Home   |  Message Board   |  Information   |  Classifieds   |  Features   |  Video  |  Boat Reviews  |  Boat DIY
financing through dealer or a RV Lender - Walleye Message Central
Walleye Message Central

Go Back   Walleye Message Central > Boat Insurance and Financing (Sponsored Forums) > Boat Loans / Extended Warranties 101

Notices

Reply
 
Thread Tools Display Modes
  #1  
Old 02-16-2015, 03:41 PM
Just 1 More's Avatar
Just 1 More Just 1 More is offline
Keeper
 
Join Date: Jun 2014
Location: Janesville wisconsin
Posts: 154
Default financing through dealer or a RV Lender

is it easier to get financing through a dealer or a RV Lender? do they both use the same places? I'm just not sure what route to go. I don't want to pull a bunch of credit checks.
Reply With Quote
Sponsored Links
Advertisement
 
  #2  
Old 02-16-2015, 08:15 PM
Blades-n-Beads Blades-n-Beads is offline
Keeper
 
Join Date: Jul 2013
Location: West WI
Posts: 484
Default

Just1more, typically it will be easier to go through an rev dealer for a rev loan. Most all rv dealers work with finance company's that specialize in that area of RV, Boats, etc. loan terms and rates are usually better than a common local bank that does not specialize in those loan types although they most likely will do the loan it may be at a higher rate and shorter term.
One of the largest most reputable finance company's in Wisconsin is Northshore bank, they specialize in rv, boat loans.
Reply With Quote
  #3  
Old 09-24-2015, 02:06 PM
Phil T Phil T is offline
Wallhanger
 
Join Date: Jul 2008
Location: Moorhead, MN
Posts: 4,819
Default

Have the contract read by a lawyer or at least an accountant. Some of those contracts are for a fixed amount, so you can't pay it off early to save interest. Let the buyer beware!
Reply With Quote
 
  #4  
Old 09-24-2015, 02:20 PM
reclending reclending is offline
Minnow
 
Join Date: Jun 2011
Location: Office is in Michigan
Posts: 61
Default

Quote:
Originally Posted by Phil T View Post
Have the contract read by a lawyer or at least an accountant. Some of those contracts are for a fixed amount, so you can't pay it off early to save interest. Let the buyer beware!

The main part in borrowing money for anything is to be sure it's a "simple interest" loan. That way additional money paid in applies to the loan balance. Interest is charged on the unpaid balance so the split between interest and equity is always changing. You pay less interest ad more principle on every payment, even the minimum. The key to long term loans is to pay early and often. You might be thinking of the old style "rule of 78 loan". With those, the interest was front loaded and nothing went to principle for a while. Not a good way to borrow money. Simple interest is the key.
Let us know if we can help.
Thank you,
Ken
__________________
Ken & Todd
517-543-6921
517-930-2721[IMG]resource://skype_ff_extension-at-jetpack/skype_ff_extension/data/call_skype_logo.png[/IMG]517-930-2721 - Cell

Call
Send SMS
Add to Skype
You'll need Skype CreditFree via Skype
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 09:35 AM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.