Finance rates?
What's best forum to talk about RV financing? Trying to make sure my current offer from my dealer is competitive or not. 5.49% for 180 months on $50k, new Jayco 5er. Cheaper than my credit union, ...
Forum Discussion
jarata1 wrote:
15 year loan wouldn't you be upside down for a long time
Not really. $50k is after 20% down payment, from trade in of our last RV, which was paid for in cash, so equity is built in.
Plus, I look at 180 month term as cheap insurance hedge against cash flow issues in the future. Nothing prevents us from doing principal pre-payments when we can afford to, which accelerates equity.
Worst case, looking at an amortization schedule, we'd owe roughly $42k after 3 years without pre-payments, which should be slightly less than retail resale value of the rig at that time.
Thanks to all who alerted me to GoodSam/Essex/Bank of the West. I'm using that option to leverage my dealer into doing this as a one stop shopping experience.
