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Old 11-29-2014, 05:48 AM   #11
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I bank with USAA. Great institution accept for their interest rates. They advertise:

Excellent
48 mo / 6.99
84 mo/ 4.49
180 mo / 4.25

Good
48 mo / 7.39
84 mo / 6.39
180 mo / 5.75

The longer the term, the lower the rate, but the more you pay in the long run.
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Old 11-29-2014, 05:52 AM   #12
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The reason I am considering the dealer, is that, like a broker, they can compare rates with multiple banks. But they make money based on the higher rate they convince you to take, they wont always show you what is available. Its all about negotiating from there. I was a mortgage broker for about a year. .25% in that business could mean an extra $2000. I offered the lower rates because it meant I beat the competition when the buyer was shopping and I got more referrals. Lower rates = more business = more income.
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Old 11-29-2014, 07:22 PM   #13
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Originally Posted by Taranwanderer View Post
I would respectfully disagree--for me, the rate determines the term. If it's a low rate, I don't feel bad stretching out the length of the loan, and if the rate is higher, I'm usually determined to pay it off sooner. The rate is everything--it decides how much it's going to cost you to use someone else's money to buy your toy instead of using your own. With rates being so low, you're almost crazy to use your savings.

While I generally agree with the bank vs. dealer vs credit union debate, you gotta look. When I bought my Jetta in March, VW of America was having a .9% rate special for qualified buyers. With good credit, I was able to take out a loan with them over 5 years that will cost me less than $1500 over its life. Now, you'll probably never get that kind of rate from an RV manufacturer--after all, car dealers need to sell you a car more than you need to buy one, but RV dealers know that you're there because you WANT an RV or camper--no one NEEDS an RV or camper. So they offer rates accordingly...
Your confusing the issue. You might be able to discern the variables in an RV loan, but many cannot. It's the "I want it now" purchasers to beware, I was trying to make my point with. The point being, that when you stretch a loan term out because "you received a lower interest rate" mathmatically doesn't work, in the context of total cost of money. The basis of my statement is correct. The financial industry limits the terms of automobile loans, for good reason. Just sayin'
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Old 11-30-2014, 04:28 PM   #14
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Originally Posted by Still Kickin View Post
Your confusing the issue. You might be able to discern the variables in an RV loan, but many cannot. It's the "I want it now" purchasers to beware, I was trying to make my point with. The point being, that when you stretch a loan term out because "you received a lower interest rate" mathmatically doesn't work, in the context of total cost of money. The basis of my statement is correct. The financial industry limits the terms of automobile loans, for good reason. Just sayin'

When I bought my truck they tried the tactic of selling the payment, they came out with an 84 month term! Ouch! I had my credit union financing in place with the term I wanted. I cant imagine how long one would be "upside down" with an 84 month term


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Old 11-30-2014, 04:51 PM   #15
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The longer the loan, the longer you're going to be underwater, too, in case something happens and you need to sell. You'll lose more money.

Too many people buy a TT they can't afford because they think they handle the monthly payments. But they'll be making that payment for a long, long time. The sooner you own free and clear, the better off you'll be.
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Old 12-01-2014, 08:39 AM   #16
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I have a 690 score and tried to get financing trough dealer. They all told me their banks wouldn't finance me. I ended up going with a company from the Internet that supposedly specialized in RV FINANCING. They had my interest rate at over 15% for 12 years. It was a little scary so I talked. To my credit Union and they were able to get my interest down to 4.25%. I was able to cut 6 years off of the loan plus $40 a month. I will save around $40,000 in interest. I should have went with my credit union in the first place but didn't think I would be able to afford the payment because their terms only go out a maximum of 7 years. I sure am glad I checked with them now.
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Old 12-01-2014, 09:27 AM   #17
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I have a 690 score and tried to get financing trough dealer. They all told me their banks wouldn't finance me. I ended up going with a company from the Internet that supposedly specialized in RV FINANCING. They had my interest rate at over 15% for 12 years. It was a little scary so I talked. To my credit Union and they were able to get my interest down to 4.25%. I was able to cut 6 years off of the loan plus $40 a month. I will save around $40,000 in interest. I should have went with my credit union in the first place but didn't think I would be able to afford the payment because their terms only go out a maximum of 7 years. I sure am glad I checked with them now.
Exactly my point, GOOD for YOU.
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Old 12-01-2014, 09:31 AM   #18
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Have you ever thought about saving the money and paying cash for one. It's fun sitting in the finance office and just smiling and saying no, no, no, no.


P.S. Never mention you are going to pay cash, most dealers make as much if not more $$$ in the F&I office. I have been in situations where they assumed they would make it up in the financing office.
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Old 12-01-2014, 10:33 AM   #19
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In September our credit union gave us 2.75% on a 3yr RV loan.
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