Interest rates

We always arrange our own financing through our preferred banking institutions prior to purchasing any big ticket item. Since it's your money I'll let you decide how to spend it.

OutdoorPhotographer wrote:
If you are going to borrow, get a short term loan. They may push a loan with 10+ year terms but you will be upside down forever and pay a substantial amount in interest even at a lower rate.

Also a reason we are paying about $80 extra/ month. Plan is to be paid off 3-4yrs.

One reason when searching for a "new" (to you) trailer/ 5ver, mh, you see up to 5yro units (or so) for barely less than you pay for a brand new one with a warranty! Some did not neggotiate a good price, added this & that, and financed as much as they could for as long as they could.

Since the OP did not ask how to spend his money, I am not going to preach how I spend mine. He did ask about interest rates. Local dealer arranged five year loan at 4.5% on new travel trailer for me. Pay cash, buy used or new, finance for ten years, it's up to you.

It's a TOY. Please buy very used, and then pay cash. That way in a year, if you get tired of it, loose a job, someone dies, you don't have to make payment on it. It's paid for you can take a 30% loose on it and not own anyone anything on it. We are on our third one and saved up for each one. Better to g o without for a couple of years and sleep better at night. Did I say you should buy used. Let someone else take the big hit on it

One thing to keep in mind with a TT is you are buying a product that will depreciate rapidly. Its value drops like a stone. Also as you may have read on the board there is a certain amount of upkeep required.

It is true that the TV also drops in value but typically it has day to day functions in addition to its hobby value.

All this would indicate that financing a TT should be at the lowest rate obtainable, for the shortest period of time.

took there loan they said deal at 5.25% well I did it for the $5000 rebate then paid it off

If you are going to borrow, and I agree with posters above that it is best not, please at least get a short term loan. They may push a loan with 10+ year terms but you will be upside down forever and pay a substantial amount in interest even at a lower rate.

Money is cheap if you qualify but we are from the group that does not borrow money for hobbies.

It took my DW over two years to save for our TT. We started many years ago with tents, moved to a PUP and finally a TT when we decided to retire and see the country.

I can understand that others prefer not to wait. Had we barrowed money, it would have been from the local bank.

2.9%. Went on our own. (Dealer required WAY too much documentation.)

I'm seeing 3-4% at credit unions in Oregon and Idaho.