Journey with Confidence RV GPS App RV Trip Planner RV LIFE Campground Reviews RV Maintenance Take a Speed Test Free 7 Day Trial ×


Reply
 
Thread Tools Display Modes
Old 02-25-2020, 07:24 AM   #1
Member
 
Join Date: Oct 2019
Posts: 38
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
sportsdad12 is offline   Reply With Quote
Old 02-25-2020, 07:43 AM   #2
Senior Member
 
Join Date: Jun 2015
Location: Payson, AZ
Posts: 3,690
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.
__________________
2015 cardinal model 3825fl
2015 dodge ram 3500 dually
CHICKDOE is offline   Reply With Quote
Old 02-25-2020, 08:11 AM   #3
Senior Member
 
coney's Avatar
 
Join Date: Mar 2018
Location: Central Joisey
Posts: 333
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
__________________
Central Jersey
2017 Nissan Pathfinder SL
2019 Shamrock 19
coney is offline   Reply With Quote
Old 02-25-2020, 08:20 AM   #4
Senior Member
 
Join Date: Jan 2017
Location: Kalamazoo
Posts: 2,139
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%
Kimber45 is offline   Reply With Quote
Old 02-25-2020, 08:45 AM   #5
Senior Member
 
Cabinfever97's Avatar
 
Join Date: Jan 2018
Location: Summit Township
Posts: 829
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.
Cabinfever97 is offline   Reply With Quote
Old 02-25-2020, 10:02 AM   #6
Senior Member
 
DustyRoads's Avatar
 
Join Date: Mar 2014
Location: NY Capital District
Posts: 429
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.
__________________
2017 Forest River Surveyor 251rks
2022 Chevy 3500HD High Country

DustyRoads is offline   Reply With Quote
Old 02-25-2020, 10:24 AM   #7
Senior Member
 
Hatchdog's Avatar
 
Join Date: Jul 2019
Location: Deer Park, WA
Posts: 311
We got 2.9% at our Credit Union, thatís with a 800+ credit rating. We did a 25% down but I donít know if that helped with the rate but it eliminated buying gap insurance. This was July 2019.
__________________
2023 Sunseeker 2851 SLE
Hatchdog is offline   Reply With Quote
Old 02-25-2020, 01:02 PM   #8
Senior Member
 
Join Date: May 2018
Location: Texas
Posts: 1,371
Interest

The best I found was Credit Union @ 2.9%, 2 years ago.
Tundra 2014 is offline   Reply With Quote
Old 02-25-2020, 01:28 PM   #9
Senior Member
 
Join Date: Sep 2016
Posts: 301
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%.....
Desertsquid is offline   Reply With Quote
Old 02-25-2020, 01:46 PM   #10
Senior Member
 
SailorSam20500's Avatar
 
Join Date: Jun 2016
Posts: 4,653
If you can swing it, a home equity loan from your bank or credit union can be a good way to go...
__________________
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
SailorSam20500 is offline   Reply With Quote
Old 02-25-2020, 01:49 PM   #11
Always Learning
 
ependydad's Avatar
 
Join Date: Nov 2011
Location: Four Corners, FL
Posts: 21,885
Alliant Credit Union was 5.49% in Feb 2018 as fulltimers.
__________________
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
ependydad is offline   Reply With Quote
Old 02-25-2020, 01:50 PM   #12
Senior Member
 
JJaxon's Avatar
 
Join Date: Oct 2016
Location: Indiana
Posts: 163
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 ".
JJaxon is offline   Reply With Quote
Old 02-25-2020, 03:53 PM   #13
Member
 
Join Date: Apr 2018
Posts: 47
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.
__________________
SlowJoe
2016 Jayco Red Hawk 23XM
SlowJoe is offline   Reply With Quote
Old 02-25-2020, 04:06 PM   #14
Senior Member
 
Join Date: Oct 2013
Posts: 637
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.
__________________
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...
GOTTOYS is offline   Reply With Quote
Old 02-25-2020, 04:32 PM   #15
Senior Member
 
Join Date: Sep 2016
Location: Greensboro NC
Posts: 1,140
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
ronheater70 is offline   Reply With Quote
Old 02-25-2020, 04:44 PM   #16
Senior Member
 
rsdata's Avatar
 
Join Date: Aug 2014
Location: Northern KY
Posts: 5,648
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
rsdata is offline   Reply With Quote
Old 02-25-2020, 05:31 PM   #17
Senior Member
 
Join Date: Jun 2018
Location: Southeastern Massachusetts
Posts: 414
Got my 10 year loan in 2017 at a rate of 5.34% for TT
KEN9XL is offline   Reply With Quote
Old 02-25-2020, 07:40 PM   #18
Trailer Park Supervisor
 
NJKris's Avatar
 
Join Date: Sep 2018
Location: Northern NJ
Posts: 7,718
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.
__________________
2019 Rockwood Geo Pro G19FD w/off road package
2015 Ford F150 XLT Super Cab 4x4 V8
Yes, I drink the water!
NJKris is offline   Reply With Quote
Old 02-25-2020, 07:44 PM   #19
Senior Member
 
Join Date: Jul 2017
Location: California
Posts: 7,616
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 View Post
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.
babock is offline   Reply With Quote
Old 02-26-2020, 10:37 PM   #20
Senior Member
 
Join Date: Feb 2015
Location: TX
Posts: 382
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.
whj469 is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Featured Campgrounds

Reviews provided by

Disclaimer:

This website is not affiliated with or endorsed by Forest River, Inc. or any of its affiliates. This is an independent, unofficial site.



All times are GMT -5. The time now is 09:08 AM.