Finance Terms/rates?

[Papicamper]

Been away from this game (financing) for a long time but am now considering a class C motorhome.
What are typical rates available (exc. credit)?
What is the maximum term now available for NEW RV and for USED ones 1 or 2 years old with very low mileage (<5K).
I haven't a clue and thought I'd ask viewers for now instead of lenders.
Thanks for info., Papi

[TitanMike]

Originally Posted by Papicamper

Been away from this game (financing) for a long time but am now considering a class C motorhome.
What are typical rates available (exc. credit)?
What is the maximum term now available for NEW RV and for USED ones 1 or 2 years old with very low mileage (<5K).
I haven't a clue and thought I'd ask viewers for now instead of lenders.
Thanks for info., Papi

This wouldn't be the time for me to incur any debt with inflation just getting warmed up but right now interest rates will range from 3.5% (FICO score 800+) to 8% (FICO 640-679) and terms up to 20 years for purchases over $100K.

If I were to go out and buy a new RV I'd shop the dealer market and see if I could find one that is stuck with some extra inventory and is offering not only attractive pricing but special financing terms. Might even find one with 0% interest like I did when I bought my truck. Just had to take what they had in inventory and no special orders.

[NavyLCDR]

However, if you can afford the debt, now IS the time to buy because both prices and interest rates are going to do nothing but go up for the next couple of years.

[Papicamper]

Commander: Thanks for the positive insight. Can anyone really afford the debt? Well, maybe a few but I have lived my life doing things that probably shouldn't have been done...but have absolutely NO regrets (well, maybe one, when we moved to northern CA LOL). We are planning on a purchase in the first quarter of 23 but that's not written in stone. Right now I'm trying to research new vs. used and terms available, etc. Thanks for the heads-up...I'll be watching the rates, etc. Bill, RM3 USNR (Ret. LOL)

[moose074]

Banks are still looking for ways to do deals but I wouldn’t want to wait to long I predict interest rates to double or triple with another near record inflation report. We know fuel won’t drop significantly any time soon wheat is going to soar. Lumber still high large part of work force that could have retired years ago did during COVID. Hard to open new business when no workers out there. So most practical way to stop inflation will be to raise interest rates above inflation rate but usually anything above 5% triggers recession and inflation is over 8%.