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I'm In Debt Again!

May 15th, 2019 at 08:40 am

It would have been more practical to buy the 5th wheel our friends were selling, or some other used 5th wheel. But, I decided that I wanted the beautiful new 5th wheel with extended warranty.

So, I bought it. The same one in the pics I shared in my post "Tow Vehicle Purchased". We have not yet taken delivery. The dealer is installing a tankless hot water heater and slide out "toppers" (covers to protect the roof from leaves and dirt while the slide is out). Plus, we need to have a 5th wheel hitch installed in the truck bed. (Which of course can't happen until we get the truck back from the dealer. Grr!).

I am very pleased and looking forward to living in my new home. We will keep our current travel trailer as a "guest room" so that family & friends can come up and visit us.

My loan payments are $417 for 15 years; the interest rate is 6.74%. I have already found that a lender called Essex Credit, which is funded through Bank of the West, will refi me at 5.15%, dropping my monthly payments to $375. However, I will have to wait as they require copies of both a loan statement and DMV registration; I have not yet received either one. I had checked with Wells Fargo before taking the financing the dealer offered; WF's best rate on an RV loan is 11.59%, and goes up from there. I could not believe it. I think they must be wanting to get out of RV financing altogether.

I think I am just going to pay the loan one payment at a time and direct extra dollars into savings.

4 Responses to “I'm In Debt Again!”

  1. veronak Says:

    Congratulations on the new RV!
    I’m just wondering, would it be cheaper to throw extra at the principal and pay off early vs refinancing?

  2. Petunia 100 Says:

    Hi Amber, Thank you, I am very excited. Happily, it won't cost anything to refinance.

  3. starfishy Says:

    Congratulations! Am I reading this correctly that you will use the new purchase as both your home on the property and as an RV for traveling? If so, great price for a house! Enjoy!

  4. Petunia 100 Says:

    Hi Starfishy - Yes, we are upgrading our home from the 22 ft travel trailer we have been living in since October 2017. Smile
    Andrew - Yes, it isn't too bad. But I believe I can do a bit better.

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