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Open Roads Forum  >  Travel Trailers  >  General Q&A

 > Sound like a good deal?

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winnietrey

seattle

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Posted: 09/22/19 05:59pm Link  |  Quote  |  Print  |  Notify Moderator

scarecrow56 wrote:

My credit score is 785 however I'm self employed and show a low income so wouldn't that keep me from getting a loan at a bank? Also, yes I would keep the trailer for 12 years or more. My last one I kept for 20 years. Im also looking at it as a second home when I retire in 2-3 years.
,


Yeah, you are kind of in a tough spot. The interest, the dealer wants Is pretty high. But remember he/she is not going to carry the paper. They will make a % on it, and sell the loan. And they are putting you in a higher risk category (good credit, but low income)

Kind of, it is, what it is, and credit union may not be willing to help you, and a bank may not offer a much better rate. Given your income

My humble opinion try online , call around see what you can do

midnightsadie

ohio

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Posted: 09/22/19 06:36pm Link  |  Quote  |  Print  |  Notify Moderator

do as others have said, from what I read there all good advice. dealer prep thats a rip off. time is on your side do some home work.

badsix

north bend or.

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Posted: 09/22/19 06:38pm Link  |  Quote  |  Print  |  Notify Moderator

I'm no finance guru. but in my younger years if I had to finance something I would get the payments low. then make double or triple payments when ever I could. the if hard times came around I could still make the low payment. I was usually able to pay the thing off quite quickly and save on the interest.
Jay D.

brantlyj

Iowa

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Posted: 09/22/19 08:13pm Link  |  Quote  |  Print  |  Notify Moderator

Own a home? My wife and I just took new jobs this year but easily got an equity loan. Our rate is 4.75% through our credit union.

Gdetrailer

PA

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Posted: 09/22/19 08:13pm Link  |  Quote  |  Print  |  Notify Moderator

scarecrow56 wrote:

My credit score is 785 however I'm self employed and show a low income so wouldn't that keep me from getting a loan at a bank? Also, yes I would keep the trailer for 12 years or more. My last one I kept for 20 years. Im also looking at it as a second home when I retire in 2-3 years.


Depends.

Low income and low debt ratio coupled with good credit score should not be much of deterrent to a bank.

Does not hurt to ask, start at YOUR bank that you deal with then go from there.

As far as keeping a RV 12 yrs or more, yeah, that saves you money however, one does need to account for the "what ifs" in life.. Kind of like a few folks I know, one had a setback in health, self employed so not working they do not make a cent.. Have to figure out how to pay the bills with zero income..

If they had a RV and paying a loan on that, wouldn't you think that the RV should go? But, you simply can't because you are so upside down on the loan you would never be able to sell it for enough to pay it off.. Catch 22 and real life..

Campfire Time

Wisconsin

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Posted: 09/23/19 07:36am Link  |  Quote  |  Print  |  Notify Moderator

Some dealers will go to bat for you to find the best deal on the loan. Some dealers work with specific fly by night operations and will rake you on the interest rake no matter how good your credit is. It's the same as car dealers. Our dealer got us a fair deal through a local credit union.

That said I would not put a deposit down until they can give you a written paper with interest rate and the name of the lien holder. In other words make the deal contingent on a favorable interest rate and reputable lean holder. Be prepared to walk away. However $799 dealer prep for a $20k trailer? Way overboard. Ours was somewhere in the neighborhood of $150, and the PDI was free. I'm betting they are going to charge you for the PDI.

Good advice about looking elsewhere for both the trailer and loan.


Chuck D.
“Adventure is just bad planning.” - Roald Amundsen
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CFerguson

on the road

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Posted: 09/23/19 08:04am Link  |  Quote  |  Print  |  Notify Moderator

Banks differ. Go ask. If you can show sustained income from your work, I see no reason to believe a bank (or CU!!!) would deny you. But again, banks are different in how they treat loans.

campigloo

Baton Rouge, La

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Posted: 09/23/19 04:53pm Link  |  Quote  |  Print  |  Notify Moderator

Don’t forget the dealer wants to get your money more than you want to give him your money. Look at the camper and figure what you are willing to pay for it and use that as your ceiling. You can also use the financing as leverage. Like someone said above, the dealer is getting a kickback from the lender. The dealer more than likely gets end of year incentives from the manufacturer as well. Go in with a here’s my out the door offer, no more. They just might get off their high horse!
Good luck!!!!!

stevemorris

ontario

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Posted: 09/24/19 06:09am Link  |  Quote  |  Print  |  Notify Moderator

lots of great advice

my 2 cents worth? the prep fee is a bunch of ****
if you are lucky they will sweep the floor and remove the wrapping from the upholstery

walk away


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parker.rowe

Delaware

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Posted: 09/24/19 07:14am Link  |  Quote  |  Print  |  Notify Moderator

I called a bunch of banks directly, and none of them would offer me a better interest rate on an RV loan then the dealer got me. I was a bit annoyed by this, as I never had an issue with my banks matching or beating car loan numbers before.

My loan is with a bank, the dealer doesn't "hold the papers", the bank does.

That said, I don't like the $1k deposit that they keep if you decide you don't like the interest rate they end up getting.
That sounds real shady, like they aren't going to try to get you a good rate because you will feel committed to getting it and cave to a worse rate so you don't lose your deposit.


2015 Starcraft TravelStar 239TBS 6500 GVWR
1997 GMC Suburban K2500 7.4 Vortec/4.10 Gears
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