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Old 03-15-2015, 02:10 PM   #1
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Interest rates

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.
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Old 03-15-2015, 02:20 PM   #2
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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...
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Old 03-15-2015, 02:25 PM   #3
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Iam sorry its for 7 years
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Old 03-15-2015, 03:01 PM   #4
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When we bought in Sept we got 3.9% for ten years and pay extra to have it paid off sooner.
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Old 03-15-2015, 03:15 PM   #5
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3.25% through my credit union
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Old 03-15-2015, 03:38 PM   #6
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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%.
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Old 03-15-2015, 04:14 PM   #7
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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.

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Old 03-15-2015, 04:19 PM   #8
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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
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Old 03-15-2015, 04:25 PM   #9
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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.
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Old 03-15-2015, 05:26 PM   #10
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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
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