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.

[shelbyfv]

Grit dog wrote:
Yeah shouldn’t have gotten political.

+1 That's all I ask. We aren't going to change any minds about this stuff on an RV forum. Though I do get the fun of throwing out the random snipe! I think we can agree that politically we'd like different options and less drama.:)

[lawnspecialties]

lawnspecialties wrote:
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.

Looking back at this thread over the past few days, I must bring up the fact that this one line I made in the beginning was all I was asking for. I wasn't asking "what interest rate do you think I'll qualify for?"

Thank you to those; especially in the beginning, who responded. It was very informative and it somewhat confirmed what I thought was happening out there.

As for my plans on what to buy and what to finance, I'll continue to do research and although I have a tentative plan, I'll keep my options open. One thing's for sure. Whatever I do, I won't be bringing that information here to the forums.

Thanks again. If the moderators want to close this thread, I have no opposition to that at all. This one has run its course.

[Grit_dog]

shelbyfv wrote:

Grit dog wrote:
Shelby, maybe look up the definition of racist or racism and then reconsider your comment. Look less silly that way.
Regarding the rest of that post you referenced, idk what to say. Other than maybe I should have said “some powerful people in our country” did their level best to try to tank the economy and the citizens of the US of A. Under false pretenses of “saving” people’s lives.


Apologies.

I guess you can provide some evidence that the VP is a "hoe" other than she's a Black woman. More accomplished than either of us, BTW. Or maybe specific policies promoted by Joe that have "tanked" the economy. Dow is high, recession fears are easing as is inflation. Folks are getting a decent return on their savings. Seems to me we have weathered a global pandemic pretty well. Naturally, the 15 million dead and their families may feel more could have been done. I'm really not surprised by your point of view but I'm disappointed the mods have given you a platform to rant. Back on topic, if people are concerned about a couple of interest points, maybe they should rethink financing a toy. Living within our means is a good thing, regardless of our politics.

Yeah shouldn’t have gotten political. Although by virtue of the fact that your feelers are a little bruised by it, tells me that you’re having trouble digesting what’s going on w our country but can’t bring yourself to stray from your side of the line, regardless. It’s too bad so many people can’t just admit when they’re wrong. But I digress….
And the bait didn’t work on me….
Although the loan discussion hasn’t been going swimmingly either. That feller is full of suppositions too. When he ought to not broadcast his finances publicly if he doesn’t want any commentary. And similar to you, is lashing out because something touched a nerve.

[shelbyfv]

Grit dog wrote:
Shelby, maybe look up the definition of racist or racism and then reconsider your comment. Look less silly that way.
Regarding the rest of that post you referenced, idk what to say. Other than maybe I should have said “some powerful people in our country” did their level best to try to tank the economy and the citizens of the US of A. Under false pretenses of “saving” people’s lives.


Apologies.

I guess you can provide some evidence that the VP is a "hoe" other than she's a Black woman. More accomplished than either of us, BTW. Or maybe specific policies promoted by Joe that have "tanked" the economy. Dow is high, recession fears are easing as is inflation. Folks are getting a decent return on their savings. Seems to me we have weathered a global pandemic pretty well. Naturally, the 15 million dead and their families may feel more could have been done. I'm really not surprised by your point of view but I'm disappointed the mods have given you a platform to rant. Back on topic, if people are concerned about a couple of interest points, maybe they should rethink financing a toy. Living within our means is a good thing, regardless of our politics.

[wapiticountry]

lawnspecialties wrote:

Grit dog wrote:

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?

If you must know, my score is usually in the high 700s with an occasional bump over 800. And yes, I have had 4.99% on every camper I've financed in the past. But that is not how things are these days.

Few things in life are certain. A few that are is there will always be someone posting they have higher credit scores than everyone else. They got lower financing rates and their investments out perform everyone . They always get a bigger discount on purchases and what they purchase is better than anything else on the market. Seeking such information on this and similar forums is a fool’s errand.

[lawnspecialties]

Grit dog wrote:

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?

If you must know, my score is usually in the high 700s with an occasional bump over 800. And yes, I have had 4.99% on every camper I've financed in the past. But that is not how things are these days.

[lawnspecialties]

Grit dog wrote:

lawnspecialties wrote:

Grit dog wrote:
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.

Seems every camping trip we've taken (since 2004) to any fairly popular RV park, there's this one guy who hardly ever talks to anyone and nobody talks to him. He acts all bad-ace as if he thinks everyone is admiring his mediocre and average rig. In his mind, his HD truck was somehow produced as a fluke and has twice the torque and HP as all the others that came off the assembly line that day. His 38' camper is actually the largest and heaviest ever produced. Hence the 1000HP and 2000 lb/ft of torque.

In reality, nobody's looking at his rig because they don't really care. Their more involved with their friends and family. The main reason he doesn't talk to anyone is because he doesn't really know how to be friendly. Being a hard-ace is his safe place because it allows him to continue believing everyone is gawking at how awesome he is.

So we just let him go on being that way. We'd love to strike up a conversation and maybe even invite him and his wife over to our group campfire but it just seems he doesn't want to be bothered.

It would have been nice to just have them come over, contribute to our conversation, and we'd all have a great weekend.

Simmer down, bud…
And you have a very vivid imagination I see….
Or just a funny guy, idk.
Shoot, I help /assist more people, just in this forum each week than you have in a 12month search of your posts here. Although with the age degeneration here, it’s hard for people to take advice they don’t want to hear. (A crazy phenomenon with only this forum compared to the others I’m on).
When’s the last time you’ve given any tangible help here and not just posted about the truck you’ve apparently been trying to buy for years now or similar experiences you’re “sharing” with the group.
You don’t know me…not a tough guy, and I understand exactly how much power my truck does or doesn’t have….wherever that comment came from… But if you even remotely paid attention, and wanted to learn something, you’d realize I know a thing or 2 about vehicles and RVs and the mechanics of them, and I willingly share that info with folks who have questions.

Now go call your bank and find out what the interest rates are. Or if you’d like, post up your SSN and credit score and I can get you a real quote for the loans…cause I’m a nice guy despite your little rant and hurt feelers. Lol

This is just fun. You know, in the real world a smart person can’t p!ss off everyone who’s wrong by telling them what is right. Bad for business and bad for the career.
But honesty is easier when you don’t answer to the folks who are wrong.
Cheers have a good day.

It's all good.

You see, I haven't researched all your posts in the past so I don't have any idea how many people you help on a regular basis. I just know I asked a simple question and your response came off rather snarky. But since you've been the one to clearly tell me you're a nice guy and you've helped countless people here, then I'll take it at that.

For all the others who have responded. One thing I've learned in the financing world is no matter how much research you do, there is usually that one company that you've never heard of that is offering some kind of great rate or some kind of special deal. That's how I found one of the three credit unions I'm a member of. I can check my credit unions and my local bank I deal with, but there's almost always some company out there that can beat them if you look hard enough. Credit Unions usually aren't big fans of financing RVs; especially towables. Bank of the West has beat my credit unions twice in the past.

A prime example is when you buy a new truck and even though your credit union is at ???, some specific financing institution across the country has some special thing they're doing to try to lure new customers or they know they have to dig deep to get those new customers who have never heard of them before. They may even have some deal worked out with that manufacturer or dealership. That's what I'm looking for. I'd much rather know before I walk in the dealership's door if something like that exists today.

I assumed I could ask here on the forum site because that's the kind of thing people do here.

[Grit_dog]

Shelby, maybe look up the definition of racist or racism and then reconsider your comment. Look less silly that way.
Regarding the rest of that post you referenced, idk what to say. Other than maybe I should have said “some powerful people in our country” did their level best to try to tank the economy and the citizens of the US of A. Under false pretenses of “saving” people’s lives.


Apologies.

[nickthehunter]

If the latest indictments are any clue, and more expected this week, I think any thoughts of “chill” is a long long way off.

[time2roll]

lawnspecialties wrote:
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.

Check with your bank or credit union. Otherwise the dealer will often be able to arrange the financing you need at a competitive rate.

Truck will be lower rate but shorter term. RV probably a bit higher rate but longer term.

I would put 25% down on each and finance both. Keep the rest in a savings account. Can always pay them off or get a new lender if rates drop. In good times like today I also recommend making larger than minimum payment to the loan with the highest interest rate (probably the RV).

Interest on the RV could be second home tax deduction but that is rare these days unless the first home is very low cost.

[nickthehunter]

fj12ryder wrote:
Just to clue you in: subtlety is wasted. 🙂

If you know, you know.

[fj12ryder]

Just to clue you in: subtlety is wasted. 🙂

[Grit_dog]

wa8yxm wrote:
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)

Kind of, but the genesis of most of this perfect storm you’re referencing is a direct result of change in administration in DC to the current poop show, in a time where common sense or more accurately a desire to help our country rather than do everything possible to destroy it short of pushing the button to launch our own nukes straight up in the air and let them fall back on to US soil.
Getting through the mess known as Covid and minimizing long term damage to the American public was already a monumental task, that never materialized due to the sabotage by the current administration, unfortunately.
And look now, he’s drooling on himself, can’t talk, gets lost getting off stage and probably wearing Depends. Heck even most of the libs now feel Joe and the Hoe were a horrible choice. And we all get to pay for it.

[StonedPanther]

wa8yxm wrote:
Due to the Fed's attempts (Successful it appears) to tone down runaway inflation the interest rates on loans is rather high just now.

Appears is the key word, the issue is the inflated prices for everything are now baked in and are not going to go back the other direction.

All one has to do is look at their grocery and utility / energy bills, or look at new vehicle prices, RV prices, or just about anything else.