Travel Trailer Financing

[BFrazier]

If there is a better place to post let me know!

 

Really interested in buying a trailer this next month and I feel like the research I am doing isn't giving me great information since its all from lenders. I realize it wont be the same as auto financing just hoping to have a good understanding of this part before I shop to know what I can afford. 

 

Hubs and I have upper 700 scores some pushing over 800. Debt to income is great since we only have our house and one daily use credit that gets paid off each month (but sometimes still gets a balance reported). 

 

I am seeing the lowest rate I might get is about 5% for 180-240 months for new. I am also interested in looking at used privately but I cant find much on how successful financing would be in that case. I also don't know if this type of loan will have the same rules as auto loans where we can have our credit hit a few times to shop around within a few days? 

 

I would take any and all thoughts and advice. We cannot pay cash at this point for the whole deal.  

[MarvBear]

Most of the dealers who sell Motorhomes and travel trailers have special finance sources available.  I would seriously doubt that a dealer would find it necessary to shotgun your application.  They most likely have a solid idea who they can use as soon as they pull your credit file(s) and know the LTV ratio.

 

I hope you can get a rate of 5% if that's what you want, but not trying to bust your bubble here, but I strongly doubt that rate for that term(s) for a recreational purpose vehicle.

 

They depreciate rapidly, just like the Titanic sank, and their average life expectancy is around 10 years.