$94 for a Scamp? - Fiberglass RV


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Old 05-14-2014, 08:04 AM   #1
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Name: Tim
Trailer: '88 Scamp 16, layout 4
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$94 for a Scamp?

Sorry for the teaser title, but that is what it will cost me in interest* by the time I pay the note off on my old Scamp. I am loath to borrow money, and was very hesitant to borrow to buy a travel trailer. I have missed a couple of deals (not meant to be I suppose) because of not having the cash and not being willing to borrow but when the little Scamp came along the stars were aligned and I bit. With all the money I have had to come out of pocket to fix it up I will not be able to pay extra on the note as I had hoped. Buying a new axle and air conditioner right off also meant I was not able to pay any down and had to borrow the whole initial purchase amount. On the other hand, with those and other “upgrades” and my labor I have considerable equity in the rig already. I put some numbers in an Excel spreadsheet yesterday and the interest over the 14 1/2 months or so it will take me pay it off comes to a whopping $93 and change. The interest the last 6 months of the loan is less than $18, not much incentive to knuckle down and get the bank off my back. Heck, I will have been camping in it several weeks by then!
*Home Equity Line of Credit, 4.25%
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Old 05-14-2014, 10:31 AM   #2
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Old 05-14-2014, 10:38 AM   #3
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Name: John Michael
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Seems like a fair price to the able to pounce on a good deal. The next gem may be 2 years away. Congrats!

John
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Old 05-19-2014, 12:01 PM   #4
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Sounds like a great deal to me. Glad you found one!
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Old 05-19-2014, 02:09 PM   #5
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Quote:
Originally Posted by Timber Wolf View Post
that is what it will cost me in interest* by the time I pay the note off on my old Scamp. I am loath to borrow money, and was very hesitant to borrow to buy a travel trailer.
It's called the time value of money. Not really too bad in the great grand scheme of things. I too am loath to borrow money, and usually go through a lot of mental anguish before I do. Don't beat yourself up too much over it.
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Old 05-19-2014, 05:47 PM   #6
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I'm paying $850 for a new 5th wheel (hitch including installation), but then I need to purchase the trailer that goes with it!

I know where you're coming from. I hate paying S&H AND interest. Given enough time I can talk myself out of nearly any purchase.... I still don't have a big screen TV or a cell phone

The stars DO align sometimes. Enjoy every moment.
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Old 06-25-2014, 10:16 AM   #7
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Update on this high-finance deal. Since I get paid bi-weekly I started paying half-payments (on-line banking is so convenient) and will get in a couple extra ½ payments as a couple of months will have three pay-periods. That and I upped the payment $50 a month by quitting drinking, smoking, chewing and running with girls that do. Actually I never drank, smoked or chewed so I am not exactly sure how I found another $50 in the budget. Never the less, all this fiscal responsibility will allow me to pay off the old Scamp two months early and save a whopping $20 in interest. All this accounting sounds dull but I do know how to have big fun. For my birthday next month I am going to put some new tires on the tug!
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Old 06-26-2014, 10:11 AM   #8
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Originally Posted by Timber Wolf View Post
Update on this high-finance deal...all this fiscal responsibility will allow me to pay off the old Scamp two months early and save a whopping $20 in interest....

Good for you, keep up the good work. Use the momentum you gathered paying this debt to pay off all bills and build a bank account. Never pay the banks another cent in interest!

Debt free is the way to be!

If you get the chance, listen to Dave Ramsey on the radio or check out his website. I listen to his podcast on my Ipad. He is the king of debt free living.
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Old 06-26-2014, 10:43 AM   #9
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Good for you, keep up the good work. Use the momentum you gathered paying this debt to pay off all bills and build a bank account. Never pay the banks another cent in interest!

Debt free is the way to be!

If you get the chance, listen to Dave Ramsey on the radio or check out his website. I listen to his podcast on my Ipad. He is the king of debt free living.
I agree, debt free is the best advise that you can give anyone! Live debt free and you will live happy!!!!!
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Old 06-26-2014, 01:13 PM   #10
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The Scamp IS my only debt. And I would not owe on it except for a divorce 3 years ago. And, Dave Ramsey has some good ideas, but they don't work or even make sense for everyone. It is a good place to start though.
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