Interest rates

[HIDE OUT]

Dealer called and said he could get me 4.49% on my new rv purchase.(Rockwood TT) Sounds pretty good to me. But wonder if I should try for better or is this as good as it gets .I know my credit score is low 800. Does anyone think I could do better??? Or does anyone have any suggestions Thanks.

[The_Rhino]

You might want to add the term - how long your are stretching-out your payments - as that will affect the interest rate when comparing apples to apples...

[HIDE OUT]

Iam sorry its for 7 years

[Evo2700]

When we bought in Sept we got 3.9% for ten years and pay extra to have it paid off sooner.

[CJofWolfcreek]

3.25% through my credit union

[ShowMeCamping]

If you are a member or can become a member of a Credit Union you should be able to beat that. I assume your credit is good considering the dealer got that rate for you. In January I was able to get 2.25% for 6.5 years through a CU. Seven years bumped it up to 2.5%.

[vinmaker]

I agree with the above. 4.5% seems to be a bit high given the current interest rate environment.

I say you should shop around. A FICO score over 800 is excellent and you should qualify for the best rates.

Vin.

[HIDE OUT]

So if I can get a better rate will that affect the deal we already negotiated?? Because we did make the deal based on them getting me finance

[OldCoot]

Originally Posted by HIDE OUT

So if I can get a better rate will that affect the deal we already negotiated?? Because we did make the deal based on them getting me finance

Only the dealer can answer that. If it does, I would re-negotiate or walk away and find another dealer.

[wmtire]

Originally Posted by HIDE OUT

So if I can get a better rate will that affect the deal we already negotiated?? Because we did make the deal based on them getting me finance

The dealer is most likely getting a percentage of the finance charges from the finance bank/company, in what is referred to as a dealer reserve. Some dealers do consider this "kickback" when pricing their wares...but to many it's just extra gravy.

You can google these terms and get all the info you want, and here are a couple to read:

http://oncars.blogspot.com/2013/06/s...th-car_24.html

http://www.consumerfed.org/elements/...ans%200104.pdf

http://www.responsiblelending.org/ot...nced-Loans.pdf

[Rrickim63]

Take the deal and refinance

[h4kintosh]

Originally Posted by OldCoot

Only the dealer can answer that. If it does, I would re-negotiate or walk away and find another dealer.

I agree with OldCoot.... Don't hesitate to walk away if you don't get the interest rate you deserve.

[HIDE OUT]

Great just when I though all the research and haggling was over and all I had to do was wait for it to come in .I have to do more work .That's ok I work hard for my money and this is more fun then work .Ill let you know how it turns out. I did make a call before I went to the dealer to my current rv loan bank and they were at 6% so I stopped there MY BAD.

[fx2]

Originally Posted by Rrickim63

Take the deal and refinance

I second this. If the deal is contingent on them getting the financing take the deal and then refinance at the credit union of your choice. I've done this a handful of times with cars, works the same way with RVs/trailers


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[tenttotrailer]

If the deal is based on the dealership getting your financing, maybe you need to find a new dealer or salesman. They have to realize this is not 1970 where the buyer takes whatever is offered. Good thing this is not a 300K home purchase.

Kevin

[HIDE OUT]

Well after many phone calls to several banks and cu. I guess the interest rates in central NY are higher then most other places. Just like the taxes haha. Anyway here's what I found out the dealers interest rate sounds pretty good at 4.49 %. for 7 yr. The best CU is 5 yr 2.99 6yr 3.24 7yr and up 7.49 all banks said they couldn't beat dealers because rv dealers get a better rate because they deal in bulk. I can only afford so much a month so 5yr at 2.99 brings my pymt to high

[CincyED]

I got 1.99 at my credit union last year. I would shop around lately credit unions have been beating bank loans. My credit union treats rv's boats and motorcycles the same as cars that why rate was so good. I don't believe a negotiated price should reflect having to use their financing if so I would do what OC said and go some where else.

[HIDE OUT]

I never said that the price was with them financing .I was just wondering if I decided to get my own financing if that would make a difference .I haven't said anything to my dealer yet .I am just seeing if I can do better before I bring it up . and so far their not way off from what I have been getting quoted .Who knows maybe they don't even care .I guess Ill find out if I find a better rate. right now they beat any bank or cu for a seven year term by 3%

[whj77372]

I always got my own financing and then go to the dealer and see what they can do. I don't tell them what I have until they do the best they can and if they are lower I go with then. I also go for a longer term and pay more. Some time you can get a better rate if you go longer. The rate you get will depend on your credit score.

[vinmaker]

And what if you were a cash buyer. I simply wrote a check for my current pop up. Why force someone to finance something?