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I'm purchasing a 2021 GD Imagine 2600RB on Thursday. I'm being given 120 months at 5.5%. Should I be shopping around? When I was offered that 3 weeks ago I thought it sounded pretty good and now in the wake of coronavirus I wonder if rates have dropped?
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Derek & Kim
2021 Grand Design Imagine 2600RB
2018 GMC Sierra 1500 -
I am in similar situation. I asked finance guy that question and he said that RV loans typically do not follow the same interest rates of home mortgage rates. -
I have learned after a few purchases that either the bank or the dealer likes that 10 year period. It is helpful to some that would like a lower monthly payment. For others it may be beneficial to get a Home Equity loan. This should have a lower interest but that also comes with a shorter pay off period and higher monthly bills.
BrianBrian & Michelle
2018 Reflection 29RS
2022 Chevy 3500HDComment
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Yes it may come with a lower interest rate but they typically have closing costs involved. Depending on what they cost, it may defeat the purpose of the lower rate. You may be able to save money on the interest by simply paying each month what the payment would be if you had a shorter term. Yes, you're paying more now but over time, the amount of interest you pay is significantly less. Depends on what you're trying to accomplish: a lower payment or interest rate.Originally posted by Country Campers View PostComment
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I actually ended up picking up the RV yesterday. They made it clear that it's a simple interest loan and anything over and above the minimum payment goes to principle. We plan to pay quite a bit more than the minimum so hoping to shave off quite a few years.Derek & Kim
2021 Grand Design Imagine 2600RB
2018 GMC Sierra 1500Comment
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Great! Just to give you an idea: we cut our loan length in half by paying 140% each month.Originally posted by DerekD View PostComment
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Personally I'd stay 100 miles away from 120 months. Unless you want to purchase your rig twice, if you know what I mean. The lender would LOVE for you to go out 120 months on your loan. Can you imagine what your rig will be worth 10 years from now? If you can swing 60 or 72 months, you'll save a ton of money. I never go over 84 months. Just my 2 cents.Dave and Sue
2020 GD 2250RK
2019 F-150 XLT, 5.0, 4WD, SB
Curt 17500 WDH, 3.55
GY Endurance, Dexter EZ Flex
SCPO(SW) USN, (Ret), HP: Tampa Bay ⚓️🇺🇸Comment
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We shopped around for rates between April 10-20, 2020. Good Sam had the lowest rate (4.39% for 20 years), but had some closing costs. Our F&I guy at the dealership quoted us local financing at 4.49% for 20 years with no closing costs, so we went with them. (We plan to pay it off in 5-7 years, simple interest, no prepayment penalty).Comment
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Who did you use to get 4.49 at ? My wife and I have 800 credit scores and we were quoted 5.40-5.99 APR.2018 Ram 3500 Longhorn CC,LB, DRW
2021 Momentum 397TH-RComment
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Mandy May,Originally posted by Mandy May View Post
Robertj61 hasn't been on the forum since that post on 4/29. He may not respond.
HowardForum moderators are not GD employees--we are volunteers and owners presumably just like yourself. Unless specifically mentioned otherwise, we have nothing to gain should you choose to purchase a product or engage a service we discuss on this forum.
Howard & Francine
2017 Ford F-350 DRW, '19 315RLTSPlusComment
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Naturally the lenders are the ones coming out great on these loans, but I still have a hard time understanding financing on a item that will not last the length of the loan. I just can't imagine what the trailers built today are going to look like in 12 years, much less 20 years. If I'm a lender and I think there is a chance of a repossession in the future, there is no way these trailers are going to be worth what's owed against them.Originally posted by Schiefswret View Post
2020 Reflection 273MK
2005 Dodge Ram 2500 CTDComment
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