Those rates!!

[PvAv]

So we have been looking for a Thor Challenger and have decided upon one floor plan and specific year. Now the feds have increased rates to where it going to be 5.5 or maybe 6% !!! Ugghhhhhh. Not becasue of us, we have great credit and no debt. SO I have no clue WHYYYY its so freaking high on a RV!!! Suggestions on who has recently been through this? Who did you use for financing? So disappointed.

 

[AbdRahim]

I think interest may be higher on used than on new. At least it was on cars.

 

[J&JD]

We have become so spoiled with interest rates being so low the last few years. Rates right now are still historically decent.

Interest Rate in the United States averaged 5.44 percent from 1971 until 2022, reaching an all time high of 20 percent in March of 1980 and a record low of 0.25 percent in December of 2008.

 

[sanda]

So we have been looking for a Thor Challenger and have decided upon one floor plan and specific year. Now the feds have increased rates to where it going to be 5.5 or maybe 6% !!! Ugghhhhhh. Not becasue of us, we have great credit and no debt. SO I have no clue WHYYYY its so freaking high on a RV!!! Suggestions on who has recently been through this? Who did you use for financing? So disappointed.

Elections have consequences.

 

[PvAv]

I think interest may be higher on used than on new. At least it was on cars.

On new

 

[Jireh Financial]

I think interest may be higher on used than on new. At least it was on cars.

No difference in new and used with any of the lenders we use. Some lenders programs only go back a certain number of model years but rates are the same.
Holler if we can help.
Thank you,
Ken

 

[Jim]

If you own your home, or have a good amount of equity in it, you might consider a home equity loan? With good credit, interest rates can be quite low. A friend just did one and I believe he is paying 3%. Not sure of the actual number/percentage, but it's better than getting a conventional loan.

 

[Jireh Financial]

So we have been looking for a Thor Challenger and have decided upon one floor plan and specific year. Now the feds have increased rates to where it going to be 5.5 or maybe 6% !!! Ugghhhhhh. Not becasue of us, we have great credit and no debt. SO I have no clue WHYYYY its so freaking high on a RV!!! Suggestions on who has recently been through this? Who did you use for financing? So disappointed.

We do finance work full time. We have 8 lenders that fund us directly. Yes, rates are up a bit from the spring but not horrible. It's not just RVs. Mortgage rates have climbed (as a percentage) more than recreational items. Besides, when they come back down. you can always refinance.
One thing to watch is "rate shopping". Each pull matters and some lenders will give a flat decline just for excessive pulls. Our credit pull is soft and does not show on your bureau. From there we take a riffle shot to the lender (they do a hard pull) you best fit. Most often, one pull on one bureau.
Let me know how we can help.
Ken

 

[Germanrazor]

A few things going on here……one is simply called that dirty word, INFLATION! Then the second has always been whether a boat, motorcycle or other what the industry refers to as a luxury and not really needed item, well, slightly higher rates.

It will eventually or might I say hopefully get back into check. The biggest thing over interest rates I hate are the crazy increase in prices over 2 years ago! That is insane. But I have always said even when I owned motorcycles and old muscle cars……you have to pay to play!

 

[FL-JOE]

To be honest, what I'm seeing on home loan rates I'm shocked you can still finance an RV for 6% or under. I suspect anyone anticipating a financed RV purchase had better get it done quickly because obviously the rates are just going to keep going up under the current fed administration.