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Lwiddis

Mojave, Kern County, California

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Posted: 02/14/20 01:47pm Link  |  Quote  |  Print  |  Notify Moderator

"we always bring our own financing anyway and let them know right from the start"

I don't let them know, Sandia Man. I want their price figuring IN the kickback from their finance company. It will be lower. Then I pay cash or finance with my guys/gals.


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Beverley&Ken

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Posted: 02/14/20 02:12pm Link  |  Quote  |  Print  |  Notify Moderator

I would ignore it completely, at least 3 huge variables there, down payment, interest rate and length of term, 5, 10 20 years, and or 20 year but renewable after xx years at a higher interest rate.
I would start looking at the asking price (which is Negotiable).
Before signing, commiting to buy, shop for financing, start with your own financial institution to see what is affordable and the best deal for the money. Yes, the RV dealers will do that as well.
Maybe you can get more RV for the same money, or the same RV for less money.


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Executive

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Posted: 02/14/20 04:18pm Link  |  Quote  |  Print  |  Notify Moderator

You should skip the financing part if you're paying cash. Remember the dealer makes tons of money off your financing regardless of who does the loan.....Dennis


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rk911

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Posted: 02/14/20 06:32pm Link  |  Quote  |  Print  |  Notify Moderator

rr2254545 wrote:

Yes because in the fine print you will see they have calculated 33 % down -most do not put that much down

most don't but most should...and more.

i'm an advocate of either paying 100% cash for your toys, in this case an RV, or at least putting down a large enough down payment in order to avoid being upside down on your loan. you always want the outstanding balance on the loan to be less than the current value of the RV.


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opnspaces

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Posted: 02/14/20 07:00pm Link  |  Quote  |  Print  |  Notify Moderator

No a monthly payment is not a starting point for purchasing an RV, or anything for that matter.

The dealer can just extend the length of time on the loan to something you can afford. This could end you up in a contract for 20 years to pay off an RV that depreciated to almost nothing in value 10 years ago.


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midnightsadie

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Posted: 02/14/20 07:55pm Link  |  Quote  |  Print  |  Notify Moderator

you8 need a flr plan you want. then a out the door figure .then digger it down to meet your heart.

DFord

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Posted: 02/14/20 08:40pm Link  |  Quote  |  Print  |  Notify Moderator

Maybe it's just me but the important figure for me is the total out the door price. I prefer to go through my own financial institutions for financing unless the financial terms are very clearly spelled out before I sign anything. I've been around a long time and I'm very skeptical of dealers. Most if not all the time, they're cutting themselves in for portion of any dealings going through them. Avoid their overhead and check with your credit union.


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JALLEN4

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Posted: 02/15/20 05:23am Link  |  Quote  |  Print  |  Notify Moderator

Of course it is a good starting point. That is exactly why dealers put the information in the ad. While paying cash for the RV is a wonderful thing, most people will never own one if that is the way they have to buy it. It is surprising for all vehicle sales how many people show up to look at them without a clue as to what the payments will be. Having a good idea of what you can afford under what terms before you arrive at the dealership will help you stay on point and keep from falling in love with more RV than you can really afford and making a huge mistake.

The key is to know your limitations, do your research, and setting your parameters before starting to look. I have watched far too many people get carried away and decide it is only another $100 a month more to get exactly what we want. Often that $100 is the difference between practicality and falling into the deep end. Decide what you can comfortably spend in cash and payments before you go and stick to it.

magicbus

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Posted: 02/15/20 05:35am Link  |  Quote  |  Print  |  Notify Moderator

Quote:

... you always want the outstanding balance on the loan to be less than the current value of the RV.
Actually the lender should be more concerned about this than the borrower because the RV is the security for the losn. As long as the borrower has the funds to make up the difference should they decide to sell their RV they are fine.

Dave


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way2roll

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Posted: 02/15/20 07:01am Link  |  Quote  |  Print  |  Notify Moderator

rk911 wrote:

rr2254545 wrote:

Yes because in the fine print you will see they have calculated 33 % down -most do not put that much down

most don't but most should...and more.

i'm an advocate of either paying 100% cash for your toys, in this case an RV, or at least putting down a large enough down payment in order to avoid being upside down on your loan. you always want the outstanding balance on the loan to be less than the current value of the RV.


Why would you pay cash for depreciating asset when you could invest that money and get a net return on your investment over financing?

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