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Old 07-25-2012, 08:23 PM   #1
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Required Down Payments on New RV Loans

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
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Old 07-25-2012, 08:26 PM   #2
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Quote:
Originally Posted by Ragin Cajun View Post
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.
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Old 07-25-2012, 08:34 PM   #3
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Old 07-25-2012, 08:37 PM   #4
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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...
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Old 07-25-2012, 08:43 PM   #5
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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
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Old 07-25-2012, 09:07 PM   #6
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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...
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Old 07-25-2012, 09:31 PM   #7
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We only had to put $500 down and then got 4.75% interest rate. We were happy because when they did all the figuring they used a 5.99% rate.
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Old 07-25-2012, 10:16 PM   #8
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We paid 50% upfront and then financed the rest through our credit union at 2.9% for 5 years. We went with a very comfortable minimum payment knowing that we will pay off way before but just in case an emergency comes up we aren't strapped. We will have it paid off within a few years and no penalties for paying off early!
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Old 07-25-2012, 10:55 PM   #9
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500$ 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.
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Old 07-25-2012, 11:55 PM   #10
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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
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