If (when…) I have to take out a loan to finance the purchase of my new home, I will most likely go through my credit union to do so. When I went to make my usual savings deposit, I asked about something I’d seen on their website: “Recreational Merchandise may qualify for a longer loan term.”
Now, I understand that a longer term means more paid overall. Interest piles up. However, it also means a lower monthly payment. If I keep my trailer well under $18,000–as I very well plan to–the typical loan period is 96 months.
Factoring in the budget I’ve been working on (which is much refined from my earlier ‘guesstimating’ post), the estimated $200/month for a loan is reasonable for a brand-new 13′ Scamp. On the other hand, if I seek out something used, and can find it reasonably intact, I could have loan payments as low as $70/month.
That’s a big gap, one which I need to work on reducing. But in the meantime, the fact that I’ve thought about it and worked some more out is still progress for me, and frankly I’m proud of that. I can’t be proud of my recent spending habits, nor of the fact that I still haven’t landed any freelancing jobs, so I may as well find something that works in my favor right now.