Buying a new 2019 Spirit 31 - Financing Questions

speeed · 10-31-2018, 02:52 PM

Hi all, just joining the forum,

Just put a deposit on a 2019 Spirit 31G, deal is,
Out of the door, (including taxes, all fees, tag and tittle) 80k
20k down payment and financing 60k
dealer are giving me an APR of 5.99%; is that fair? should i look somewhere lese before signing?
btw, my credit score is 740

thanks in advance

**creativepart** · 10-31-2018, 03:17 PM

Hi and welcome

I removed all the many posts you posted on other peoples "Welcome" threads asking about financing.

It's always better to start your very own thread on your topic instead of posting in other peoples threads on totally different topics. This will get your question seen and answered much more reliably.

speeed · 10-31-2018, 03:23 PM

Quote:

Originally Posted by creativepart

Hi and welcome

I removed all the many posts you posted on other peoples "Welcome" threads asking about financing.

It's always better to start your very own thread on your topic instead of posting in other peoples threads on totally different topics. This will get your question seen and answered much more reliably.

No problem, still learning,

**creativepart** · 10-31-2018, 03:27 PM

Shopping around, both for the best price on your RV and for the best financing rate is ALWAYS a good thing to do.

Oh, and be careful at closing. The dealer will try to sell you a million things you don't need or want and especially a Extended Waranty/Service Contract. 99 times out of 100 the Dealer's pricing on these is way too high and thousands more than if you shop around and buy such a product after you've taken possession of the RV. They'll try to scare you or even force you to buy from them and put it in your loan. Don't let them.

Lastly, make them go through EVERY system and feature. Make them prove everything is working and don't sign any papers if stuff isn't working. Make them fix it first. After you've closed dealers will not go out of their way to fix things. Plan on a 2 to 3 hour PDI from the dealership. Test EVERYTHING. Let nothing slide for later.

Also, carefully review and add up all the items on your sales document and financing papers. Unfortunately, far too many dealers will try to slip in extra's or even $10,000 extra dollars here and there in the contract assuming you'll not read it.

I'm very sorry to have to warn you about all these things - but every one of them is a real problem with buying an RV these days. Be prepared to walk away from the deal if they are trying to sneak something by you or it doesn't add up. (Especially if you're buying from Camping World.)

PS. Most experienced RVers will camp as nearby as possible for 2 or 3 days after taking possession to double check that everything works. That way you can get right back to the dealership and demand instant repairs. If you don't you might have to wait a month or more for them to even look at your RV's problems. New RVs are not like new cars - lots of things are delivered with problems or not working at all.

speeed · 10-31-2018, 03:40 PM

Good post, really appreciated

Quote:

Originally Posted by creativepart

Shopping around, both for the best price on your RV and for the best financing rate is ALWAYS a good thing to do.

Oh, and be careful at closing. The dealer will try to sell you a million things you don't need or want and especially a Extended Waranty/Service Contract. 99 times out of 100 the Dealer's pricing on these is way too high and thousands more than if you shop around and buy such a product after you've taken possession of the RV. They'll try to scare you or even force you to buy from them and put it in your loan. Don't let them.

Lastly, make them go through EVERY system and feature. Make them prove everything is working and don't sign any papers if stuff isn't working. Make them fix it first. After you've closed dealers will not go out of their way to fix things. Plan on a 2 to 3 hour PDI from the dealership. Test EVERYTHING. Let nothing slide for later.

Also, carefully review and add up all the items on your sales document and financing papers. Unfortunately, far too many dealers will try to slip in extra's or even $10,000 extra dollars here and there in the contract assuming you'll not read it.

I'm very sorry to have to warn you about all these things - but every one of them is a real problem with buying an RV these days. Be prepared to walk away from the deal if they are trying to sneak something by you or it doesn't add up. (Especially if you're buying from Camping World.)

PS. Most experienced RVers will camp as nearby as possible for 2 or 3 days after taking possession to double check that everything works. That way you can get right back to the dealership and demand instant repairs. If you don't you might have to wait a month or more for them to even look at your RV's problems. New RVs are not like new cars - lots of things are delivered with problems or not working at all.

Dav1s · 11-01-2018, 11:55 AM

We got a 5.25% earlier in the summer and my wife has a 800 credit score. There are so many variables involved in interest rates but I posted a link below on current RV rates from Good Sam for a ballpark idea. Good info posted by Creativepart, I would definitely do your homework on extended warranty stuff. We elected for it but in hindsight I probably would have used one of the other non-dealer related companies who offer the same warranty coverages. They usually do pressure you into making that decision quickly so if you haven’t already do your research on extended warranties from other companies so you can make the best decision for you when the time comes.

https://www.goodsamrvloans.com/rates/

RV Extended Warranties - Pros, Cons, & Helpful Tips

Heyheyjj · 11-01-2018, 11:59 AM

5.99% seems to be reasonable based upon your credit score. But you can always try to get a bank loan to see if you can compete on the interest rate. I second the don't buy the extra junk they will try to sell you on. I just bought my first RV and did some research and found that I can get the service contracts way cheaper. The only thing I did buy was the GAP insurance but if you are putting 20% down, you may be ok. Make sure the Purchase Agreement has the Truth In Lending Statement. It should show you how much the purchase price is, the finance rate, and the amount you will pay over the term of loan.

speeed · 11-01-2018, 05:15 PM

Quote:

Originally Posted by Heyheyjj

5.99% seems to be reasonable based upon your credit score. But you can always try to get a bank loan to see if you can compete on the interest rate. I second the don't buy the extra junk they will try to sell you on. I just bought my first RV and did some research and found that I can get the service contracts way cheaper. The only thing I did buy was the GAP insurance but if you are putting 20% down, you may be ok. Make sure the Purchase Agreement has the Truth In Lending Statement. It should show you how much the purchase price is, the finance rate, and the amount you will pay over the term of loan.

Thanks for the advice,
Did you purchase an extended warranty?
what coverages, where?
Thanks again.

speeed · 11-01-2018, 05:16 PM

Quote:

Originally Posted by Dav1s

We got a 5.25% earlier in the summer and my wife has a 800 credit score. There are so many variables involved in interest rates but I posted a link below on current RV rates from Good Sam for a ballpark idea. Good info posted by Creativepart, I would definitely do your homework on extended warranty stuff. We elected for it but in hindsight I probably would have used one of the other non-dealer related companies who offer the same warranty coverages. They usually do pressure you into making that decision quickly so if you haven’t already do your research on extended warranties from other companies so you can make the best decision for you when the time comes.

https://www.goodsamrvloans.com/rates/

RV Extended Warranties - Pros, Cons, & Helpful Tips

Thanks!