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Old 04-27-2013, 03:25 PM   #1
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First time buyer, is this a bad deal?

We are in process of purchasing Surveyor SV 264. The price after discount was $24k. After applying for credit we got the number back today saying it requires $4000 down with 9% interest rate. This would be our first RV so wondering if this is normal? 9% sounds awfully high for me. Our main purpose of purchasing this TT is because we just recently got a dog and we want to be able to take him to places with us. I don't know if 9% interest would be worth it.
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Old 04-27-2013, 03:29 PM   #2
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We are in process of purchasing Surveyor SV 264. The price after discount was $24k. After applying for credit we got the number back today saying it requires $4000 down with 9% interest rate. This would be our first RV so wondering if this is normal? 9% sounds awfully high for me. Our main purpose of purchasing this TT is because we just recently got a dog and we want to be able to take him to places with us. I don't know if 9% interest would be worth it.
I think you can better than that. I found that if you go to a lender that specialize in RV loans you get a better deal.

Others may have more detailed information.
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Old 04-27-2013, 03:43 PM   #3
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Our credit app went through the broker and they match us with the bank. The broker told us he could try another bank that may allow lower down payment but interest rate would be higher. Down payment is a concern but interest rate is more of a concern to us. Since this is very brand new to me I don't know if its because we have bad credit so it results in high interest rate or this rate is within the average range? I don't want too many bank looking in our credit if we have no chance of getting the lower rate. I'm gonna throw our financial information out there so if any expert in this forum can help us determine if we should keep on shopping for a loan or just give up. Our gross household income is about $133k. We are financing a $150k house, 2012 charger, and 2013 Silverado 1500. Our credit score is 740 and 660.

Thanks in advance!
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Old 04-27-2013, 04:06 PM   #4
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Our credit app went through the broker and they match us with the bank. The broker told us he could try another bank that may allow lower down payment but interest rate would be higher. Down payment is a concern but interest rate is more of a concern to us. Since this is very brand new to me I don't know if its because we have bad credit so it results in high interest rate or this rate is within the average range? I don't want too many bank looking in our credit if we have no chance of getting the lower rate. I'm gonna throw our financial information out there so if any expert in this forum can help us determine if we should keep on shopping for a loan or just give up. Our gross household income is about $133k. We are financing a $150k house, 2012 charger, and 2013 Silverado 1500. Our credit score is 740 and 660.

Thanks in advance!
Your credit scores are fine not great but good there is no way u should pay 9% take a personal loan from a bank at 4.5-5 % before u let them rip u off like that. ( if your canadian in alberta this advice will help)
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Old 04-27-2013, 04:07 PM   #5
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If you belong to a credit union try them (but there is a big difference between credit unions & in length of loan) .......... my guess is the interest rate should be around 5.99 or so...... The RV price should be about 2/3 +/- of the manufacturers retail...... Be sure they use the higher credit score as the primary buyer............

Good Luck..................
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Old 04-27-2013, 04:14 PM   #6
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No expert here but I can tell you when my score was under 700 there was no way I was getting better than 10%.
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Old 04-27-2013, 04:15 PM   #7
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Take a little equity in your home, 9% is high.
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Old 04-27-2013, 04:25 PM   #8
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We only had to put $500 down and our interest rate is 4.75%. Not saying you have bad credit but that can make all the difference some times.
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Old 04-27-2013, 06:01 PM   #9
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So what is the average interest rate for financing a TT?
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Old 04-27-2013, 06:06 PM   #10
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Ours on the 2013 last summer is 5.99
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Old 04-27-2013, 06:58 PM   #11
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So what is the average interest rate for financing a TT?
We were offered 4.2 with B of A, I work in finance, and your fico score "should" get 5 or lower. Your should get away with 10% down. Is there a Costco near you, they have a great finance package.
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Old 04-27-2013, 07:04 PM   #12
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We only had to put $500 down and our interest rate is 4.75%. Not saying you have bad credit but that can make all the difference some times.
Ditto... Just paid 500 down and 5.75 a few weeks ago.
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Old 04-27-2013, 07:29 PM   #13
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Ours was 2.9% in Nov 2012 at our local credit union. I remember others on the forum had a similar rate at the time.
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Old 04-27-2013, 07:46 PM   #14
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I pay 4 something. I'm through Michigan State University Credit Union.
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Old 04-27-2013, 08:54 PM   #15
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Taxes and fees down. 2.49% at chiphone in Elkhart in back in February. But I believe they only do local loans. Our scores almost identical to yours.
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Old 04-27-2013, 09:19 PM   #16
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3.99% with 800 down.

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Old 04-27-2013, 09:34 PM   #17
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We were told when we got our loan, the more you finance, the lower you you interest. Check with your car insurance too for a loan. Ours is 4.9%, because we wanted to put a large down payment. Your dealer should do better for you. Our CU, was giving 5% for 10 plus years. We did ours as a second home purchase.
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Old 04-27-2013, 10:45 PM   #18
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I'd also be tempted to see what the dealer is making off the loan; if the loan hits the bank at 6 and they're charging you 9 they'll make some good money. Just sayin, we've financed cars, etc and at some point you start figuring out their ways...

Also, are you comfortable with your deal? Did you run it through KBB to make sure you are getting a good value for the money? It's close to the end of the month, make that work in your favor ~ tell the finance dude at the rv place they need to do better. If its a big dealership, they should be able to strong arm their banks into working with you. IMHO. Good Luck
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Old 04-27-2013, 11:06 PM   #19
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Why don't you buy it with a line of credit against your house? You could probably get 2 - 3% by doing it that way. 9%? ??? That's crazy talk!! !
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Old 04-28-2013, 08:01 PM   #20
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Why don't you buy it with a line of credit against your house? You could probably get 2 - 3% by doing it that way. 9%? ??? That's crazy talk!! !
Just understand that you could be potentially risking the primary roof over your head if something / somewhere / somehow goes south.
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