Hey guys. Are down payments a normal thing? My wife and I have excellent credit, own our home, and make a very good living and not a lot of liabilities. However, the two loan approvals we got required 15-20% down. One of them said the RV I was looking at was overvalued at $135,000 (2019 Era 70X), which I can understand from a lender's perspective.
My real question is, will financing be easier/less down on a brand new 2022 RV?
RV loans are known to have rediculous interest rates. I just converted my RV loan to a home equity loan and knocked 5% interest and 2 1/2 years of payments off of my debt.
I have purchased 3 class B's over the last 11 years. All had a substantial down payments. I did that to keep the payments as low as possible. MtnCharlie is correct about interest rates and if you finance thru the dealer I think it will cost you 1 point.
The 2022's are going as fast as there is a big demand now, interest be damned.
Thing is RV's depreciate so quickly the loaners like to have a decent down payment to off set the "drive off the lot hit" on a new one.
For used they still want the borrower to have "some fat in the fire"
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