Rv loan rates!

Bedlam wrote:
I guess I have been dead the last 15 years and didn't get the memo...

Ha!! Well , though I know your ‘emancipation’ didn’t happen without lots of discipline and perseverance, count yourself fortunate as it appears ‘the times they are a changing’ (ugg!) :(

3 tons

I guess I have been dead the last 15 years and didn't get the memo...

Bedlam wrote:
I have never financed discretionary purchases. It takes me a while to save up, but I do not have the overhead of loans slowing my saving. Paying off our home was the real factor in being able to pre save for purchases rather than financing them into the future at a higher cost.

Well FWIW, the word ‘mortgage’ comes from the French word for ‘morgue’ meaning ‘you pay till you die’ thus (though somewhat updated…), not unlike the ‘Rent-Royalties’ structured economic system of medieval times…:h

3 tons

Bedlam wrote:
I have never financed discretionary purchases. It takes me a while to save up, but I do not have the overhead of loans slowing my saving. Paying off our home was the real factor in being able to pre save for purchases rather than financing them into the future at a higher cost.

x2

Rocky2 wrote:
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.

Nicely done!

I have never financed discretionary purchases. It takes me a while to save up, but I do not have the overhead of loans slowing my saving. Paying off our home was the real factor in being able to pre save for purchases rather than financing them into the future at a higher cost.

deltabravo wrote:
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.

I understand the feeling, BUT

For the past decade and more interest rates (an inflation) have been very low. Now that they are going up interest rates are still at or below the historical averages. If you don't have the money and want that car, RV or house, then there is little choice but to pay the rates. On the plus side, we are seeing lots of inflation so the amount we finance and spend to buy something now is likely to be much less than if we wait.

^Which hopefully starts narrowing the competition and lowering the prices here real soon!

Hopefully in time to score a good deal on another camper for this summer…
Gonna be tough going on prices though until the unemployment rate rises.

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.

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.