Rv loan rates!

mkasner wrote:
Anyone looked at RV loan rates lately! For 800+ credit scores 8% or more! Even through local credit union. Who is buying these over priced RVs with these rates?

I guess folks with more $$ than you do and are paying cash.



- Mark0.

mbloof wrote:

mkasner wrote:
Anyone looked at RV loan rates lately! For 800+ credit scores 8% or more! Even through local credit union. Who is buying these over priced RVs with these rates?

I guess folks with more $$ than you do and are paying cash.



- Mark0.

That appears to be the case because at almost 9% you got to wonder.

we bought a camper last year 10K trade in on our 16 year old Lance 1055 that we bought used for 20k so out of pocket cash we bought a loaded 2019 Lance 1062 in mint condition for 38k no payments no interest and we own it

quoted 13.5% on a 2005 Monaco. also 800+ credit score. It all depends on the age of the RV too.

mkasner wrote:
Anyone looked at RV loan rates lately! For 800+ credit scores 8% or more! Even through local credit union. Who is buying these over priced RVs with these rates?

Most people only look at the monthly payment number, and the salespeople encourage it.

When the salesman starts pulling the, "It's only $X59 a month!" (pay no attention to the fact that you're paying sticker price and I'm giving you nothing for your trade) bit, they've lost me.

With loan terms on RVs going out to 20 years people see the low monthly payment and sign the papers. Most don't care about the % as long as it meets the monthly payment they can "afford".

Looks like cheap used upside down sellers in the future!
Was hoping for cheap this year but aint lookin like it yet. Recession is slow to get rolling, unfortunately…

Lot of folks go the home equity route, but fighting excess money printing caused inflation requires a forced dampening of the economy, which leads to higher prices, which leads to less demand, which leads to the metric (per the economist Phillips Curve) of strategic unemployment…Lots of dynamics, but discretionary purchases are typically the first casualty…

3 tons

My current RV offered an additional $5k off if I financed through them. When I read the contract, there was no prepayment penalty so I financed it for one payment and then paid it off. For the $170 interest I paid, I saved $5k off the selling price. It's not always about interest rates or monthly payments, it's what does it really cost.

Here's the current rates for a credit union I use in Washington:

APR* Loan Amount** Max Term (months) Vehicle Age
6.99% No Minimum 60 2019+
7.74% No Minimum 84 2019+
8.24% $25,000+ 120 2019+
8.49% $50,000+ 180 2019+

THere's NO WAY I'd finance an RV purchase at today's HIGH RV prices combined with the high interest rates.