remoandiris
Florida
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Joined: 07/13/2011
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What terms, with respect to APR and length of loan, can one expect if financing a new 5er? Let's assume a FICO score of over 700.
2011 GMC 3500 Dually
New to me 2006 Jayco Designer 38RDQS
2 Boxers and a Maine Coon
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MTPockets1
Florida
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Joined: 09/19/2011
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6% 15 - 20 years ...... Lower % if over $50,000
2012 3055RL Big Horn - Dexter 7000 lb axles - G rated LT Tires
MorRyde, Genset, Dual Panes, 2 A/C, Yeti Package
2013 F350 DRW 4x4 Crew King Ranch
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B.O. Plenty
Minnesota
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Joined: 02/04/2010
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Keep in mind they depreciate pretty fast..The longer you stretch it out the better chance of being upside down..forever.
B.O.
2011 Big Country 3250TS...2010 Ram CC Laramie 4wd Cummins
15k Super Glide, Firestone Ride Rite, TrailAir Tri-Glide
Michelin XPS Ribs. Just say no to Chinese tires.
Twin Cities Mn.
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therink
Rochester
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Joined: 05/25/2009
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I have fico over 700. 2.5 yrs ago financed entire purchase of current rig (was new), for 10 yrs at 6.99%. I would not go longer than 10 yr term. Even 10 yrs is pushing it. I am currently a bit upside down but not too bad. When I financed for 10 yrs, I committed to myself that I would keep it ten yrs. It won't be worth much at the 10 year point, so I have to look at the fact that, it costs me $400 /month for the privilege of owing an RV. DW and I decided that all vacations would be spent using the rv, instead spending the $ on airfare/hotels.
We spend about 40 nights/per year camping so we feel it is $ well spent.
I would have seen some people stretch out financing on expensive rv's then let them sit and don't take good care of them. These are the folks that get upside down real quickly.
Steve Rinker
Rochester, NY
2013 Keystone Sydney 340FBH 5'er
2012 Silverado 3500HD, SRW,LTZ,4x4, Z71, Crew, 6.0 Gasser, 4:10 Gears, Standard bed
"These days, I have problems in areas that I used to not have areas", so life is good.
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skipnchar
Topeka or somewhere else
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Joined: 12/17/2003
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What you can GET and what you SHOULD get are miles apart. Buy an RV on a 15 year note and you'll be upside down for 13 of those years and it's VERY rare to keep an RV that long. 
2011 F-150 HD Ecoboost 3.5 V6. 2550 payload, 17,100 GCVWR -
2004 F-150 HD (Traded after 80,000 towing miles)
2007 Rockwood 8314SS 34' travel trailer
US Govt survey shows three out of four people make up 75% of the total population
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Artemus Gordon
Redding California
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Joined: 03/04/2011
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First the real rate will be between "6 to 11%" for 10 to 20 year terms. That is where you will find rates, with a credit score in low 700s. Provided you have suficient income etc. Remember its not just your credit score. Its your debt to equity ratio as well as income to debt ratio. You can make $1000.00 per month and have a 730 score. Its amount financed and loan to value of RV the banks first consider. I can't stress the following enough. If you dont get at least 30% off MSRP your going to be upside down on loan on day one! The financing issue is alway controversial. Let's keep this simple. Loan interest actually paid is based on term of loan. I have always advised those that must finance, a home or RV, to get the longest term possible to reduce the "maximum monthly payment" needed to keep loan current. You can then pay a larger amount each month and payoff loan early without prepayment penaltys. Why you ask? Most people who make payments need the room for emergencys. Therefore if your wife lost her job or you became disabled, you would then only have to make the lower payment ( you contracted for) during that hardship. Your principle still got reduced while you made additional principle reduction payments. Lots of free calculators on line to assist you in how soon a loan could be paid down. Remember loans are all but impossible to get payments reduced after loan is made. Also if you continue the payment reduction I described you will likely keep from being upside down on your loan to value. One last word..get prequalified before you shop. Know what can afford not what salesperson can get you financed at time of sale. We all get caught up in the "buying process". Your more vulnerable when the dealer is throwing numbers at you. Your spouse and you say, ya we can make that, well if it stays parked at home! Hope lecture helped!
* This post was
edited 08/04/12 10:15pm by Artemus Gordon *
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gmc6000
North Dakota
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Joined: 08/18/2004
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I just went through this is my new Inferno I ordered. He initially quoted me 4.89% for 15 years. I told them no way would I finance an RV for 15 years. I got 2.79% for 5 years.
2011 GMC Denali HD Duramax
2013 KZ Inferno 3710T
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FunnyCamper
Southeastern
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Joined: 09/29/2011
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I just got 4.99% for 10 years on my new 5th
get a dealer to get you the lowest rate. that was with US Bank.
pay as little interest as you can!!!
I don't keep a camper for the term anyway. I end up trading before I ever pay them off
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214mrj44
quinlan,tx.
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Joined: 10/18/2009
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Just got 10 yr. at 4.55% on new montana from bank of west. My score is 825, with score that high thay dont ask for income. Mike
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FunnyCamper
Southeastern
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Joined: 09/29/2011
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plus I believe the rates are reflective of how much you are financing.
I wanted lower than 4.99 but the financial lady said I would have to finance more money. If I went into the 50s to finance I could get alot lower rate but my camper wasn't into that range.
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