Another Financing Question

[BikerBob]

Has anyone out there financed an Rv and then paid off the loan within three months thanks to a windfall from the sale of their home? We're just curious of how to juggle our transition when the time comes. We are currently getting our house ready to put on the market. We are too young to tap into our retirement savings to purchase an RV without suffering penalties for early withdraw. I'm just curious about any penalties people have experienced from paying off an RV loan early. You folks have been a wealth of information and entertainment and I look forward to your responses - thank you!! Bob

[MrE]

You'll have to look at the fine print on your RV loan to see if there are early payoff penalties.

[The Newell]

All you really need to do is ask if there are any pre-payment penalties in the financing contract. Easy as that (not all contracts have penalties).

If there are penalties don't finance with those folks. If there aren't, then you can pay the loan off at any time with no penalties. You pay the principle and the interest to the date of payoff and that takes care of it.

Good Luck,

Joseph