Secret To Saving $1,000s
Learn how to work with your term and interest rate to save thousands. Finance your RV for the longest term available 12, 15 or even 20 years. This will keep your payment low and affordable. Make your payment and pay extra to the principal. This will cut the term dramatically. The more you pay to the principal will reduce the effective interest you pay on the loan by as much as fifty percent or even more. Wait till you try out my RV calculator.
Amount Financed: $27,000
Interest Rate: 7.75%
Term in Years: 15 years
Payment Amount: $254.14
If you add $75.00 to your payment look what you can save in time and money.
Reduced Term in Years: 9.9 years
Interest Savings: $7166.33
What happens if you add $150.00 to your monthly payment.
Reduced Term in Years: 7.4 years
Interest Savings: $10,294.92
Imagine paying off your loan in half the time and look at the savings. Your effective interest paid is 30 to 40 percent less in the example above.
||Learn How to Save $1,000s on Finance Rates and Financing!
What's your finance rate and financing costs?
You have spent allot of effort on deciding to purchase one of our many brands like the Big Horn RV, Cougar RV, Cyclone toy hauler, Sundance fifth wheel or Wildwood travel trailers and have decided to finance it. What you need to know is that its time to pay even closer attention. Its important to find a great interest rate but a common mistake that is made when
you shop for the lowest finance rates and forget to ask if its simple interest.
Simple interest is calculated on the unpaid principal balance,
the finance rate and the days since the last payment. There is
a certain amount of the payment that is applied to the interest
and the remaining is applied to the principal balance.
The next things you need to know are there any finance
processing fees or early prepayment penalties. Some
companies charge these hidden fees and that low APR that
you think you have actually been promised can actually be
recalculated to as much as half of a percent to a full one
percent higher because of these fees and the interest they
accrue over the term of the loan. The lowest simple interest
finance rate and term can save you thousands.
What's the term or duration of the loan?
It’s important to understand that the reason to finance with a dealer is because dealers are setup with lending institutions who want to finance RV's and offer better terms than most banks or Credit Unions. It’s important to have terms to make the payment affordable. What's more important that you never hear about is, by having a lower payment your debt to income ratio will be lower which in tern means your credit score will be higher. This is important because when you apply for another loan this can affect the interest rate you pay. Last but not least unfortunate circumstances can happen to anyone and being payment strapped can make everything fall apart during troubled times. Keeping it affordable means you will keep it fun for the family and not a burden. You've worked hard to keep a credit rating so don't ruin it.
How about a tax break?
Interest paid on your new Bighorn fifth wheel, Cougar trailer, Cyclone toy hauler fifth wheel, Fuzion toy hauler, Montana trailers or any other brand of RV can be tax deductible if you don't own a second home. Just like your primary home the interest is tax deductible.
To qualify, the Internal Revenue Service requires that:
- The RV must be used as security for the loan.
- The RV must have sleeping, cooking, bathroom facilities and be self contained.
Most RV types - including motor homes, fifth wheels, travel trailers, toy haulers, hybrid trailers and popup campers meet the criteria necessary as defined by the IRS.
For more information on tax deductibility contact the IRS or your tax advisor.
Why would you take a chance with any lender who can't take the time to really save you money?
Our process is simple with quick approvals and personalized service. My 20 years experience and true simple interest rates get you the service you expect, and the savings you want. When I say "No Problem" it means no hassles and no surprises.