Financing

Discussion in 'Camper Pre-Purchase Questions' started by tedkarenchelsea, May 22, 2007.

  1. tedkarenchelsea

    tedkarenchelsea New Member

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    We just ordered a new Fleetwood Avalon. Expensive but quite nice. Where is the best financing...the dealer has a bank using 8.75% interest. Just wondering if anyone knows of a better deal out there.

    '67 Ted
    '63 Karen
    '98 Chelsea
    '80 Coleman
    '02 Chevy Silverado XCAB
    '04 Chevy Tahoe
     
  2. wellestone

    wellestone New Member

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    Check your credit unions. The dealers (in my experience) NEVER have the best deal, at least until you come in with a lower rate from somewhere else. We bought last month at 5.5% from my credit union.
     
  3. tedkarenchelsea

    tedkarenchelsea New Member

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    Tried the Credit Union...the rates were better the terms were difficult...I need a bit longer than 5 years...

    '67 Ted
    '63 Karen
    '98 Chelsea
    '80 Coleman
    '02 Chevy Silverado XCAB
    '04 Chevy Tahoe
     
  4. recumbentman

    recumbentman Ventura, Ca

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    How about a low interest credit card, that's what we did.

    <center><img src=../Images/flags/us.gif border=0 align=middle>05 Fleetwood Resolute<img src=../Images/icons/icon_smile_pu.gif border=0 align=middle> <img src=../Images/icons/icon_smile_suv.gif border=0 align=middle> 99 Ford Ranger /99 WinStar <img src=../Images/flags/us.gif border=0 align=middle></center>
    <center><img src=../Images/icons/icon_smile_bike.gif border=0 align=middle> Ride to Eat / Eat to Ride <img src=../Images/icons/icon_smile_bike.gif border=0 align=middle></center>
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  5. Lori3778

    Lori3778 New Member

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    We borrowed against our CD at the bank. The interest rate for 7 mos. was 5.8% at the time. Then, we borrowed money from the bank to purchase the PUP and that interest rate was just below 8% fixed. In in all actuality we're only paying around 2% interest and our money is still in the bank. We have the option to renew the CD (which I'm sure we'll be doing). And, chances are in 7 mos that the interest rate will be higher on it and it will cost us even less interest overall.

    Steve & Lori
    son, Trent 9
    '07 Jayco 12HW
    '01 Dodge Ram 1500
     
  6. ILUVTHEBEACH

    ILUVTHEBEACH Suburbs of Philly, PA

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    How about a home equity loan. You can use the interest you pay as a deduction on your tax return.

    '66 Michael <img src=../Images/icons/icon_smile_beer.gif border=0 align=middle>; '70 Sherry <img src=../Images/icons/icon_smile_happycamper.gif border=0 align=middle>; '89 Aaron <img src=../Images/icons/icon_smile_cool.gif border=0 align=middle>; '94 Annelysse <img src=../Images/icons/icon_smile_wink.gif border=0 align=middle>; '00 Frank <img src=../Images/icons/icon_smile_hotdog.gif border=0 align=middle>(Camping Dachshund)
    '74 PUMA <img src=../Images/icons/icon_smile_pu.gif border=0 align=middle>

    "Now make like a tree and get out of here!" Biff in Back to the Future II
    http://community.webshots.com/user/lansdalehulls
     
  7. Yellowkayak

    Yellowkayak Popups.....when sleeping on the ground gets to you

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    You can go up to 120 months and still pay it off earlier. That way your payments are lower, and if an emergency popsup (no pund intended), you won't be strapped to make your popup payment. We went 120 months at 6.7 percent but will have it paid off in about 48 months.

    07 Chevy Trailblazer
    07 Chevy Crew Cab
    07 Fleetwood Niagra
    (2) Hobie Adventure Kayaks
    (1) Hobie Outback
    (1) Pungo 120
    (1) Pungo 100
     
  8. kd7gvd

    kd7gvd New Member

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    In my opinion Yellowkayak has the right idea. Take the 10 year option and make an extra $50-$100 payment to principal only and that 10 year loan will be paid off in half the time, not sure of the exact pay off time but it is substantial. If something come up and you can't make the additional principal only payment..........no big deal pick it back up the following month. just my .02

    Don & Alice
    1993 Coleman Williamsburg
    Camping in and around Utah

    Nights camping in 2007: 8
     
  9. LouisianaOrths

    LouisianaOrths New Member

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    Here's one that very few people think of: Check with your insurance agent. Most insurance companies are now dealing in financing and refi's. (And most of us HATE it). Through Shelter Insurance, the company for whom I am an agent, we have really competitive rates on loans ... and have loans specifically for RVs and other recreational vehicles.

    Another tip: if you are looking to finance something, you do not have to go thru your own agent or even your own company. i.e. you may have All State insurance and have your camper financed through Shelter Insurance.

    If you want to shop for the best deals, hit all the major insurance companies and see who can finance you better: banks, credit unions, credit cards, or insurance companies. You just might be surprised!

    DH - 27 -- Brett
    DW - 27 -- Sabrina
    DS - 4 -- John-Garrett
    2 GSDs -- Sadie and Jake
    1999 Jayco Eagle Qwest 10

    NOOBS!

    Red - HomeState
    Green - Headed to soon
    Blue - Camped

    Times camped in 2007:
    (None at this time)

    http://community.webshots.com/user/LouisianaOrths
     
  10. wellestone

    wellestone New Member

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    Just a few comments/questions for some of the responses above: 1) no one mentioned where they got 120 month loans :) 2) using your CD as collateral, you are still paying 8% - I have savings at the credit union that pays me 3% and my RV loan costs me 5.5% - that doesn't mean that the loan costs me only 2.5% mainly because I had the savings already. Plus the loan/CD amounts would have to be the same in order to compare. If you didn't want the savings, then you should just cash in the CD and pay off the camper and then your interest would be zero. Unless I am misunderstanding what you did? 3) deduction on your tax return - if the Avalon has a toilet and a shower, which it does, then they can deduct the interest no matter how they finance.
     
  11. clg

    clg New Member

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    According to the IRS, to deduct interest, the loan must be secured using the second home. The "home" must also contain sleeping, cooking and toilet facilities. Our salesman didn't think a pop-up qualified as a home, so I checked with the IRS.

    There are many options for financing, so it can take some shopping around to find the best rate. I usually find the best rate I can get, and let the dealer try to beat it. Good luck with your purchase and happy camping!

    Curt

    '01 Suburban
    '07 Starcraft Centennial 3612
     
  12. StarVol

    StarVol New Member

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    We offer loans up to 144 months on any amount over $10K Rates 8.24 700+ Score. Our short Term Rates are 5.99% up to 72 months with 680+ score.

    Shop your bank and credit unions then go to the Dealership with your figures. This way you know you are getting your best bang for your bucks.

    Rick Cathey
    2006 Starcraft Centennial 3608 Demo
    2006 Antigua 215SSO Demo
    www.Catheysrv.com
    (888) 425-5271
    GO VOLS!
     

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