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.
It Doesn't Get Much Sooner 
Hi Ann, you are starting to sound very responsible. I know when I had to move out of University Halls and get a flat to share working out all the monthly costs was a nightmare. I had always taken these things for granted when i was at home but now I even have to budget for toilet cleaner and bleach 🙂 I still have great support from Mum and Dad so being totally independent is still away in the future. But best of luck with the search for your “New Home”.
Best wishes
Charlotte
Thank you! I’ve been trying really hard to look at all angles, and budgeting is not something that comes naturally to me, so it’s a bit of a push. I did recently purchase coasters to keep my desk looking nice. I thought it was the most grown-up thing I’ve done in ages 😀