RV Loan Approval With Data Points

[moto4man]

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@Mdowning30 wrote:

My comment is based off the amount financed stated. 15 years to pay off $35K is a long stretch. We are also here to help lend advice.

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Industry standard.  And I was also offered a couple of different ways that the terms could be structured.   However, since purchase date the fed has raised the interest rate 1.5%.  I rolled the dice on the rate at the time versus my payment comfort level.  I'm at 85k, not 185k....  I think I rolled a yatzee in that regard.  I probably could have waited a few more months and shaved a point or two TOPS.  (doubtful with the rate increases) And structured the load for a 10 year, which would have made it unaffordable for me.

[teekay629]

I think it is always important to remember that you can always pay more, but you can not pay less! You did what you had to to make it comfortable and doable.

But at the end of the day, I am appalled that you did not share what type of RV you ended up with! 😂

[2b2rich]

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@Mdowning30 wrote:

Thats nice but 180 months really ? That's a LONG time making payments.

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That doesn't mean the OP will actually take that long to pay it off.  I know a lot of people who would opt for the longest length they could take a loan out,  myself included if there is no repayment penalty. Have lower monthly payments in case of an emergency, but double them up when ever you can.  I don't know the normal terms of an RV loan, but sounds like the OP has really done his homework on them.🤷‍♀️

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[IrishPM]

And you always have the option to pay a little extra each month applied to the principal which cuts down on interest and the life of the loan. Congratulations on the loan.