Interest Rates

[ddrueckh]

I know that there are a lot of variables, but what kind of financing should one expect to get when purchasing a new trailer? The number I have received from two dealers is 5.5% for 10 years. Our credit scores are in the 800's. Does this seam reasonable for a trailer? Total out the door price is around $24,500. I am used to buying cars and a lot lower interest rates... Any suggestions on how to get a better rate? Thanks.

[amabee]

Yes, that sounds about right, its the longer term causing the rate, not your credit.
Ours is on 12 yr loan at 5.5% also. The only way I know to get a better rate is to go for a shorter term.

[etex211]

The dealer really wanted our fifth wheel gone when we bought it. We got the loan for bank rate....the dealer didn't mark it up a bit. 3.99% for 15 years.

[maromeo]

Check out Good Sam rates.

https://www.goodsamrvloans.com/rates/

That is what we did and were prequalified for the purchase for a different unit and then we saw our unit which price was less. It was the lowest interest rate at the time. The dealer matched the rate and terms with a local bank. So we are both happy campers.

[lx22f/c]

Our credit union is 1.74% right now. We just bought a new boat. Dealer wanted 4.99 % so we went with our credit union.

[314BHDS]

It all depends on how much you finance also.My trailers was 32k,if I put the 3% down they ask for I kept 4% intrest rate.I wanted to put 15k down and finance less but would have had 5.25% intrest.So I put less down and made my first payment as normal but for extra principal paid the 15k on the trailer at the lower intrest rate.Our credit was extremely good and that's the rates we were given.My credit union was 6%

[Idahoboy]

I was able to get 3.99 for 12 years down and my credit is ok but not as good as yours. but I was thru a credit union I would shop it. With a 800 credit score you should be under 5.99

[norty1]

Last rig we financed for 5 years @ 5.5%. We paid it off in 3 years.

[Camping Couple]

We just purchased our 24FBS in September. 5 yrs at 4.25%. When the fed starts to raise interest rates, I'm guessing you'll see that same term for about 6%?

[eldermike]

Calculate the amount to pay over-principle to adjust your rate to whatever you want it to be. Of course the lower you start out the eaiser to get to your goal but the idea remains the same.

[clubhouse]

My credit union's published rates; requires 790+ FICO, auto pay and direct deposit to the linked account.
<72 months 1.8%
84-120 months 2.8%
121-180 months 3.3%

There some minimum financed amounts for the 120+ month terms.

[BillMc40]

Paid cash for the 2014 248RBS.
Bill Mc

[clubhouse]

Originally Posted by BillMc40

Paid cash for the 2014 248RBS.
Bill Mc

So are you offering to buy the OP a TT for cash, and he can pay you back at 0% interest? Otherwise I am not sure how your response is in any way related to the OPs question.

[JoeMazz]

Just bought a Precept 35up 12 years @ 3.49% Bank of America

[ddrueckh]

Thanks to all for the feedback. It really is a mixed bag, as I suspected. Unfortunately, my credit union does not offer RV loans. I tried Costco, but they offered a higher rate. It seems, in the RV world, that the more you spend and the longer the term the better the rate. The is opposite of what cars/trucks are. I will keep looking around. Thanks again.

[BillMc40]

Originally Posted by clubhouse

So are you offering to buy the OP a TT for cash, and he can pay you back at 0% interest? Otherwise I am not sure how your response is in any way related to the OPs question.

Nope! Saying save pay cash and then no interst~
BillMc

[rick danger]

My rate was 6.5% for 12 years on about $22,000. My credit is into the 800,s but my dept to income ratio is higher than most banks want, so the dealer had to shop around for a while to find a bank that would accept me. Oh well. If you figure what 1% difference works out to a month it's really not to much.

[Camper_bob]

We got ours 10 years at around 5.25% (IIRC, maybe less, it's been a little while...). We'll save on interest and pay it off early, that's what we always do. But I knew my credit score (very high), and what my Credit Union could do before I ever began shopping. I told the dealership finance department the particulars and put him to work to try to beat what I could get on my own, and he did.

[Nighthawk 96]

I got 2.99% for 60 months from my very small credit union. Perhaps you could join a different credit union for a better rate.

As a former credit union CEO I can assure you that many credit unions are competing for loans for members with good credit.

[muelldawg]

1.7% at credit union. Boy that is great. What credit union is that?