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Author Topic: RV finance rates  (Read 1069 times)

SargeW

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RV finance rates
« on: April 05, 2017, 05:35:03 PM »
Looking for financing for a new RV in our future.  Sadly rates have climbed a bit since our last RV shopping 4 years ago.  The best I could find was 4.69%.  Anyone have any other ideas?  Good Sam and Bank of the West are at 4.79%.  As is Essex bank. 
Marty--
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Triple Slide Jayco

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Re: RV finance rates
« Reply #1 on: April 05, 2017, 07:11:21 PM »
Try a credit union or search online thru Google.

OR

Get pre approved by a bank or credit union and shop that rate around town at the RV dealers, tell them a little white lie and say the rate you have is a 1/4 to 1/2% less than what it is. The banks want the dealers business and they will have many to choose from that offer aggressive rates to offer their customers. You might be surprised, if not try to negotiate a better deal on the unit you want if you take their financing. It might equal out.
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SargeW

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Re: RV finance rates
« Reply #2 on: April 05, 2017, 10:36:40 PM »
Yeah, I have been all over Google and the rates are all fairly consistent. And my dealer is at rock bottom on the price. So I am still shopping in case there is something better out there.
Marty--
2017 Tiffin Allegro Bus 40SP
Cummins ISL 450 HP/Powerglide chassis
Visit our new travel blog! http://www.mytripjournal.com/rvnchickTNG
Support your local Police Officer, Fire Fighter and Military!

Triple Slide Jayco

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Re: RV finance rates
« Reply #3 on: April 06, 2017, 07:31:21 AM »
To try to help, as an FYI, I spent about 12 yrs in the finance industry.

You could also look into a home refinance or home equity loan (if you have the equity). Some despise this option, others use their home equity all the time. I think the benefits are that you can get a longer term for payments, deductible interest, easier transaction in some cases.  The big drawbacks I see with loans like this today are the "costs" like, title and  appraisal, blah blah fees and tying up your house equity. However, with a refinance loan you can "buy down the rate" which means to pay points (an old term). You could get a rate in the 3% range or even lower, IF you want to spend a few bucks to buy it down.? You would have to grab a calculator and see if its worth doing that.
Here are 3 other variables that could happen below as well.

1. You start doing all of this and realize the costs, effort, and stress, and sleep on it and one morning say "forget it, we'll keep what we have"

2. You hang tight for a little while and realize that a rate in the 4's isn't all that bad. Considering that in the last 15 years rates were in the 8% range to 6% at one time and then have fallen to the 3's to 4's.

3. You wait, and then all of the sudden the rate gods line up and... poof!!. 2 and 3% for everyone.!!

2016 Jayco TT Triple slide 33RBTS
2016 Chevy Tahoe

indiana journey

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Re: RV finance rates
« Reply #4 on: April 06, 2017, 07:51:01 AM »
You might try Costco. They were the cheapest when we financed our coach. Costco writes the loan then Bank of the West handles it from there. Good rates and as a bonus, Costco gives you a "gift" card.
Good Luck,
Indiana Journey

Peteyboy

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Re: RV finance rates
« Reply #5 on: April 06, 2017, 05:36:09 PM »
We got 2.99 at Bank of the West 2 years ago, which was the cheapest around.  Looks like they may still be the cheapest in this market.
Pete & Sandy
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SargeW

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Re: RV finance rates
« Reply #6 on: April 06, 2017, 10:59:56 PM »
Bank of the West and Good Sam are both at 4.79%, their best rate. I had not considered a Buy Down though. Actually I hadn't seen anyone offer that option.   3 years ago I got a 2.99% too.  Those rates are in the rear view mirror now a days.
Marty--
2017 Tiffin Allegro Bus 40SP
Cummins ISL 450 HP/Powerglide chassis
Visit our new travel blog! http://www.mytripjournal.com/rvnchickTNG
Support your local Police Officer, Fire Fighter and Military!

 

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