2021 Interest rates

rhyno

Local credit union rates for new 2021 RV loans are between 3.99-6%. Does anyone have any recommendations for lower rates or is this likely the best range we'll find?

Dutch061

Actually, that is probably not a bad rate considering what is being purchased. RV's have never been "interest friendly" when borrowing money to purchase. Maybe if you have money in a retirement account, you can borrow it from yourself at a lower rate or a possibly use a Home Equity Line of Credit but you wouldn't be able to deduct the interest (if you can meet the $ level for itemization) since the money isn't being used on your primary home. 

On the other hand, if you can meet the level of deduction for itemization, you can deduct the interest on your RV "if it has a restroom" if memory serves me correctly.

I can say that the first 2 RV's I purchased were financed but the last 2 were 100% down and easy payments of $0 per month. Not everyone has that ability, but if it is possible I would wait until I had money in hand and purchase something that fit my budget without a payment. 

I spoke with a collection agency today for business and  they said that their customers (the banks) are overwhelmed with repossessions. Be patient and watch, I think you can find what you want at a way better than "current market price" and my prediction is that market price (especially used) is going to crash in the near future.

Brad

NovaTab

They are considered a luxury item, so interest rates will not be low like a car for example

rhyno

For anyone in Kansas City MO (sorry not KS) who may be loan shopping, we scored 2.19% at R-G Federal Credit Union. https://www.rgfcu.com for more info and membership qualifications.