Fed Cuts Rates: Will RV Rates Follow?
The Fed cut rates 1/2 percent this morning in an effort to keep the stock market bubble growing. I'm negotiating a new RV loan to close in 10 days and the dealer quoted me 5.49% last week. I haven't...
Forum Discussion
DallasSteve wrote:
The Fed cut rates 1/2 percent this morning in an effort to keep the stock market bubble growing. I'm negotiating a new RV loan to close in 10 days and the dealer quoted me 5.49% last week. I haven't signed anything yet. Will they adjust my rate any or will other lenders drop their rates? (I am almost always a day late on things like this - or in the case of the senior pass, a year late)
Do you still own a stick house?
If you do, the cheapest way to get money for an RV is to pay for it by taking out a 2nd (or 1st) loan against your stick house. Make it a 15 year loan (instead of a 30 year) so that you get one of those great new ultra-low interest rates ... but then go ahead and pay if off way quicker than 15 years if you wish. While you're paying it off at whatever speed, you have in effect financed you're RV at a rate far lower than any stand-alone regular RV loan.
In other words, use the equity in a stick house as a source of cheap money to pay for things other than home improvement projects.
