It’s common to make payments on a new car for six years – in part because of the high cost of new cars; many people could never afford the payments if they were on a three or four year timetable, as they once were back in the days when cars were affordable.
How about ten years – on an “affordable” small camper? One of those little guys you can pull behind your truck or SUV that has a bed, mini-kitchen and maybe a small bathroom/shower combo.
The latter can be found for $25,000 or so – which is about half the price paid for the average new car, financed over six years. But it’s common for loans on even small and putatively “affordable” campers to extend as far out as ten years – in part because the interest on RV loans is roughly twice what it costs to borrow money for a new car loan. The monthly payments seem pretty low – but how much will you have paid by the time you pay it off? […]
– Read More: www.ericpetersautos.com
