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04-27-2013, 03:25 PM
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#1
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Junior Member
Join Date: Apr 2013
Posts: 7
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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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04-27-2013, 03:29 PM
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#2
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Professional Texan
Join Date: Mar 2013
Location: Texas
Posts: 366
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Quote:
Originally Posted by Linck
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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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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Texas Bob
2015 Chevrolet Silverado HD2500 Z71
2013 Prime Time Tracer Executive 2640 RLS
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04-27-2013, 03:43 PM
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#3
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Junior Member
Join Date: Apr 2013
Posts: 7
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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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04-27-2013, 04:06 PM
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#4
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Junior Member
Join Date: Apr 2013
Posts: 2
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Quote:
Originally Posted by Linck
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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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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04-27-2013, 04:07 PM
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#5
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Senior Member
Join Date: Sep 2012
Location: Virginia
Posts: 9,904
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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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2005 Dodge 3500 Cummins
2017 Wildwood Lodge 4092 BFL
1966 Mustang GT
1986 Mustang SVO
Lillie Spoiled Rotten Boxer Mix
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04-27-2013, 04:14 PM
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#6
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Member
Join Date: Sep 2012
Location: Southeast Utah
Posts: 1,157
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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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Shane & Antoinette
2012 Ford F-450 SuperDuty
2013 Crusader 355BHQ
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04-27-2013, 04:15 PM
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#7
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Senior Member
Join Date: Mar 2013
Posts: 1,485
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Take a little equity in your home, 9% is high.
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2014 Sunseeker 3170 DSF
Dorothy, Garrette and Miss Bella.
Retired and having fun.
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04-27-2013, 04:25 PM
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#8
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Senior Member
Join Date: Jul 2012
Posts: 903
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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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2012 Sandstorm 203slc
2013 Toyota Tundra
Eqil-l-izer hitch,Prodigy P3
2014 Honda Pioneer 700-4
2004 Yamaha Grizzly 660
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04-27-2013, 06:01 PM
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#9
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Junior Member
Join Date: Apr 2013
Posts: 7
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So what is the average interest rate for financing a TT?
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04-27-2013, 06:06 PM
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#10
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Senior Member
Join Date: Sep 2012
Location: Virginia
Posts: 9,904
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Ours on the 2013 last summer is 5.99
__________________
2005 Dodge 3500 Cummins
2017 Wildwood Lodge 4092 BFL
1966 Mustang GT
1986 Mustang SVO
Lillie Spoiled Rotten Boxer Mix
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04-27-2013, 06:58 PM
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#11
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Senior Member
Join Date: Jan 2013
Posts: 125
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Quote:
Originally Posted by Linck
So what is the average interest rate for financing a TT?
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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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04-27-2013, 07:04 PM
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#12
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Member
Join Date: Jan 2013
Posts: 71
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Quote:
Originally Posted by wyo700
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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Ditto... Just paid 500 down and 5.75 a few weeks ago.
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It's Five O'Clock Somewhere
2011 GMC Sierra Denali 1500 6.2L (for towin')
2014 Roo 23IKSS (for campin')
2005 Monterey 180FS (for boatin')
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04-27-2013, 07:29 PM
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#13
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Member
Join Date: Aug 2012
Location: Western MA
Posts: 47
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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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08 Titan Crew Cab Long Bed with Big Tow
13 Surveyor SV 291
New Holland TC45
Polaris XP550
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04-27-2013, 07:46 PM
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#14
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MI Camperz
Join Date: Sep 2011
Location: michigan
Posts: 1,640
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I pay 4 something. I'm through Michigan State University Credit Union.
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MI Camperz
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04-27-2013, 08:54 PM
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#15
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Senior Member
Join Date: Jan 2013
Location: USA
Posts: 171
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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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04-27-2013, 09:19 PM
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#16
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One Happy Camper!
Join Date: Feb 2013
Location: Chicago Burbs
Posts: 168
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3.99% with 800 down.
SPPD
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2013 Palomino SolAire 317 BHSK
Nights Camped YTD: 39
TV: 15 F-250 Crew 6.2 short bed, ProPride Hitch
1995 Jayco Eagle 304 BH sold- March 2013
1978 Nomad 18 sold- April 2005
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04-27-2013, 09:34 PM
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#17
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Travelers 500,000+
Join Date: Apr 2012
Location: Michigan
Posts: 40
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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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Mary B and Ann S
Known as the Mermaids
(Retired  )
Michigan Campers/Travelers
Days camped in 2015 145
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04-27-2013, 10:45 PM
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#18
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Senior Member
Join Date: Feb 2013
Location: Florida
Posts: 702
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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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04-27-2013, 11:06 PM
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#19
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Member
Join Date: Mar 2013
Posts: 89
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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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04-28-2013, 08:01 PM
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#20
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Senior Member
Join Date: Aug 2011
Posts: 444
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Quote:
Originally Posted by Jim Scofield
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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Just understand that you could be potentially risking the primary roof over your head if something / somewhere / somehow goes south.
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All previous rigs below are sold - waiting until the kids graduate to the buy the next one!
'13 Forest River Sunseeker 3100 Class C
'04 Fleetwood Sedona Pop Up / Reese Mini 350 / Prodigy / BAL
'94 Coleman Cedar Pop Up
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