I myself don't see the problem in financing a toy. Hows it any different than buying a vehicle for 20k, financing it, and having it worth 13k when it's done and over with plus the money you've put in it to keep it worry free. Example, my mom bought her 2001 gtp back in 05. She thought it was better to buy a newer car and not have problems. Well 5 years and 10k later she's also dumped another 2500 bucks into it. Buying a GN on payments isn't any different than buying something else and making a payment. I've always made sure if I take out a loan I will still have extra money sitting around to pay for repairs or whatever may come my way. It's the dummies that get loans because they think they can afford them then they realize they don't even have the money to put gas in the friggin thing. Yeah, I could afford a 35k truck, but I would be using leaves to wipe my butt the day before payday. That's why I will pay the higher interest and drive an older vehicle while making a payment. When you always have an extra car around and you can fix damn near anything, why care?
TO the OP. FInancing a toy isn't a big deal. Lots of people finance boats too:biggrin: Just make sure you factor in your home essentials and having extra money for a few uh-ohs and beer for the weekend
I agree with this statement.
My experience, I took out a 3 year partial loan to buy my car. At the time I was married but no kids, had a rent payment plus utilities. I never missed a payment and now the car is paid off.
My last project/toy I took out a 3 year loan to buy the car, and used the rest to fix it up. Same thing, and I paid off the loan with no issues.
How did I do it? I made sure I could afford the loan before I even took out the loan, simply by looking at my bills, what I was paying for food, gas, insurance, utilities, rent, etc. Then I did a bank allotment directly from my paycheck to ensure the loan was always paid for. I didn't even have to worry about paying the loan, it was automatically deducted from my check every month. I don't make much money but I made enough to afford it plus live comfortably without living on ramen noodles. Careful planning goes a long ways.
Sure paying for cash is good but seriously how many of you actually have $10k + in cash sitting in a jar on the dresser waiting for when you find a GN or some other toy for sale you like?
Realistically not many of us do, thus why loans exist. Otherwise not very many would ever be able to afford to buy expensive things such as homes...or automobiles. Consider that the next time you sell a boat/GN/camper/etc. yet find you have a hard time selling because you told someone that financing it was a bad idea.