CHICAGO TRIBUNE SAYS INTEREST RATE HIKE COMING IN DECEMBER
Today’s Chicago Tribune reports that a Federal Reserve increase in the interest rate next month is a “near certainty”. It would be the first interest rate increase in nearly a decade. The Fed cut the short-term interest rate that it controls to near zero in 2008 to try to stimulate growth during the recession. Now, with unemployment down to 5%, the Fed is expected to increase rate at their next meeting Dec. 15-16.
WHAT DOES THIS MEAN FOR RV LOANS?
Interest rates for RV loans have been at record low levels for so long that it almost seems like the new normal. But we will probably begin to see a return to the much higher pre-recession rates for auto and RV loans. It may happen gradually or it may happen more quickly! This could be the last chance to lock in the current low rates.
RIGHT NOW IS THE SMART TIME TO BUY NEW OR PRE-OWNED RV
If you are a potential first-time RV buyer, now is the time to do it! If you still have an RV with a long term loan at the high pre-recession interest rates, now is the time to trade it in and lock in the current low rates. You may find that you can have a new RV at a monthly payment that is as low as, or even lower than, the payment on your old one. The window of opportunity is closing.