Financing TT's

busterja21 wrote:
have you considered a heloc or if your TV is paid for your CU may give you a used car loan with a check payable to you in exchange for a lein on the title, which you can take the money and use to purchase the TT.

Heloc's do have great rates but for us, the cons to them are that the rates are adjustable and the interest is calculated/compounded similar to that of a credit card. Can take longer to pay off than a simple interest loan.

Anytime we finance a home, vehicle, and now our first Fifth wheel, we take the longest term the bank will allow with that term's rate. We then save money on interest by doubling our payments and pay it off in half the time. This in essence, lowers the amount of interest you pay but keeps your payments as low as possible. In the event we need to make the regular payment, we have that option without accumulating late payments/fees.

You folks are disappointing me. Where is the post from the wags saying that financing an RV is sheer idiocy and if you can't afford to pay cash, you don't need to RV?
Come on guys, don't let me down!

have you considered a heloc or if your TV is paid for your CU may give you a used car loan with a check payable to you in exchange for a lein on the title, which you can take the money and use to purchase the TT.

I'd echo the recommendations to check with a credit union. Not sure the term you are thinking about, but the credit union we use is advertising rates starting at 4.35% for a 60-month term and on up to 6.35% for 120 months.

My CU has new RV loans at 5.74%. So 6.2% is not out of line for good credit. It just may be their good credit rate. Rates vary, good credit or not.

ok thanks a bunch

I would try Lending Tree to start with. Very few places advertise their rates anymore, but Lending will probably get you started. Also check out Lightstream (but you have to have excellent credit of you won't qualify).

philh wrote:
For our recent purchase, Dealer's source beat our credit union rate.

Same here. Called the same bank directly and the said the best they could do was 2% higher WITH a much shorter loan term.

My credit union couldn't come close...and I have no problem getting better rates from them for car loans and such.

For our recent purchase, Dealer's source beat our credit union rate.

Credit Unions or Bank of America. It's been a few years but BoA beat the rates of about 4-5 other credit unions when I was shopping for my last rig.

Additionally, you can often negotiate with the dealers on the interest rate.