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Old 10-05-2013, 06:06 AM   #1
gkidsdlite
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Financing???

Not trying to get in your business here, but I am wondering about financing these rigs. What is a good interest rate, how long are the terms, how much down, etc etc. Thank you in advance for your input.
 
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Old 10-05-2013, 06:44 AM   #2
Captain Joe
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I'll start. Loans over $50K. 10% down, 4% rate, 20 year term. Good luck.
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Old 10-05-2013, 07:36 AM   #3
bigskyjimmy
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Depends on you Credit,down pymt,etc.. my loan was 59k and 20% down( I could have put down less) and a 15 year loan at 6% rate about a year or so ago from a Credit Union, Also my friend just bought a SOB and their loan is right in line with what Captain Joe said
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Old 10-05-2013, 08:07 AM   #4
HOOK
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With good credit, 10% down, 20 yrs, 5%. With excellent credit there is the possibility of 0 down, 4%.
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Old 10-05-2013, 01:53 PM   #5
Montana Sky
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$0 down, 7 yr at 2.9%.
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Old 10-05-2013, 02:05 PM   #6
Billorn
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10% down, 2.9 (credit union) for 5 years
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Old 10-05-2013, 02:11 PM   #7
K0LCB
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If you are a Good Sam member, check with them
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Old 10-05-2013, 03:06 PM   #8
chieflawdawg
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0 down, 12 yrs, 3.99% with Bank of America in May 2013.
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Old 10-05-2013, 05:12 PM   #9
RichR
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Give Bank of the West a try.
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Old 10-06-2013, 05:09 PM   #10
sambam
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4.75, 12 years, 32K on a used (2010) in March 2013.
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Old 10-06-2013, 05:11 PM   #11
sambam
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4.75, 12 years, 32K on a used (2010) in March 2013.
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Old 10-06-2013, 11:18 PM   #12
Bill-N-Donna
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We use our local Credit Union

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Old 10-07-2013, 12:18 AM   #13
Tom S.
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We bought a new rig last year. We put $10k down and rate was 3% for 5 years. The dealer had a third party who for a $100 fee, would find the lowest interest rate and insurance rate. I took the rate he found to my credit union and they matched it. I always go with the credit union when I can.
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Old 10-07-2013, 06:18 AM   #14
Art-n-Marge
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Paid cash for ours (didn't want the monthly bill), but for those that finance, I thought the interest on the rig finance is a possible write off for taxes as a second home since it has it's own restroom. Does anyone know how this works? I just wanted to add this possibility so no one misses it.
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Old 10-07-2013, 07:08 AM   #15
bncinwv
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You are correct Art, the rv qualifies as a second home for mortgage interest tax purposes. For now, there has been a lot of press about our Washington leadership (is that the correct word?) possibly eliminating this deduction.
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Old 10-07-2013, 07:35 AM   #16
bigskyjimmy
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Paid CASH Art-Marge?? what's that??? But yes you can write off the interest I did on my Boat(cabin cruiser NOT rubber raft)) as Well it is considered a "second Home" but like Bingo said they may change that We'll see
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Old 10-07-2013, 09:25 AM   #17
Art-n-Marge
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Well I've heard there's talk of removing HOME mortgage interest as a deduction too. I believe it cannot be called Washington Leadership, since that is now considered oxymoronic, like Military Intelligence, LOL, but in the meantime the RV interest is deductible as a second home. Back in 2006 we started with financing (I think it had a 12 year term) to get a lower purchase price bonus, then paid it off ASAP since we were already financing our retirement home and we get plenty of deduction off that. Come to think of it, I recall I never did deduct those first couple of payments of interest, oh well. That's why I was unsure. I do recall it wouldn't be considered home-deductible unless it had a working bathroom in it, like an RV, Boat or other so equipped living quarter. No bathroom, no deduction.

Oops, I'm getting off-topic discussing tax-deductability versus the OP's question about financing. Good luck on the financing, I don't recall our exact terms because it was only done to lower the purchase price and we had all intentions of paying it off.
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Old 10-14-2013, 09:56 PM   #18
Artemus Gordon
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My 25 year old son just got 4.6 APR for up too, 94 months through Bank of America on nice 2014 Rig. 20% down. He plans to pay more each month and pay it off in 48 months.
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Old 10-15-2013, 06:37 AM   #19
Tom S.
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Quote:
quote:Originally posted by bncinwv

You are correct Art, the rv qualifies as a second home for mortgage interest tax purposes. For now, there has been a lot of press about our Washington leadership (is that the correct word?) possibly eliminating this deduction.
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I'm not an accountant, nor did I sleep in a Holiday Inn last night, but I do know that you will have ask for Form 1098 from your lender as none of them (that I am aware of) automatically send these forms out for RV's.
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Old 10-15-2013, 08:05 AM   #20
bigskyjimmy
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I never have got a 1098 from my lender Tom for my Boats or Rv ,the End of the year statement from my Credit union or Bank shows how much interest on the loan I paid that year and my Tax Accountant takes it from there
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