01/31/2019
RV Financing
If you are credit worthy, here are standard terms for financing....
Financing over $50k: 20 year term
Financing between $25k-$49K: 15 year term
Financing between $15k-$24k: 12 year term
Financing between $10-$14k: 10 year term
Yes, you can get a shorter term, if you want. That's you're call, and it's your monthly payment, not mine. I will tell you this though: if your credit is worthy, I can get you a "simple interest loan," so you can pay down your principle amount and not pay all that interest. All you do is make a separate payment "to principle only" when you want to. That way you aren't paying all the interest of the longer term. It's the best of all worlds: if you can only swing your payment, great. But if you are a "big baller," you can throw more at the principle amount (do a SEPARATE payment) whenever you want, to shorten your term, and pay less interest.
Interest Rates:
Rates have been going up for two years now--8 times. That means the "Fed" raised rates 2 whole percentage points in just two years, so your rate will NOT be what it was the "last time you bought an RV."
Bank rates are always higher on RVs than autos, because RVs are considered "luxury items" by banks. You won't get an "incentivized rate from the manufacturer."--Those don't exist on RVs.
If you want the best interest rate, around 10% down is normally what you should expect on a down payment. Yes, you can do less, but expect a higher rate. More risk for the bank to lend to you = a higher rate. Less risk to the bank = a lower rate.
If your credit is average, or even a little less than average, a 10% down payment should be fine.
If you have "bad" credit, you should expect a 20% down payment, a shorter term, and a higher rate. I don't lend money, banks do, so don't yell at me! I want to get you the BEST loan on an RV!
Rest assured, I want to sell you an RV and make you as happy as I can, from the RV you choose, to the interest rate and term. I'll do my best to find it for you--I have over 25 lenders for that.
Feel free to PM me, or just check out my website to see my inventory, and apply for credit... www.RyanTheRVDude.com
