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Old 04-30-2015, 05:36 PM   #11
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We shopped for our Class C with a cash limit. Explained that there would be no financing, and gave our bottom line amount. Walked away with a $10K discount.
The year before, with the toy hauler, we financed through the dealer, but turned around and paid it off with a loan from the credit union at 3.05%, almost 4 % lower than the dealer's "best" rate.
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Old 04-30-2015, 05:46 PM   #12
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I have no problem with a dealer making money off of a contract as long as it didn't add to my own expense.
My truck dealership did that. They started out quite a bit above my local credit union. When I pushed back, they beat the credit union by a quarter percent. I generally don't care where my money goes to - as long as it's not more than I need to be paying.
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Old 04-30-2015, 06:04 PM   #13
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My dealer tried the same with me except they couldn't match Costco/Essex rate of 3.49%. I would have gone with the dealer if they had matched it, because the loan documents between me, the bank and dealer took more than a week to process.
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Old 05-01-2015, 03:40 PM   #14
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There's no harm in getting a rate quote from a dealer and shopping it against other lenders.
Just be cognizant of how many other lenders you're shopping with. Every inquiry on your credit report will have a negative impact on your overall credit score (FICO). Inquiries will sit on your credit report for 2 years.

It's not usually an issue if someone is reviewing your credit report after the fact because it's easy for a person to see you were shopping for a vehicle, but nowadays most credit decisions are systemic and use the credit score as a/the decisioning factor and will not take in to account WHY there are multiple inquiries.

Also - the rate the bank gives the dealer is called the "Buy Back Rate" and you are entitled to see it - you just have to ask.
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Old 05-01-2015, 03:47 PM   #15
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Also - the rate the bank gives the dealer is called the "Buy Back Rate" and you are entitled to see it - you just have to ask.
I didn't know that. That seems like a terrible thing for the dealers.
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Old 05-01-2015, 04:28 PM   #16
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I got an RV loan thru my credit union for 1.99 % for 7 years on the new Class C we purchased 4 weeks ago.
I agree with what others have said about not financing thru the selling dealership (unless they can beat what you came pre-approved for). I always negotiate the price before saying how I plan to pay.

Not a bad rate and tax deductible to boot!
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Old 05-01-2015, 04:47 PM   #17
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I purchased a new car last summer. Had a 0% 3 yr loan ( their 4th July special). so I financed with dealer. Signed paperwork and drove home. There days later finance person calls and says that bank would not take loan and wanted 2.5% interest but they would lower the car price some to help offset.. She said they would send me the new loan papers to sign. I asked what time they closed. She told me that I did not have to come in to sign paprs. I told her I wasn't coming to sign the new paperwork, but to return the car. Manager called back three mins later and said everything was taken care of.
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Old 05-02-2015, 09:21 AM   #18
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We're trying to purchase with the least amount of cost to us and the dealer is trying to sell with the most amount of profit to them. Included in the cost/profit is the price of the unit, finance costs, sometimes insurance and service policies, and what the dealer might add such as wash, PDI, etc. We need to come to the process with as much information as we can to come out of the process with a good deal.
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Old 05-04-2015, 07:08 PM   #19
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Just be cognizant of how many other lenders you're shopping with. Every inquiry on your credit report will have a negative impact on your overall credit score (FICO). Inquiries will sit on your credit report for 2 years.

It's not usually an issue if someone is reviewing your credit report after the fact because it's easy for a person to see you were shopping for a vehicle, but nowadays most credit decisions are systemic and use the credit score as a/the decisioning factor and will not take in to account WHY there are multiple inquiries.

Also - the rate the bank gives the dealer is called the "Buy Back Rate" and you are entitled to see it - you just have to ask.
You are correct there, I should clarify my advice... don't apply for credit everywhere, inquire for best rate everywhere. I am fortunate that I have great credit... so I'd never fill out an application to "find out". They know what their best can be, and I'd assume to qualify for the best, and if I don't... I'd walk.
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Old 05-05-2015, 01:02 AM   #20
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My dad used to always say only borrow money for things that increase in value and pay cash for things that decrease with time. So borrow 100000 dollars at three percent and invest in the stock market. Most portfolios made about 15 percent last year. Pay off the loan in two years and u will have made 30k less 6k interest. Then take that 24k and make ur best cash deal on a new mini lite with a slide out.
I used to play golf with a rich guy who would hit a huge hook off somebody's roof and then he'd say something in German like "Das ist eine hooken......." One day I asked him how he got so rich and he said "Lon if u want to get rich uve got to have brass ..... Something or another." I can't remember exactly how that ended. But I guess the key thing with the interest is do what u like and then like what u do. Its kind of like Ben Franklin said about choosing ur spouse. He said "before u get married look a long long time and after u get married hardly look at all." Because u gotta be happy with the decision u make for a long long time and to be honest I think that guy enjoyed hitting those houses with his drive and probably did it on purpose. :-) 
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