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10-05-2013, 06:06 AM
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#1
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Montana Fan
Join Date: Oct 2012
Location: Davis
Posts: 183
M.O.C. #12956
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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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10-05-2013, 06:44 AM
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#2
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Montana Master
Join Date: Sep 2010
Location: Hollister
Posts: 1,043
M.O.C. #10764
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I'll start. Loans over $50K. 10% down, 4% rate, 20 year term. Good luck.
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10-05-2013, 07:36 AM
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#3
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Montana Master
Join Date: Aug 2010
Location: Washington Coast
Posts: 2,688
M.O.C. #10696
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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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10-05-2013, 08:07 AM
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#4
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Montana Master
Join Date: May 2011
Location: Fayetteville
Posts: 4,200
M.O.C. #11401
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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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10-05-2013, 01:53 PM
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#5
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Montana Master
Join Date: Jan 2004
Location: Down the Road
Posts: 5,627
M.O.C. #889
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$0 down, 7 yr at 2.9%.
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10-05-2013, 02:05 PM
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#6
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Seasoned Camper
Join Date: Apr 2013
Location: Chester
Posts: 52
M.O.C. #13379
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10% down, 2.9 (credit union) for 5 years
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10-05-2013, 02:11 PM
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#7
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Montana Master
Join Date: Apr 2013
Location: Arroyo City
Posts: 3,110
M.O.C. #13395
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If you are a Good Sam member, check with them
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10-05-2013, 03:06 PM
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#8
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Montana Master
Join Date: Mar 2007
Location: Salisbury
Posts: 561
M.O.C. #6935
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0 down, 12 yrs, 3.99% with Bank of America in May 2013.
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10-05-2013, 05:12 PM
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#9
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Montana Fan
Join Date: Apr 2011
Location: Castle Rock
Posts: 248
M.O.C. #11369
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Give Bank of the West a try.
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10-06-2013, 05:09 PM
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#10
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Montana Master
Join Date: Jan 2013
Location: Bridgewater
Posts: 1,196
M.O.C. #13166
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4.75, 12 years, 32K on a used (2010) in March 2013.
__________________
2010 Montana 3455SA, Mor/Ryde pin, wet bolts, TST 507, Progressive HW50C, GY G614
2019 Silverado D/A 3500HD LTZ DRW CC
B&W Companion
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10-06-2013, 05:11 PM
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#11
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Montana Master
Join Date: Jan 2013
Location: Bridgewater
Posts: 1,196
M.O.C. #13166
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4.75, 12 years, 32K on a used (2010) in March 2013.
__________________
2010 Montana 3455SA, Mor/Ryde pin, wet bolts, TST 507, Progressive HW50C, GY G614
2019 Silverado D/A 3500HD LTZ DRW CC
B&W Companion
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10-06-2013, 11:18 PM
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#12
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Montana Master
Join Date: Apr 2007
Location: South Shore
Posts: 6,009
M.O.C. #7110
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We use our local Credit Union
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2011 GMC 4X4 dually CC, 6.6 Duramax with Allison Transmission. Formally 2001 Montana,2007 3400RL Montana, presently 2018 3401RS Alpine.
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10-07-2013, 12:18 AM
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#13
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Montana Master
Join Date: Aug 2007
Location: Waterford
Posts: 3,693
M.O.C. #7500
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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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10-07-2013, 06:18 AM
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#14
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Montana Master
Join Date: Apr 2009
Location: Murrieta
Posts: 5,816
M.O.C. #9257
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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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10-07-2013, 07:08 AM
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#15
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Montana Master
Join Date: Feb 2007
Location: Winfield
Posts: 7,327
M.O.C. #6846
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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.
Bingo
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Bingo and Cathy - Our adventures begin in the hills of WV. We are blessed by our 2014 3850FL Big Sky (previous 2011 3750FL and 2007 3400RL) that we pull with a 2007 Chevy Silverado Classic DRW CC dually.
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10-07-2013, 07:35 AM
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#16
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Montana Master
Join Date: Aug 2010
Location: Washington Coast
Posts: 2,688
M.O.C. #10696
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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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10-07-2013, 09:25 AM
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#17
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Montana Master
Join Date: Apr 2009
Location: Murrieta
Posts: 5,816
M.O.C. #9257
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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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10-14-2013, 09:56 PM
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#18
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Montana Master
Join Date: Mar 2012
Location: Redding
Posts: 1,421
M.O.C. #12339
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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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10-15-2013, 06:37 AM
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#19
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Montana Master
Join Date: Aug 2007
Location: Waterford
Posts: 3,693
M.O.C. #7500
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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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10-15-2013, 08:05 AM
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#20
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Montana Master
Join Date: Aug 2010
Location: Washington Coast
Posts: 2,688
M.O.C. #10696
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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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