RV Finance Rates - Page 2

Cam737 · 12-02-2020, 08:28 PM

Anybody finance with Good Sams? I’m getting close to purchase time and about to start looking for best rates/terms. Bank of the W looks good.

alamon · 01-14-2021, 09:56 AM

Agreed 6.99 is way too high, especially with your credit score. So many things go into loan approval these days it's hard to keep up. Keep in mind that financing through the dealership is the easiest route. Pretty much give your info, sign and drive.

Going through an outside funding source usually requires you do all the legwork. Emails, pictures, going back and forth etc.

So really it just depends on you and your style. Good luck.

By the way, you must work for UPS judging by your user name. That's the only place I've ever known with that terminology

AJMike · 01-14-2021, 10:11 AM

Quote:

Originally Posted by alamon

Keep in mind that financing through the dealership is the easiest route. Pretty much give your info, sign and drive.

I agree, but it can be useful to at least check other rates.

Those times when I have recently financed a vehicle I listened to what the dealer rates were and, if they were higher than my credit union I just said that I could get financing at a lower rate and told them my credit union rate. The dealership then matched that rate and I let them finance the vehicle.

theSane · 01-14-2021, 10:56 AM

Credit Unions are the way to go. Have never gotten better rates than through my Credit Union. No one can match them on vehicle loans.

With my car purchase, the dealership took an extra 1k off the price if I financed with them. They wanted that 90 day kickback from the manufacturers financing company. So I financed with them, and refinanced with my credit union three months later. The difference in interest for those three months was worth the extra 1k off the purchase price.

Pwelco · 01-14-2021, 05:05 PM

Quote:

Originally Posted by Cam737

Anybody finance with Good Sams? I’m getting close to purchase time and about to start looking for best rates/terms. Bank of the W looks good.

I just financed a 2008 Suncruiser and went thru Lending Tree. I have never used them before but it was better than others in that you put in what amount and the terms you want and only the ones that want those terms will contact you. I ended up going thru boatloans.com which is funny but got a 20yr term to lower my payments. They did require 10% down but were one of the only ones I found willing to do a 20yr loan for 50-75K. Others would not loan for a rig over 10yrs old either.

1237dmctlc · 01-15-2021, 08:47 AM

Quote:

Originally Posted by Cam737

Anybody finance with Good Sams? I’m getting close to purchase time and about to start looking for best rates/terms. Bank of the W looks good.

I had Bank of the West for my previous MH, they were a good bank to deal with and they had good rates then Though last year USBank gave me 3.99% for my DP we were buying and B of the W was right behind them though slightly higher so we went with USBank. No issues with them either.

alamon · 01-16-2021, 09:19 AM

(Credit Unions are the way to go. Have never gotten better rates than through my Credit Union. No one can match them on vehicle loans.)

Many credit unions will not finance RV's. Mine is one of them.

Phil G. · 01-25-2021, 12:55 AM

Quote:

Originally Posted by over 9.5

We're are some of the best places to check for financing 50000 to 75000 . With both credit scores above 800. . Was told by dealer 6.99 % seems high from what I see on the internet
Thx .

If you own a home with enough equity in it, the cheapest way to get money is to take out a 2nd against your home and then pay cash for whatever you wanted the money for.

Then pay off the second mortage with whatever money you would have used to pay off some other type of loan that you would have used for the money.

AJMike · 01-28-2021, 11:29 AM

I decided to check on RV loan rates since we are sort-of looking for a new twin bed Class C and was told that they no longer are doing RV loans. With all of the new RVs being sold, and the high prices, I wonder why they have decided to forgo the business.

1237dmctlc · 01-28-2021, 11:34 AM

Quote:

Originally Posted by AJMike

I decided to check on RV loan rates since we are sort-of looking for a new twin bed Class C and was told that they no longer are doing RV loans. With all of the new RVs being sold, and the high prices, I wonder why they have decided to forgo the business.

Who did you check out for rates?

AJMike · 01-28-2021, 01:08 PM

Quote:

Originally Posted by 1237dmctlc

Who did you check out for rates?

Yeah. Sorry. That was kind of a useless post without the name of the bank.

Bank of America. Someone had posted that their rates were relatively low, lower than my credit union, so I called them to check, but they are no longer doing RV loans. Or at least that is what the agent told me.

1237dmctlc · 01-28-2021, 04:11 PM

Quote:

Originally Posted by AJMike

Yeah. Sorry. That was kind of a useless post without the name of the bank.

Bank of America. Someone had posted that their rates were relatively low, lower than my credit union, so I called them to check, but they are no longer doing RV loans. Or at least that is what the agent told me.

No problem just curious since Bank of America is one of the largest financial institutions in America. I'd be curious to hear from others if anyone has had similar issues. It would mean they expect, like many others, that in a year or two they'll be lots of people dumping their RVs when they find out owning one isn't as simple or as cheap as they thought. If its true I wouldn't doubt others will follow suit.

jonnyr1 · 02-01-2021, 05:02 PM

Quote:

Originally Posted by Phil G.

If you own a home with enough equity in it, the cheapest way to get money is to take out a 2nd against your home and then pay cash for whatever you wanted the money for.

Then pay off the second mortage with whatever money you would have used to pay off some other type of loan that you would have used for the money.

This is what I did. We can get a home equity line of credit here. Basically a line of credit secured against your house. Rates for us was 3.95%.

Phil G. · 02-04-2021, 01:10 PM

Quote:

Originally Posted by jonnyr1

This is what I did. We can get a home equity line of credit here. Basically a line of credit secured against your house. Rates for us was 3.95%.

That's also what I did for both our motorhome and daily driver sedan several years ago. The loan that I took out against our home to pay for them is at a fixed rate of 3.5%.

(I also have an unused home equity line of credit with a variable interest rate - currently at 2.70% - but it's for emergency use only!)

AJMike · 02-04-2021, 01:24 PM

Quote:

Originally Posted by Phil G.

(I also have an unused home equity line of credit with a variable interest rate - currently at 2.70% - but it's for emergency use only!)

That is exactly how I feel.