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5th Wheel Loan Schemes

August 12th, 2019 at 04:17 pm

Now that I have decided to make paying off my 5th wheel loan a priority, I have been thinking about different strategies to get the job done.

One strategy I intend to pursue is to get a 0% no balance transfer fee credit card loan if I can. I have Googled a bit, and have found a couple of offers for 0% for 15 months, no balance transfer fee. If I were to borrow $4,200, that's a repayment of $300 per month for 14 months (I always plan to pay in full the month before the offer ends). It adds a bit more hassle to juggle both debts, but I would save an additional $334 in interest by paying a lump sum of $4,200 up front vs. paying $300 per month over 14 months.

So I will apply and see if I am approved or not.

A second item is that I have raided my Roth sinking fund. I had been depositing 5% of my gross pay to it each payday, with the intent to contribute the money in 2020 (I had already contributed the max for 2019). I am using part of the money for medical expenses (more on that later), and the remaining balance of $1,130.81 as an additional principal payment. I will schedule the payment as soon as the money hits my checking account.

UPDATE: Additional principal payment of $1,130.81 submitted.

4 Responses to “5th Wheel Loan Schemes”

  1. Creditcardfree Says:

    I do like hearing about your rv loan. I had no idea they extended to 15 years! I know I too would want it paid off faster simply due to depreciation. I look forward to your schemes to pay it off fast!

  2. fireandi Says:

    It's hard to come across a 0% APR card that also has no balance transfer fee. Good for you! Get this 5th wheel paid off sooner. :-)

  3. rob62521 Says:

    Good plan to get it paid off. I had no idea they would allow one to get that long of a loan.

  4. Petunia 100 Says:

    You can even go 20 years on the really expensive rigs (100k).

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