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Old 05-24-2018, 06:45 AM   #1
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Financing new RV

Ok I would like to know how many of you finance and how long? Also where do you get financing and what %rate are you paying?
Getting ready to order new Tiffin Bus and would love to get some feed back on what others do.
Thank You
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Old 05-24-2018, 06:52 AM   #2
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Check with the big banks as to their rates a and terms. I got mine through the dealer and financed it for 20 years even though it will be paid off within 5 years. Rate was somewhere around 4.74%. Also look at the adds in RV magazines for others that offer financing.
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Old 05-24-2018, 07:14 AM   #3
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We are closing next week on a new to us 2015 Tiffin 40 QKH. We are using Bank of the West, 5.29% @ 12 yrs with 459 closing cost. Rates are creeping up. Even with our excellent credit and incomes,it is the best we could come up with.
Oddly enough, you may get a little lower rate with a longer term.
BTW, BOTW can be painfully slow. Our purchase was not thru a dealer.
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Old 05-25-2018, 06:07 AM   #4
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We financed our new coach with Alliant Credit Union (anyone can join) at 4.75% but had to pay this rate because we do not have a US address. However with a US address the rate would have been 3.99%. Worth checking it out.
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Old 05-25-2018, 06:18 AM   #5
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We financed through the dealer at 4.99% for 15 years. We pull money out of our IRA for the payments, and the plan was to pull as much as possible and stay in the 15% bracket and apply that each December.

The NEW plan is to pull as much as possible out each December while staying in the 12% bracket. We should have it paid off in a couple of years.
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Old 05-26-2018, 09:35 AM   #6
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Oct 2016 we took a 20 yr note for our 2017 Phaeton 40AH, at 3.99% with Bank of the West they the dealer. With about 25% down.
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Old 05-26-2018, 09:44 PM   #7
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Oddly enough we have done all of the above, Got the price we wanted. But not the financing we wanted. This is one industry (finance) that is as crooked as the mortgage brokers.

Sadly we are going a different direction with optimism. Going to keep the paid off Tioga 29R and put it on a new Ford F750 diesel crew cab 30,000 lb chassis with air up. That is 4000 lb's past the F53 chassis.

If I can't buy it, then I am going to build it myself, nothing against Tiffin, but these finance people are out of hand and killing sales.

Best leverage to buy is the day after Thanksgiving through the new year.

The same credit rating agencies that rated AAA mortgage bonds the same day Lehman Brothers filed for bankruptcy are still the false prophets in the room.
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Old 05-27-2018, 06:34 AM   #8
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BOA finances coaches but it's not offered to retail customers, only through dealers. We got good rates through them, better than BOW. 20 years but we'll pay it off in much less time.
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Old 05-27-2018, 12:33 PM   #9
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We financed through Bank of America at 4.5%. Our Dealers finance guy found this rate. Will be paid off in about 5 more years.
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Old 05-27-2018, 12:49 PM   #10
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When we bought our last coach, we financed thru the dealer. Got a good rate thru BoA on 20 yr mortgage. We paid it off early. Also supposedly got a better price on the coach when financing thru the dealer. Evidently they get a kick back from the lenders
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Old 05-28-2018, 12:12 PM   #11
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I cannot recall the rate, but we financed through Chemical Bank in Michigan for twenty years. We pay weekly-- not monthly and the early payment as well as the four extra weeks per year really brings down the length of the contract.

We have paid weekly on anything that we can for several years including both of our houses. Interesting that Bank of the West was the only lender that did not make it easy for weekly nor extra payments per month. If you added $100 per month on one of your payments with BOTW, next month's payment would be $100 less than normal. It's like they knew we were trying to lower our balance but didn't really want us to.
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Old 05-28-2018, 12:53 PM   #12
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You might try a local Credit Union. If you are qualified for their membership many will finance large RVs. They want the business if you have good credit. I have built a relationship with mine over the years and will be getting 4% rate for 20 years on my new coach. We are full-timers.

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Old 05-28-2018, 01:04 PM   #13
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Quote:
Originally Posted by Chadrock View Post
I cannot recall the rate, but we financed through Chemical Bank in Michigan for twenty years. We pay weekly-- not monthly and the early payment as well as the four extra weeks per year really brings down the length of the contract.

We have paid weekly on anything that we can for several years including both of our houses. Interesting that Bank of the West was the only lender that did not make it easy for weekly nor extra payments per month. If you added $100 per month on one of your payments with BOTW, next month's payment would be $100 less than normal. It's like they knew we were trying to lower our balance but didn't really want us to.
Yep, ran into that myself. They stuck the "overpayment" into a no interest account till it equaled another monthly payment but then I had to tell them to use the money to pay on the account. Don't even remember where that was.
US Bank teller put a payment in as an extra payment rather than my regular one, then added a late payment fee and wanted two payments. Took them a month to straighten it out and I asked for and got a letter saying they had made a mistake and it wouldn't affect my credit
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Old 05-28-2018, 01:50 PM   #14
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Quote:
Originally Posted by Chadrock View Post
I cannot recall the rate, but we financed through Chemical Bank in Michigan for twenty years. We pay weekly-- not monthly and the early payment as well as the four extra weeks per year really brings down the length of the contract.

We have paid weekly on anything that we can for several years including both of our houses. Interesting that Bank of the West was the only lender that did not make it easy for weekly nor extra payments per month. If you added $100 per month on one of your payments with BOTW, next month's payment would be $100 less than normal. It's like they knew we were trying to lower our balance but didn't really want us to.

I do that with any installment loan that I've had. It really shortens the term of the loan and you're paying the same amount per month as you would with a monthly payment. Every month I just make 4 payments - the monthly payment divided by 4.
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