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02-25-2020, 07:24 AM
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#1
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Member
Join Date: Oct 2019
Posts: 38
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Good interest rate for RV buying?
My husband I are happy with the RV we purchased and the price. We did not do good research on the financial end of interest rate for loan
Does anybody feel comfortable sharing their interest rate if they had a loan or recommendations? It is a 2020 we bought in Oct.
The interest rate is 5.99
Thanks
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02-25-2020, 07:43 AM
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#2
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Senior Member
Join Date: Jun 2015
Location: Payson, AZ
Posts: 3,871
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go to good sam and look at their rates. i get emails from them all the time that display the rates. however, i do not know i their rates are higher or lower than other lenders. also rates vary with the amount and length of the loan. also they vary with a new purchase vs a refinance. so just giving a rate for one buyers loan may not be applicable to your situation. i would think it best to get a list of lenders that make rv loans and then call them. for what it is worth we have our loan with bank of the west.
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2015 cardinal model 3825fl
2015 dodge ram 3500 dually
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02-25-2020, 08:11 AM
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#3
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Senior Member
Join Date: Mar 2018
Location: Gulf Coast
Posts: 339
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Aside from CHICKDOE's response you must also consider one's "credit score" into the equation which may have the most influence on interest rates
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Central Florida
2017 Nissan Pathfinder SL
2019 Shamrock 19
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02-25-2020, 08:20 AM
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#4
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Senior Member
Join Date: Jan 2017
Location: Kalamazoo
Posts: 2,139
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ive always been happy with my credit union. it depends on the amount of money and length of loan. can be as low as 4.5%
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02-25-2020, 08:45 AM
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#5
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Senior Member
Join Date: Jan 2018
Location: Summit Township
Posts: 883
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We used Alliant Credit Union. They also considered what we paid above what the dealer paid. We got a little better rate because we were below 10% over what the dealer paid for our Hemisphere. Our rate in the spring of 2018 was in the low 4s.
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02-25-2020, 10:02 AM
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#6
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Senior Member
Join Date: Mar 2014
Location: NY Capital District
Posts: 429
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Just paid ours off. Rate was 4.6 at a local credit union. Dealer couldn't find a rate that low in 2016. Also depending on your state you maybe able to write off the interest on your income tax. We did in NYS. Check out the criteria for your state.
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2017 Forest River Surveyor 251rks
2022 Chevy 3500HD High Country
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02-25-2020, 10:24 AM
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#7
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Senior Member
Join Date: Jul 2019
Location: Deer Park, WA
Posts: 313
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We got 2.9% at our Credit Union, that’s with a 800+ credit rating. We did a 25% down but I don’t know if that helped with the rate but it eliminated buying gap insurance. This was July 2019.
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2023 Forester 2851 SLE
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02-25-2020, 01:02 PM
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#8
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Senior Member
Join Date: May 2018
Location: Texas
Posts: 1,371
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Interest
The best I found was Credit Union @ 2.9%, 2 years ago.
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02-25-2020, 01:28 PM
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#9
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Senior Member
Join Date: Sep 2016
Posts: 301
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Ours was Alliant Credit Union. We paid 3.25 3 years ago. Mostly an online bank very easy to deal with. Easy process to set up. You can go to their website and check rates now. Our hometown CU was 8%.....
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02-25-2020, 01:46 PM
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#10
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Senior Member
Join Date: Jun 2016
Posts: 5,058
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If you can swing it, a home equity loan from your bank or credit union can be a good way to go...
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Al
I am starting to think, that I will never be old enough--------to know better.
Tolerance will reach such a level that intelligent people will be banned from thinking so as not to offend the imbeciles. Fyodor Mikhailovich Dostoevsky, Russian Novelist
S.E. Mich. Flagstaff 26FKWS / 2022 F-150 3.5 EcoBoost SCrew Propride
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02-25-2020, 01:49 PM
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#11
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Always Learning
Join Date: Nov 2011
Location: Four Corners, FL
Posts: 21,891
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Alliant Credit Union was 5.49% in Feb 2018 as fulltimers.
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Officially a SOB with a 2022 Jayco Precept 36C
Checkout my site for RVing tips, tricks, and info | Was a Fulltime Family for 5 years, now we're part-timing on long trips
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02-25-2020, 01:50 PM
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#12
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Senior Member
Join Date: Oct 2016
Location: Indiana
Posts: 163
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I bought a new 2020 toy hauler a few weeks ago. I paid just over half down and my credit score is 817. I went to my credit union 1st, then let the dealer beat that rate. They found me a loan .6% lower at M&T bank, at 4.04% for 60 months. Also to be considered is length of term, and your credit score. Go in armed with the best rate you can find and let them try to beat it. Your debt to income ratio is what a lender wants to see and will influence the rate they offer. It falls under their "ability to pay - risk factors ".
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02-25-2020, 03:53 PM
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#13
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Member
Join Date: Apr 2018
Posts: 47
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Something else to consider is finance charges. We got rates from our bank and also our credit union. Identical rates, identical term, identical down payment but the bank's monthly note was 12% higher because of all of their loan processing charges. Now I always get the monthly note quoted once I get the rate. When I compare quotes it's easy to see who is sticking extra charges in there.
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SlowJoe
2016 Jayco Red Hawk 23XM
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02-25-2020, 04:06 PM
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#14
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Senior Member
Join Date: Oct 2013
Posts: 638
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2.99% 5 years from our local credit union. Bought out of state. Got the vin number from the dealer along with the final amount. Picked up the check from the credit union, did the deal and hauled it away. Done in one afternoon including inspection and all paperwork. No extras, no add-ons. Left behind one pissed off finance manager. Couldn't sell me anything.
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2015 Chev Silverado 3500 dually D/A
2016 Cedar Creek 36CK
B&W Patriot 18K, Trail-Aire pinbox,
Level up, dual panes & all that stuff...
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02-25-2020, 04:32 PM
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#15
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Senior Member
Join Date: Sep 2016
Location: Greensboro NC
Posts: 1,140
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I would say a good interest rate would be "moderate" Show too much excitement and they pull you in, not enough interest and they get bored playing the haggle game. The Rate of interest I show also depends on if my wife shows interest in what we are buying as well! L
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02-25-2020, 04:44 PM
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#16
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Senior Member
Join Date: Aug 2014
Location: Northern KY
Posts: 5,725
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just heard on radio today that bank interest rates are back nearly to the all time low rate... see how much you can save on a refi from your local bank or credit union... make sure you will not be hurt with an early payoff of the original loan... especially if it came from a finance company
__________________
"nothing can now be believed which is seen in a newspaper. Truth itself becomes suspicious by being put into that polluted vehicle."
Thomas Jefferson to John Norvell pg. 2, June 11, 1807
2014 Shamrock 183
2014 RAM 1500 Bighorn Crew Cab, HEMI, 3.21 gears, 8 Spd, 4X4 TST TPMS
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02-25-2020, 05:31 PM
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#17
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Senior Member
Join Date: Jun 2018
Location: Southeastern Massachusetts
Posts: 414
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Got my 10 year loan in 2017 at a rate of 5.34% for TT
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02-25-2020, 07:40 PM
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#18
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Trailer Park Supervisor
Join Date: Sep 2018
Location: Northern NJ
Posts: 8,580
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Too late now, since already bought, but I recommend never financing luxury items. RV's, sports cars, boats, etc should be bought with cash. These things typically end up costing far more than what you paid, with maintenance and collateral purchases thrown in. Paying interest and fees on top of that things can get uncomfortable. I justify buying these things by knowing I saved up for them and I am not paying somebody else for the privilege of owning them.
Not beating my chest, and I know everyone has different circumstances, but this practice has worked well keeping me out of any financial binds. So, my answer to the thread title: ZERO.
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2019 Rockwood Geo Pro G19FD w/off road package
2015 Ford F150 XLT Super Cab 4x4 V8
Yes, I drink the water!
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02-25-2020, 07:44 PM
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#19
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Senior Member
Join Date: Jul 2017
Location: California
Posts: 7,616
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I don't buy luxury items on credit as a general rule. However, if I can get a loan at 4% and keep my investments funded where I am making over 10%, then I have no problem getting a loan. It's also why I think it's dumb to pay off low interest mortgages early.
Quote:
Originally Posted by NJKris
Too late now, since already bought, but I recommend never financing luxury items. RV's, sports cars, boats, etc should be bought with cash. These things typically end up costing far more than what you paid, with maintenance and collateral purchases thrown in. Paying interest and fees on top of that things can get uncomfortable. I justify buying these things by knowing I saved up for them and I am not paying somebody else for the privilege of owning them.
Not beating my chest, and I know everyone has different circumstances, but this practice has worked well keeping me out of any financial binds. So, my answer to the thread title: ZERO.
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02-26-2020, 10:37 PM
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#20
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Senior Member
Join Date: Feb 2015
Location: TX
Posts: 385
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It is difficult to compare with so many things affecting the interest rate. How long of a loan, credit rating and how much you put down. It seems that for larger amounts it is a little less? September 2018 good credit and financed $ 56,000 at 4.25% for 12 years. We always pay more then the payment.
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