Dave Ramsey Caller Says He's Paying $800 A Month In Interest On A $60,000 RV Loan At 18% For 15 Years. 'Wow. Why'd You Do That?'

Core Insights - A 20-year-old truck driver from Indianapolis shared his experience with a high-interest RV loan that has become a financial burden, costing him hundreds in monthly payments [1][2]. Loan Details - The individual financed a $60,000 RV with a 15-year loan at an 18% interest rate, resulting in monthly interest payments of $800, with only $50 going towards the principal [2]. - After 16 months, he would only begin to reduce the principal amount borrowed [2]. Financial Situation - Initially earning $2,000 a month, the individual now earns $4,000 monthly but still struggles with the RV loan, which has left him with $48,000 owed [3]. - A dealership offered only $31,000 for a trade-in, while private buyers might pay around $38,000, leaving a $10,000 gap [3]. Recommendations - Financial advisors suggested selling the RV quickly, even if it requires taking a small personal loan to cover the difference, as it would reduce debt from $48,000 to $10,000 [4]. - The RV is a depreciating asset, and delaying action could lead to further loss in value [4]. Lessons Learned - The individual reflected on his experience, advising against dealership markups, unnecessary warranties, and purchasing new vehicles, emphasizing the importance of seeking advice from more experienced individuals [5].