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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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 3500HD
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Originally posted by Country Campers View PostI 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.
Brian
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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 1500
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Originally posted by DerekD View PostI 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.
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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 ⚓️🇺🇸
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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).
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Howard & Francine
2017 Ford F-350 DRW, '19 315RLTSPlus
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Originally posted by Schiefswret View PostPersonally 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.
2020 Reflection 273MK
2005 Dodge Ram 2500 CTD
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