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05-14-2014, 07:04 AM
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#1
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Senior Member
Name: Tim
Trailer: '88 Scamp 16, layout 4
North Florida
Posts: 1,547
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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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05-14-2014, 09:31 AM
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#2
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Senior Member
Name: Dave W
Trailer: Trillium 4500 - 1976, 1978, 1979, 1300 - 1977, and a 1973
Alberta
Posts: 6,926
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I paid $100 for a Trillium. The roof is collapsed though.
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05-14-2014, 09:38 AM
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#3
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Senior Member
Trailer: 1990 Scamp 16 ft
Posts: 654
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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
__________________
John Michael Linck - Toymaker
Camping since 1960 - Scamp 13' Oak
Subaru Outback 4 cyl cvt
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05-19-2014, 11:01 AM
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#4
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Member
Name: Anthony
Trailer: In the market
Texas
Posts: 45
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Sounds like a great deal to me. Glad you found one!
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05-19-2014, 01:09 PM
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#5
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Moderator
Trailer: Fiber Stream 1978 / Honda Odyssey LX 2003
Posts: 8,222
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Quote:
Originally Posted by Timber Wolf
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.
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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.
__________________
Frederick - The Scaleman
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05-19-2014, 04:47 PM
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#6
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Senior Member
Trailer: 1988 16 ft Scamp Deluxe
Posts: 25,707
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Braggart
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.
__________________
Donna D.
Ten Forward - 2014 Escape 5.0 TA
Double Yolk - 1988 16' Scamp Deluxe
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06-25-2014, 09:16 AM
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#7
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Senior Member
Name: Tim
Trailer: '88 Scamp 16, layout 4
North Florida
Posts: 1,547
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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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06-26-2014, 09:11 AM
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#8
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Member
Name: Tim
Trailer: Aliner folding & Weekend Warrior toy hauler
Ohio
Posts: 68
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Quote:
Originally Posted by Timber Wolf
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....
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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.
__________________
Shopping for a fiberglass TT
Currently own;
2009 Pontiac Vibe pulling a 2009 Aliner Sport = 22 MPG
1998 Ford E150 pulling a 2006 Weekend Warrior toy hauler = 8 MPG
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06-26-2014, 09:43 AM
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#9
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Senior Member
Name: Carl
Trailer: 1994 Scamp 16
Arkansas
Posts: 239
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Quote:
Originally Posted by beemerphile1
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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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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06-26-2014, 12:13 PM
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#10
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Senior Member
Name: Tim
Trailer: '88 Scamp 16, layout 4
North Florida
Posts: 1,547
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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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