RV Financing

[Dave&Ginny]

I keep getting emails from companies like Good Sam's, offering low financing rates. After getting these for a while I finally took the time to look at what interest rates I'm paying. I guess I need to refinance to get a lower rate, but more importantly a shorter term.

Has anybody used these companies with much success? Credit rating isn't an issue but I don't want unnecessary hassles. My local bank will gladly refinance it, but they're about .5% higher than these other offers.

[mhs4771]

Dave, I would check with the Good Sam Finance Center. We're getting a loan for part of the cost of our 39MB. We checked with Lazy Days Finance and they didn't give us much hope, especially when your only reported income is SSI. Money in an IRA account did mean much to them, but Good Sam does finance Full Timers.
At bare minimum it might give you some leverage with your local bank for a better rate.

[Dave&Ginny]

I think I will. The local banks wanted to stretch out my loan and I wanted to shorten it and get a lower rate. I'm putting this on a 6 year plan

[GA1817]

I second Good Sam. It ended up being Essex Credit and actually Bank of the West. Super fast response and great rates! The only problem was that they were insistent that I needed to pay sales tax although i was purchasing from an individual. In GA and i knew that should not be so. But to there credit after several weeks they corrected their mistake and credited my loan!

[danrn]

Some years back I dropped my bank and became a member of a couple of credit unions. I believe they are more customer orientated and have better rates. I don't know what rate you are looking for, but below is the rate and terms from one of my credit unions:
RV and Boat†† up to 180 months Low As > 2.99% up to $100,000

[Dave&Ginny]

I bought mine when the RV loans were tough to get due to the economy recovering. The interest now has dropped a couple of points. Just by refinancing I can gain 5k off my total payments according to my banker. I've just never worked with the bigger national companies so I wasn't sure about them.

I guess I'll be calling them over the next week.

[j1251b]

Originally Posted by Dave&Ginny

I keep getting emails from companies like Good Sam's, offering low financing rates. After getting these for a while I finally took the time to look at what interest rates I'm paying. I guess I need to refinance to get a lower rate, but more importantly a shorter term.

Has anybody used these companies with much success? Credit rating isn't an issue but I don't want unnecessary hassles. My local bank will gladly refinance it, but they're about .5% higher than these other offers.

We have refinance our Rig with Good Sam Financing and got a rate of 3.99 %. We knocked 5 years off our loan.

[johnboytoo]

Good deal...
better deal?
just pay cash

[DLRAKOWITZ]

We financed ours with BB&T finance for 3.25%

[lwg]

What length of loan do most of you get for those rates?


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[Dave&Ginny]

I'm switching mine over to a 6 year loan. My local bank is offering 4.5% but I'm hoping to do better with Good Sam.

[ksaltman]

I think the length of the loan at closing is a bit of a misnomer. Just because your loan is said to be a 120 month loan, take for instance, as long as there isn't a prepayment penalty doesn't mean you can't pay it off in 60 or less. You'll save on the interest but may pay a higher rate of the longer term.

For me I was offered 3.99% from Lazydays for 60 months and elected to take it and set up the payments to be paid off in 36 months. That coupled with the 36 month loan for the truck at 0.99% from Ford Credit seemed too good to pass.

Just watch out for points and closing costs. I didn't see the $500 "loan cost" that Lazydays until the final paperwork came out. Since they want the deal to close don't think you need to agree to anything you don't want to. That is the money they get by selling the loan to you......

[Rick and Mindy]

Originally Posted by Dave&Ginny

I'm switching mine over to a 6 year loan. My local bank is offering 4.5% but I'm hoping to do better with Good Sam.

Dave, you seriously need to call all the local credit unions. I was just offered a 2.89% RV loan for up to 144 months. The charge to get the loan is $41.00 and no prepayment penalty. That is cheap money. Credit score will make a difference. If your score is high, everyone is looking for you. The loan I just mentioned required a 730-800 credit score. A score of 700 - 730 got you a 2.99% rate.

[Dave&Ginny]

Credit score isn't an issue. This next week I should have time to deal with itif I don't go crazy first..... It's tax time and I'm afraid the Government wants more.

[danrn]

Originally Posted by Rick and Mindy

Dave, you seriously need to call all the local credit unions. I was just offered a 2.89% RV loan for up to 144 months. The charge to get the loan is $41.00 and no prepayment penalty. That is cheap money. Credit score will make a difference. If your score is high, everyone is looking for you. The loan I just mentioned required a 730-800 credit score. A score of 700 - 730 got you a 2.99% rate.

X2 on using credit unions.

[formulabill]

Just checked my interest rate. 3.75% when I purchased my rv less than 2 years ago. Looked at the credit union rates but did not find any deals unless I borrow against my own money. They give you 2% plus whatever interest you are making, half %. Guess I will keep making my payments and adding extra $$$ every month. Anybody find a good deal let us know.

[RCAircraft]

Originally Posted by Dave&Ginny

I keep getting emails from companies like Good Sam's, offering low financing rates. After getting these for a while I finally took the time to look at what interest rates I'm paying. I guess I need to refinance to get a lower rate, but more importantly a shorter term.

Has anybody used these companies with much success? Credit rating isn't an issue but I don't want unnecessary hassles. My local bank will gladly refinance it, but they're about .5% higher than these other offers.

When I ordered our 2013 36RL I went for all of the packages, gen set, Direct TV dish and so on. The tab was $132,000. The dealer come back that the options were driving up the tab beyond what lenders could do at time. Credit & income was not an issue. Our trade-in was a fully paid off four year old Forest River 36-foot TT. Since I really wanted our 4th RV to be our final I wrote a check for the total due less trade against my better judgement knowing that deprecation would eat up the initial investment in a few years. We really enjoy our Redwood so the saying "spending our children's inheritance" could apply. Hoping one of our six children will take a liking to RV'ing so that I can pass along our Redwood to one of them when the time comes.

[mhs4771]

We have enough in our IRA accounts that we could do the same, just don't want to line the IRS pockets, so we'll finance some and pay it off in a couple of years.
We made the mistake and paid for our current RL and ended up oweing the IRS 5K and NYS 3K. At least we got our of NYS now, but still don't want to owe the IRS approx 10K at the end of the year.

[Dave&Ginny]

I don't use up my cash flow when I can buy money cheep. My accountant doesn't even like me putting money down when I buy things. Several years ago when we were paying 10-12%.....that was a different story

[Rick and Mindy]

Originally Posted by Dave&Ginny

I don't use up my cash flow when I can buy money cheep. My accountant doesn't even like me putting money down when I buy things. Several years ago when we were paying 10-12%.....that was a different story

I agree with Dave. When money is cheap, take advantage of it. In a few years these loans may seem like pennies on the dollar. When inflation hits and the interest rates go back to 9 and 10% you'll love the idea of 2-4% mortgages and the cash you saved can then be placed in Certificates of Deposit that will pay higher rates than you are paying. I purchased many homes during the 70s through the 90s when the interest rates were typically 9 and 10%except in the mid 80s when they hovered around 18%! I hope 9 and 10% or higher never returns but historically, that's not the case.