Sound like a good deal?
I have been offered to buy a new 2019 Coachmen Freedom Express Select 24SE for $20,000+$1250 tax+$799 dealers prep fee+$200 tags and registration= $22,250 out the door. I think its a good deal althoug...
Forum Discussion
Can't help you on the price, but..
That is a 12 yr loan on a RV which is a depreciating asset, it loses a LOT of value quickly and yet you will be paying for yrs on it when it has nearly zero value.
For example to get in the middle of their estimate a $22K loan for 12 yrs at 5.25% gives $206 per month P & I, you will pay $7,699 in interest making your total cost to buy $29,699!
Are you planning to own THIS RV for a minimum of 12yrs?
If not, better get a shorter loan or make some HUGE payments towards the PRINCIPLE of the loan to pay the loan off very early.
You might be able to get a bit better deal on the loan if you shop around.. I have never used a car dealer loan for vehicles, always shopped my local banks.
NEVER, EVER buy into the low payment thing, RV dealers like auto dealers love upsell you to the next more costly rig by enticing you with the "Low Payment", they simply do that by setting you up with a longer loan term which in the end you pay much more in interest.
Knowledge IS power, you can figure out how interest costs you with online Amortization calculators..
HERE is just one of many and if you dig around you can find some which allow you to calculate the effect of making extra payments toward the Principle of the loan (Principle is the amount of money that you borrowed which has not been paid back).
That is a 12 yr loan on a RV which is a depreciating asset, it loses a LOT of value quickly and yet you will be paying for yrs on it when it has nearly zero value.
For example to get in the middle of their estimate a $22K loan for 12 yrs at 5.25% gives $206 per month P & I, you will pay $7,699 in interest making your total cost to buy $29,699!
Are you planning to own THIS RV for a minimum of 12yrs?
If not, better get a shorter loan or make some HUGE payments towards the PRINCIPLE of the loan to pay the loan off very early.
You might be able to get a bit better deal on the loan if you shop around.. I have never used a car dealer loan for vehicles, always shopped my local banks.
NEVER, EVER buy into the low payment thing, RV dealers like auto dealers love upsell you to the next more costly rig by enticing you with the "Low Payment", they simply do that by setting you up with a longer loan term which in the end you pay much more in interest.
Knowledge IS power, you can figure out how interest costs you with online Amortization calculators..
HERE is just one of many and if you dig around you can find some which allow you to calculate the effect of making extra payments toward the Principle of the loan (Principle is the amount of money that you borrowed which has not been paid back).
