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Which camper would you buy?
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March 22nd, 2011
OK. You’re looking at two used pop up campers. One is a 2001 that you can get for $1800. Pretty good buy, and the bank says they can loan you up to $2500 on it. It’s pretty nice. Has a working fridge, AC and heater.
Camper number two, though is SWEET. It’s also a 2001 and it’s substantially larger. In addition to two king-sized slide out beds, it has a slide-out dining area. It has a shower and a bathroom and AC, all that good stuff. It’s $6000, the bank says they can loan you up to $8,000.
Husband is working with the bank. He calls you and says, “We can do the first one for $100 a month, or, for only $50 a month more we can get the nicer one.” The $1,800 would be a two year note, the $6,000 would be a five.
What would you do? And which ever one you choose, would you borrow the full loan amount, or just what you needed to buy the thing?
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