Financing Funny

[lawnspecialties]

We're picking up our new Work & Play Thursday. We're financing it. After our (required) down payment, we are about $800-$1000 short of getting a lower interest rate. In other words, if we spend another $1000, we'll get a slightly lower rate. I've run the numbers and its almost the same payment.

I've already added an electric jack and rear anti-skid wheels to the camper. But now I'm stuck on what else.

Yes, I could just leave it and have more equity from the beginning. But if I am missing something, this would be an opportune time to add it to the price to help me get the lower rate.

Any ideas for something to add to a travel trailer toy hauler that I'm not thinking of?

[Halmfamily]

lawnspecialties wrote:

Halmfamily wrote:
My two cents here, if the loan is through the dealerships finance companies, have you checked your bank or credit unions rates. When we purchased our fiver a couple of years ago I saved a point in interest through my credit union. Just a thought. Have fun with your new trailer and I'd go for awning covers or a generator.

I'll go ahead and divulge. The dealership is quoting me 4.99% or 5.49%, depending on how much we finance. My credit union is 6.75%-7.75%, depending on the term of the loan.

I was the opposite. Dealer had a 6.9% and I got 4.75% from my credit union with no ,money down. Of course I've been with them since 1988 and have my home and truck with them. Best of luck, I know you'll enjoy your new rig and it sounds like a good rate.

[muelldawg]

Nice problem; maybe a couple cases of gin?

[lawnspecialties]

mich800 wrote:
That is funny about the mind reading. Over 40% of the comments were answering a question that was never asked.

I tried that in college once trying to get an incorrect answer reversed stating, I answered the question I think you really meant to ask. 🙂

Just having fun as it seems this thread has run its course.

Well said.

Really funny thing is, this thread was never needed anyway. We got to the dealer today around 2:00. I had already looked over the "store" looking at various items such as lounge chairs, outdoor mats, etc. I also went back to the parts dept. pricing various sized Yamaha generators. I was ready to meet that goal if it made sense at whatever price would get us over the point.

As it turned out, we were only $140 short. The salesman thought the finance guy said the taxes and tags would not be included in the amount to be considered for the interest rate. I truly think it was a misunderstanding between the two of them because they were very up front about it once we sat down. I added an outdoor carpet the wife liked, a new Rhino sewer line, some wheel chocks, a new fresh water hose, and an adapter for the generator. We came out $3 over the mark.

4.99% for 15 years! :B We're shooting for about seven.

Thanks everyone for the suggestions.

[souraider]

Definitely solar:)

[mich800]

That is funny about the mind reading. Over 40% of the comments were answering a question that was never asked.

I tried that in college once trying to get an incorrect answer reversed stating, I answered the question I think you really meant to ask. 🙂

Just having fun as it seems this thread has run its course.

[Stefonius]

Well, if spending a little money is the acceptable goal here...

If I had to purchase my rig again, I would unquestionably have the generator factory installed, or at least order it with full generator prep. Boondocking + no power = unhappy DW.

[solismaris]

That's funny. Things can be so illogical sometimes, and people so stubborn. Reminds me of when I ordered something online somewhere, they advertized free shipping over $500, and my order came to $498. Since shipping came to over $30 (heavy) I realized I could add their cheapest item ($8) which I didn't need, and come out ahead. But why be wasteful; I was just going to throw it away or abandon it in a drawer somewhere so I tried to be logical with them and asked them to waive the shipping. They said no, they designed it that way (?)
So I got the order with free shipping and am the proud owner of a set of 4 ugly styrofoam "mug cozies" - well actually they are probably in a landfill by now. I know their shipping cost was over $10 so we both lost on that deal!

[beemerphile1]

lawnspecialties wrote:

...put it into this loan amount, get the lower interest rate, and THEN pay that extra on my first payment....

Sorry, I flunked 'Mind Reading 101'. You did NOT say you had the money to pay it immediately.

[lawnspecialties]

Halmfamily wrote:
My two cents here, if the loan is through the dealerships finance companies, have you checked your bank or credit unions rates. When we purchased our fiver a couple of years ago I saved a point in interest through my credit union. Just a thought. Have fun with your new trailer and I'd go for awning covers or a generator.

I'll go ahead and divulge. The dealership is quoting me 4.99% or 5.49%, depending on how much we finance. My credit union is 6.75%-7.75%, depending on the term of the loan.

[Halmfamily]

My two cents here, if the loan is through the dealerships finance companies, have you checked your bank or credit unions rates. When we purchased our fiver a couple of years ago I saved a point in interest through my credit union. Just a thought. Have fun with your new trailer and I'd go for awning covers or a generator.

[lawnspecialties]

Crowe wrote:
Oh, but monsieur, your first post did not indicate this intent, no? 🙂 If there's something you really feel you NEED, then go for it, especially if you plan on paying it off right away. However, that extra $1K will be spread out over the life of the note. You might be better of taking of the suggestions above and just paying the note off sooner.

I just assumed the intent was understood. Seemed like common financial sense. My bad.

[hotbyte]

Crowe wrote:
When I get there tomorrow, I'll discuss it a little further. As I tried to convey in my OP, if its something I WILL need but haven't thought of yet, why not put it into this loan amount, get the lower interest rate, and THEN pay that extra on my first payment? That gets me a lower rate and I'll pay it off with my first payment.

Oh, but monsieur, your first post did not indicate this intent, no? 🙂 If there's something you really feel you NEED, then go for it, especially if you plan on paying it off right away. However, that extra $1K will be spread out over the life of the note. You might be better of taking of the suggestions above and just paying the note off sooner.

I also missed in his original post where he asked if it was sound financial advise...but, seems to be plenty of folks answering questions OP never asked 😄

[Crowe]

When I get there tomorrow, I'll discuss it a little further. As I tried to convey in my OP, if its something I WILL need but haven't thought of yet, why not put it into this loan amount, get the lower interest rate, and THEN pay that extra on my first payment? That gets me a lower rate and I'll pay it off with my first payment.

Oh, but monsieur, your first post did not indicate this intent, no? 🙂 If there's something you really feel you NEED, then go for it, especially if you plan on paying it off right away. However, that extra $1K will be spread out over the life of the note. You might be better of taking of the suggestions above and just paying the note off sooner.

[lawnspecialties]

Crowe wrote:
Beemer, Bob, and Stefonius hit the nail on the head. You been had. Reduce your overall debt load by paying more towards principal each month or by double-paymenting when you can. You'll save a lot more a lot faster. Spending more to get the lower rate is exactly what they want. You had to ask us what you should get which indicates you didn't really need/want anything else.

Thanks all for the suggestions. I figured a few would try to chime in with something I did not ask for. But its the way forums work. 🙂

When I get there tomorrow, I'll discuss it a little further. As I tried to convey in my OP, if its something I WILL need but haven't thought of yet, why not put it into this loan amount, get the lower interest rate, and THEN pay that extra on my first payment? That gets me a lower rate and I'll pay it off with my first payment.