Required Down Payments on New RV Loans

Cajun Po-Boy · 07-25-2012, 07:23 PM

Wanted to see what recent buyers are being required for down payments on their TT or Fifth Wheel purchases.

I've noticed that companies are advertising required DP's between 10% to 20%, Anyone getting less or more required and whom are you financing through.
Thanks for any replies

funkyJunk · 07-25-2012, 07:26 PM

Quote:

Originally Posted by Ragin Cajun

Wanted to see what recent buyers are being required for down payments on their TT or Fifth Wheel purchases.

I've noticed that companies are advertising required DP's between 10% to 20%, Anyone getting less or more required and whom are you financing through.
Thanks for any replies

I got less through my dealer. I also found that they aren't really offering the interest rates advertised. Bank of america was advertising 4.25%. Once I went through the app process they told me it was 6.25 and I had to put 10% down.
I think the best deal is sometimes with the dealer.

Snowsail · 07-25-2012, 07:34 PM

$1000 deposit to order our FR 8280 from RVW

handbuilder · 07-25-2012, 07:37 PM

I was given a 3.99% interest rate - I decided to pay 1/2 the cost of the trailer & finance the other half for a year (thru my credit union) - they offered to carry me longer at 6% but I was not willing to have a bill hanging over my head for the next 5-7 years....

The lowest I saw RV loans were for 2.99% interest (thru Numerica) with 10% down. RV loans are pretty reasonable right now, better rates and terms than buying a car - of course, those pesky credit scores have a lot to do with how good a deal can be gotten...

Md Jeff · 07-25-2012, 07:43 PM

We pd about 30% in July and that was because we didn't want to borrow any more than necessary for our purchase. We bought from Keystone RV Outlet in Pa and they went through Bank of the West @5.5%. We had requested they deal with BB&T as they would go as low as 3.99 but only threw a dealer, our dealer didn't work with BB&T, figured they got a kick back from Bank of the West

btmfdr · 07-25-2012, 08:07 PM

2% down through BOA...

Put as little as possible down to secure longer term, did not want to finance for short term... Made significant payment first payment and promptly received letter stating there would be a penalty if paid off prior to 12 months...

wyo700 · 07-25-2012, 08:31 PM

We only had to put $500 down and then got 4.75% interest rate. We were happy because when they did all the figuring they used a 5.99% rate.

4bnabird · 07-25-2012, 09:16 PM

We paid 50% upfront and then financed the rest through our credit union at 2.9% for 5 years. We went with a very comfortable minimum payment knowing that we will pay off way before but just in case an emergency comes up we aren't strapped. We will have it paid off within a few years and no penalties for paying off early!

ironj · 07-25-2012, 09:55 PM

500$ deposit to dealer.....they said they would be competitive with my credit union if not BEAT them on interest rate.....credit union gave me 3.99% with nothing down ....dealer said they could do 7.9%........ i ended up giving 500$ to dealer for deposit, and 50% down to credit union, financing the rest against a cd i had with them. Got the rate to for 3.5% 5yrs....but down payment was not a requirement....i just hate owing money on things.

Cmmjmoore · 07-25-2012, 10:55 PM

We put $ 1000.00 down when we ordered our Surveyor SP 240, plan to pay cash when we pick it up. First time for that to happen, actually made money on selling our one year old R-Pod. Would suggest you shop for the best interest rate and pit one lender against the other. Good luck

Cajun Po-Boy · 07-26-2012, 04:53 PM

Thanks everyone for your input...great to hear of all the options out there

Partyman · 07-26-2012, 06:46 PM

No money down. 5.9% for 12 years.

Dave Ramsey would not be happy abut this!

visserm56 · 07-26-2012, 07:30 PM

we put 500.00 down & got a 1.99% for 40 months @ our credit union, no brainer

**Terier** · 08-03-2012, 10:52 PM

Financial viewpoints can be somewhat of a sensitive topic in a forum. It can become ugly pretty fast. Out of consideration to the OP let's try to 'stay the course' with the original question asked in this thread.

ironj · 08-03-2012, 10:55 PM

Quote:

Originally Posted by wincrasher

you should never finance a toy like an RV. only buy what you can afford to pay cash for.

Deleted in effort to stay on topic.

Beausdog · 08-05-2012, 02:00 PM

Cash is not always better than credit. You can write off the points if you have a primary residence and still keep your cash on hand. This way, you have that cash available should an unexpected expensive urgency arise. I agree you should not buy it if you cant afford it but that doesnt translate to paying cash for the item

marcusfan · 08-05-2012, 06:55 PM

I just bought my new Surveyor three weeks ago and put nothing down. Financed at 7.9%. Then one week ago paid that off with my HELOC at 2.75%. I agree with the cash thing but I wanted to do it now so that I could spend some time with my mom for whatever years she has left.

So, I retire in 4.5 years and the house will be paid for by then, the truck will be paid for by then and whatever remains on the TT will be paid for with my final check for accrued vacation. Luckily for me my employer still has a traditional pension so they will pay me every month whether I work or not. I've been maxing out my 401K and I will have 30 years in at that time so I've definitely earned it and have no other debt besides truck and house so yeah its probably not the best move but I don't really care. My mom is more important than any amount of money.

Triguy · 08-05-2012, 08:43 PM

marcusfan,

It's a great move. Enjoy the time with your mom.

wyo700 · 08-06-2012, 12:14 AM

We financed our toy hauler at 4.74% for 12 years. The reason why we did this is so right now for the first couple of years we can afford the monthly payment and still afford to use it. Some people would call this stupid. But my wife and I are not stupid with our money. We both have very secure well paying jobs and last year had a brand new house built for us as our first home. One vehicle is paid for and the other is one year away if not sooner. We will in no way take 12 years to pay off our TH. we just both love to camp and have wanted a TH for years so this is what we did to full fill our dreams.

Beausdog · 08-06-2012, 10:55 AM

Quote:

Originally Posted by bakken

You can write off the interest on an RV?

Yes you can if you have a primary home it is considered a second home as ling as it has two fixed amenities. You write off the points similar to your primary home but at a lower rate. You can also write off any of the states personal property taxes if your state has them......however, you must itemize on your taxes, if you take the standard deductions, this is not a possibility.

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