Financing Rates These Days

[lawnspecialties]

My new F450 is going to (hopefully) begin production this Fall. Super Duty production is supposed to begin in October and my order was placed on day of the order banks this year. But we'll see.

I have enough saved up to either buy the truck outright or the toy hauler we plan to purchase. As bad as interest rates are, I'm guessing the truck will need to be financed versus the camper. Trucks are usually easier to get financed and rates are usually lower than an RV. But nothing is great these days and nothing can be considered "usually" anymore.

In the past, 4.99% has been our norm for campers. With that being said, what rates are people seeing on towables in late 2023? I'm almost afraid to hear the responses.

[wa8yxm]

Due to the Fed's attempts (Successful it appears) to tone down runaway inflation the interest rates on loans is rather high just now.

This will change.. Eventually (Always does) however when I do not know.

The list of reasons for the run-away inflation reads like the recipe for a "perfect Storm" so I'm not blaming anyone or any one thing. It was a bunch of stuff that hit all at the same time... OUCH. Kind of like the story of the man with multiple injuries.

The garbage disposer tripped it's breaker so his wife called him to fix it
(he was in the shower) So he grabbed a towel and went out bent over and pushed the button.. Well the towel fell open and the new kitten they had just gotten saw this thing dangling and thought "OH NEW CAT TOY so.... "

When he stood up suddenly he hit his head on the underside of the sink cabinet and KOed him self.. EMS was called and loaded him up.. they ask how it happened as they were taking him out the door and the wife told them. They were laughing so hard they dropped him off the gurney and broke his arm.

(OK it's an old joke and I do not believe possible.. but.. That's kind of like what happened.. a perfect storm of one thing after another)

[twodownzero]

joebedford wrote:
In Canada, interest rates are set by the Bank of Canada which is completely independent from the federal government (at least it's supposed to be).

USA is similar.

I don't think anyone will finance a towable in Canada. It may be different for a drivable - I really haven't looked into that.

In the United States, interest rates are controlled by the market. They are heavily influenced by the Fed's open market activities, but they are not controlled directly by any government agency.

[Grit_dog]

monkey44 wrote:
Agree with way2roll ... you'll probably keep the truck longer than the RV, and if not, they are separate so you can split them if you need to change one or the other. Probably get better rate on the truck too, for shorter term. You will also get a better trade on the truck later, if you decide to do it.

With the mack daddy setup that this dude has been “trying” to purchase and bellyaching about for a while now, I’d hope it’s the combo he wants to keep for a good long time…
For 3/4% difference. Finance the RV, unless it’s your only home. That way if something happens and the bank comes calling at least you still have wheels! Or vice versa if it’s the primary roof over your head.

Still tryin to figure out what the question really is. The rate is going to be what HE qualifies for. Regardless of what anyone else’s experience is. And to that end can find current rates published literally everywhere. And appears to have financed multiple RVs in the past, albeit for the same rate each time?

[monkey44]

Agree with way2roll ... you'll probably keep the truck longer than the RV, and if not, they are separate so you can split them if you need to change one or the other. Probably get better rate on the truck too, for shorter term. You will also get a better trade on the truck later, if you decide to do it.

[way2roll]

If you are going to finance one or the other, I'd be willing to bet you'll do better on the truck. Rv rates are typically higher as a general rule anyway, but the truck may have rebates and incentives and Ford can offer their own financing which might be way below bank rates.

[Grit_dog]

sayoung wrote:
Our friend financed a used 2018 TT end of June & she was poked for 9.75 . She was going to get a better rate at her CU but let them know she was going to live in it for a few years at a job out of state. They wouldn't finance full time RV's.
In this current market I would finance the 450 & not the rv. The 450 would be way easier to sale if needed than the toyhauler IMO. I would carry the notes on both for a simple 20% down, 20% interest, for 5 years ??

I don’t know him well enough for those terms. But I do know he has enough planned out of pocket to go about 50% down on each. I’ll offer up 40% down on each at 18% (the rvnet good buddy special), same term length.
He’ll be upside down big time on the RV so the big $ down on that is a must for Gritdog CU but the $down on the truck could be negotiable.

[Grit_dog]

I guess this type of stuff is hard to look up on the same internet one uses to access this forum, so I did it for you.
The credit Union we used to use for loans says 6.5% on RVs and 5.75% on vehicles.
But your credit may vary, so this is a silly question. We don’t know your overall creditworthiness.

[sayoung]

Our friend financed a used 2018 TT end of June & she was poked for 9.75 . She was going to get a better rate at her CU but let them know she was going to live in it for a few years at a job out of state. They wouldn't finance full time RV's.
In this current market I would finance the 450 & not the rv. The 450 would be way easier to sale if needed than the toyhauler IMO. I would carry the notes on both for a simple 20% down, 20% interest, for 5 years ??

[joebedford]

In Canada, interest rates are set by the Bank of Canada which is completely independent from the federal government (at least it's supposed to be).

USA is similar.

I don't think anyone will finance a towable in Canada. It may be different for a drivable - I really haven't looked into that.

[Samsonsworld]

I went from 3% to 7% on my last few purchases.