace the central air conditioning unit at the house the bank was much lower than the credit union.
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Old 06-11-2014, 04:45 PM   #31
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The loan officer at the bank was shocked that I had financed $80,000 on an Airstream- she didn't realize they were so expensive. She sees the trailer every day. I live behind the bank. I whipped out my iPhone and commenced showing her the beautiful hickory wood interior...
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Old 06-11-2014, 05:10 PM   #32
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We got 3.9% from Ally (through the dealer) about a month ago with about 10% down.
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Old 06-11-2014, 06:06 PM   #33
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Same here... 3.9% through U.S. Bank in early May. We opted to put down 20%, but I am not sure that is what sealed the rate.

10% seems awfully high with today's rates. Shop around a bit until your comfortable. Good luck and happy shopping.
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Old 06-12-2014, 08:53 AM   #34
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Anything under 5% is more reasonable. If I can inquire, are these loans in the 15-20yr range?
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Old 06-12-2014, 10:23 AM   #35
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Mine was 15 yrs
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Old 06-12-2014, 10:24 AM   #36
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When we bought our 23fb two years ago we got 4.15% for 15 years with nothing down through BofA.
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Old 06-12-2014, 10:35 AM   #37
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This is a four year old thread. Current info is interesting, though, but OP has probably gotten a loan by now. Jim
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Old 06-12-2014, 11:39 AM   #38
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Originally Posted by zigzagguzzi View Post
This is a four year old thread. Current info is interesting, though, but OP has probably gotten a loan by now. Jim
Most forums if you are adding relevant information it's helpful than starting a new thread, especially for new folks searching.

However, just popping in to post the above doesn't add anything of value to the thread, and just moves it back to the top. Reviving dead threads to say "cool" isn't cool.

I saw recent posts on this thread yesterday, and replied, and have my own questions. There is good information in here, not need to scatter it about.
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Old 06-12-2014, 01:15 PM   #39
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All I was saying is this was an old thread and any advice to the original poster was probably way too late. I did say the new info was interesting. Is that a problem? Jim
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Old 06-12-2014, 01:36 PM   #40
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Makes me glad to have all my stuff paid for. YMMV.
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