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Old 03-25-2018, 04:35 PM   #21
STIHLNTIME
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I have the financial reserves to have paid cash for my recent purchase, our credit union runs a special rate on RV's once a year, 1.9% for up to 56 months, I paid a significant down payment and financed the rest. The loan includes credit life at no charge. Every loan institution is different and is credit score based, but I have found credit unions are very competitive when compared to traditional banks.
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Old 03-26-2018, 03:01 AM   #22
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Marc, how does your gasser do with pulling your 3350? Is that a 35 footer?
Have not pulled the TT yet! But will let you know how it does when I do!

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Old 03-26-2018, 04:06 AM   #23
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Why save all your money when retired I would much rather buy boat and motor homes than to hand it all to a nursing home when they tell you that you have to have less than $2000.00 To quality for assistance. Or pay them $6 To $10.000 a month for care.and if you are broke you pay ZERO .
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Old 03-26-2018, 05:05 AM   #24
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We have a 15 yr loan on ours but I pay 25% more each month than what the payment is just to get it paid down quicker. Plan on trading it in 4-6 yrs.
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Old 03-26-2018, 07:06 AM   #25
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All of my money is in qualified retirement accounts so I pay taxes when I withdraw. I pull out as much as I can to get to the top of a tax bracket and then wait for the next year.

I view my loan as a bridge loan to get me through a few years while drawing out money to pay it off without incurring a larger tax hit. At this point in time I figure I've only got so many good years left to enjoy traveling so I would rather do it now! A few extra dollars spent isn't going to make any difference to me.

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Old 03-26-2018, 06:33 PM   #26
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We are in our early 50's and just went looking at an RV show this past weekend. We know what we want(mostly) and at this point in our lives want to go nicer with our next rig. We are discussing getting a loan for this purchase and also discuss what our retirement plans are. We had an Aunt and Uncle work their entire lives, buy a truck and trailer and only get a year of use before he passed away. I want to get out and enjoy whatever we get while we can, and making a loan payment while still are working makes sense for us, but to each his own.
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Old 03-27-2018, 04:23 AM   #27
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On our current TT, we went 10 years and we have 2 more years on it, (we bought it new 5 years ago this june). The long note allowed the payments to be low and allowed use to double up if we wanted to. However, we're trading it in next month for a fiver, that we're doing the same thing on, stretch out the note, double up on payments and looking to have it paid off in half the time. There's pros and cons about stretching out the notes, the same as houses, cars, etc. Our plan is to have the new one paid off by the time we retire, we want to go into retirement with little to no major expenses.
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Old 03-27-2018, 06:08 AM   #28
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We never thought we'd take out a loan for longer than 5 years on anything (other than mortgage), but we did last year for our 5th wheel. Everyone's situation is different and our line of thought was - that we plan on keeping this 5th wheel for at least as long as we had our other one (12 years) and once we have the truck paid off in another 2 years, our plan is to start over-paying the 5th wheel loan to pay it off sooner. We will have the house paid off in 7 years, so we are on a plan for current debts to be paid and leave wiggle room for anything else to get us ready for retirement since we are only in our early 50's (WOW! Young at 50!!!)

I remember when a 3 year loan for cars was the norm - now it's stretched out to 5-7 years and now longer for RVs!
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Old 03-27-2018, 03:43 PM   #29
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The F350 is paid for and has enough value, at this time, to pay off the loan on the FW. If I sell them both I should get to keep a few bucks. The loan rate is 3.0%. I could withdraw the money from my IRA but for this past year I am financially glad that I did not.

We bough a new car after Christmas. No money down, 0% interest for 5 years. Again, I could pull money out of the IRA that that would not be a good move.

We have no other debt. House is paid for and has a value over 400K. I sleep well at night and have a good time every trip we take.
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Old 03-28-2018, 05:44 AM   #30
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So say you know your RV costs you $100,000 and it will lose value to $50,000 over the three years you plan on using it. The problem is no one will loan you just $50,000 on speculation your RV will be worth that residual value, so you have to borrow the entire cost (less your down payment).
Sorry....but this makes no sense...unless I'm misunderstanding what your trying to say.

Any loan company that would refuse to loan $50,000 on an RV worth $100,00 (but instead only loan full value (less Down Payment) is crazy). What if my down payment is $50,000? Why would they turn me down?
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Old 03-28-2018, 11:14 AM   #31
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Tax advantages?

Have not seen any discussion here about the tax advantages of owning a "second home." I'm writing off the interest on both my regular home and my 5th wheel. I don't however know how all the tax changes this year are going to change this, and I'm interested to see if anyone has looked into the new tax law far enough to see how it's going to affect us.
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Old 03-28-2018, 11:33 AM   #32
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Our home and fifth wheel are paid for, so there is no interest deduction available for us. I have considered, refinancing our home in order to obtain the tax deduction, but from what I can determine, the new tax code won't give the benefits that were available in the old code. After everything "settles down" and the new law is "understood better by financial advisers" I plan to address it again, but for now, it doesn't appear that the deductions will be as lucrative as they were.....

Thinking about it, we work our entire lifetime to buy a house for security in retirement and then "face the decision of financing it in retirement" so we can afford to keep it...... Hmmmmmm
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Old 03-28-2018, 12:10 PM   #33
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Have not seen any discussion here about the tax advantages of owning a "second home." I'm writing off the interest on both my regular home and my 5th wheel. I don't however know how all the tax changes this year are going to change this, and I'm interested to see if anyone has looked into the new tax law far enough to see how it's going to affect us.
It's my understanding from another RV forum post that the 2nd home deduct is still there up to 1M.
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Old 03-28-2018, 12:11 PM   #34
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Our home and fifth wheel are paid for, so there is no interest deduction available for us. I have considered, refinancing our home in order to obtain the tax deduction, but from what I can determine, the new tax code won't give the benefits that were available in the old code. After everything "settles down" and the new law is "understood better by financial advisers" I plan to address it again, but for now, it doesn't appear that the deductions will be as lucrative as they were.....

Thinking about it, we work our entire lifetime to buy a house for security in retirement and then "face the decision of financing it in retirement" so we can afford to keep it...... Hmmmmmm
You messed up if you can't afford you paid for house in retirement. Sounds like you need to downsize.
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Old 03-28-2018, 12:23 PM   #35
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Originally Posted by DocWMB View Post
Have not seen any discussion here about the tax advantages of owning a "second home." I'm writing off the interest on both my regular home and my 5th wheel. I don't however know how all the tax changes this year are going to change this, and I'm interested to see if anyone has looked into the new tax law far enough to see how it's going to affect us.
Just did my taxes. You have to have a form from the lender (copy to IRS) that has loan origination date, current balance, original loan amount and interest paid.
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Old 03-28-2018, 01:02 PM   #36
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Dale, in reference your "downsize" remark, I believe John was probably just using that as an example of what to do to maximize one's financial situation.
However, after reading his thread about buying a new Polaris road-ready snowmobile for two he may need the money to pay for it.....
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Old 03-28-2018, 03:02 PM   #37
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Dale, in reference your "downsize" remark, I believe John was probably just using that as an example of what to do to maximize one's financial situation.
However, after reading his thread about buying a new Polaris road-ready snowmobile for two he may need the money to pay for it.....
If I couldn't afford it, I wouldn't buy it, but, to be honest, $30,000 for a toy may not be much in today's market, but it's a sizeable expense for us.... And yes, you're right, the "downsize" remark was intended to be an example of minimizing tax liability and maximizing income potential. I do agree, anyone who has to "refinance their home in retirement" likely shouldn't be spending significant sums on toys.

goducks, My "attempt at how I view the new tax code" apparently didn't resonate with your understanding. The "WE" in my post was the "generic retired community throughout our nation". I was not referring to my specific financial situation. Fortunately, I don't face that problem, at least not yet. Who knows what the future holds for any of us. One "split second" in the wrong direction and we may wind up in WW3 or the next stock market crash, or learn that our health, wealth or future is gone. None of us really know what tomorrow holds, but in my post, the "WE" was generic.
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Old 03-28-2018, 04:30 PM   #38
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It's been fun to read everyone's take on financial planning. Not that my .02 is even worth that much, but I'm going to throw it in anyways just for a different perspective.
My wife and I are both young. We are diligently paying down the note on our house that was purchased in foreclosure. So financing our old camper (was 9yo at time of sale,5 year term) equates to a monthly payment that is totally within our budget, and if we decide to sell it off in a couple years I don't expect to take a HUGE hit, especially when compared to how much a brand new model year trailer will depreciate in 5 years. This is just an assumption and havent really crunched the numbers. In actuality I probably will take a big hit, but it shouldn't hurt as bad as it all falls within our budget.
My point is, we couldn't afford to buy it cash, but we can afford the payment, and it allows us to stay in it and ski 20+ days a winter, and we do a handful of three day trips in the summer. Those are ourvacations, and we love them. We are not bothered at all when we make the payment monthly. Worth it to us.
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Old 03-29-2018, 06:53 AM   #39
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This has been an informative and interesting thread. If I may, I would like to offer my view.
I worked hard all of my life at several different "blue collar" jobs. As a blue collar, union oriented guy, I never accumulated a huge sum of money in a 401K and I don't have a large portfolio of stocks and other investments that I am using to generate income in our retirement years. However, the DW has a good retirement income from her employment in the healthcare industry (a defined, employer funded plan) and I have a good defined retirement plan through my union. We both, of course, enjoy our "entitlement" from s.s. (at least for now until they take it away). In other words, we are far from wealthy. The only debt we carry is the loan on our new Laredo.
Some of you would consider us as something less than smart or prudent, and, I can tell you that trading our Cougar in on the new trailer was not a decision that we made lightly. We are both 70 years of age. Hopefully we will have another 10 or so years of good health and continue to be able to enjoy this wonderful lifestyle. BTW, we bought our Cougar 6 years ago when we retired.
I applaud anyone who can boast that they pay cash for all of their "toys".
However, I would suppose that there are many, many more RVs financed than paid for with cash. If anyone reading this is on the fence about whether to finance or "wait until we can pay cash", let me offer this thought:
In April of 2017, I lost my older brother. No history of illness. He woke up one day, headed to the bathroom and they found him on the floor next to the tub. He was 74. He had never traveled very much. He had a pot full of money (401K self financed retirement) but still felt the need to have two or three part time jobs in their little mountain community to supplement their income. I tried to get him to come with us camping - it was always "maybe next year".
We'll make our trailer payments and, hopefully, we'll get to travel and enjoy the RV lifestyle for a few more years. Just one working man's opinion. Your opinions may vary.
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Old 03-29-2018, 07:37 AM   #40
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This is a great thread. Thanks for all the thoughtful responses.

We are also trying to pay down debts in preparation for retirement (I'm 49, she's 44). My kids are older and gone, but hers are in elementary school (yes, I know... WTH was I thinking? LOL). Retirement might come at the earliest for me in 5-10 years, but a REAL retirement with kids out of the house in 10 years. Either way, we want to be as ready as possible.

We got our TT on a 6 year note (5 years left), and 4 years left on our F150. The current plan is to pay down those notes for a while, save cash for down payments, then get a bigger truck and a TT or 5er for the wife and I and have them paid off by retirement. House note should not be a factor in retirement, so having an RV note in retirement might not the biggest concern. Still, I'd rather have as much paid off as possible before retirement. My thought is that being debt-free in retirement, in addition to making life generally easier and more worry-free, it would be much easier to make truck or RV repairs, take care of the house (if we choose to keep it), travel more, or get a new truck or RV if necessary. My thought has always been "less debt = more freedom." Any thoughts?
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