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Old 03-07-2013, 07:27 PM   #15
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Steve, IMO the only way you are going to find better than 4.6% fixed and 20 years financing on an 04' is by getting a home equity loan... But I will be standing by to see what you end up with Good luck!
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Old 03-07-2013, 09:14 PM   #16
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Quote:
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Just a quick add-on...

If you're thinking of going full time, get your financing done before you do.

GL Arnold
I can relate to that. We financed our previous RV while we still owned stick&brick. Then we sold the house and went full time. No problem with the bank. So last week we traded the motor home for a new one. Dealer applied for finance again with The same bank They initially turned us down because our address ( on drivers licenses) is a mail forwarding co in S Dakota. The dealer told us to provide any residential address, like a friend or relative. Loan then went through no problem.
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Old 03-08-2013, 09:11 AM   #17
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We ran into the same issue last year. We were shopping for a high-end DP in the 2002 range (Monaco, Newmar, etc.) We found that we could go no older than 2005 and were approved for a specific amount, which would not be a problem if I wanted another gasser, but trying to find a 2005 or later DP for $70,000 was not easy. We succeeded, but not without a lot of wrangling. Ended up going through a credit union, but not the one we normally banked with. My "normal" credit union would finance on 2004 or older, but only for 48 months. Wow, easier to buy a new one where they'd finance for 15 years.
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Old 03-08-2013, 09:45 AM   #18
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We got ours about 2 yrs ago thru my credit union. The coach was close to 18 yrs at the time. We also got it at 3.9%. The only thing my CU was concerned about was what the NADA was and if the coach was within a percentage of the medium NADA price. But since we got it for $5k under low NADA they really didn't care about much else. And we did it all over the phone and fax in just 2 days since my CU is in MI and we got the coach in AZ.
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Old 03-08-2013, 09:58 AM   #19
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But, what was the term of the loan in years?

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We got ours about 2 yrs ago thru my credit union. The coach was close to 18 yrs at the time. We also got it at 3.9%. The only thing my CU was concerned about was what the NADA was and if the coach was within a percentage of the medium NADA price. But since we got it for $5k under low NADA they really didn't care about much else. And we did it all over the phone and fax in just 2 days since my CU is in MI and we got the coach in AZ.
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Old 03-08-2013, 10:08 AM   #20
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My credit union is offering 3.74% up to 4 years, 5.99% for up to 8 years, for 80% of book value. Not good, but. By the way, it is worth checking directly. When I bought my new trailer they were having a "Loan Sale" - 2.74% for 4 years...
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Old 03-08-2013, 06:06 PM   #21
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I'll try to answer some of the questions here.

Credit unions seem to have lost their minds and by the rates and terms, want nothing to do with RV's. Mine for example, 20% down 10yrs @ %10.

The best I've found so far is Excel in Florida, 4.6% @ 15years. Better, but still out of our comfort zone for monthly payment.

You look at all the really high-end stuff that is out there for sale, but older than 2005 and you have to scratch your head. How will anyone buy these things at these rates? You might as well go get a newer more expensive unit, it'll cost the same......

I don't know if this is helping me or making me angrier!
I selectively quoted the poster to show you that he isn't interested in financing through a credit union as they don't go out more than 5 to 10 years... If that! It would also seem 15 years @ 4.6% is even out of his comfort zone... So if you have a suggestion, you should be thinking 20 years or more and less than 4.5%.
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Old 03-08-2013, 07:00 PM   #22
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I guess we're all seeing it!

Just a little update.

I spoke with the dealer's finance people today. They said they might be able to get it extended out to 18 years. It might work with a combination of putting a little more down too. I might have a plan b ready to go as well. (newer coach)

I think I found a place that can get me 20 years. I will post the name of the place IF they can work it out. Anyone can say anything, lets see if they can actually do it.

They really make this difficult.......
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Old 03-09-2013, 07:30 AM   #23
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Well, the finance industry does not exist to make you and me happy or to help dealers sell older RVs. They are in business to make money on low risk loans. Having been far too generous in the past, they are now over-reacting on the conservative side. The pendulum will likely soon begin to swing back toward center, but maybe not soon enough to finance your dream.

The days of 100% financing and overstated book (loan) values are gone, probably for the foreseeable future.
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Old 03-09-2013, 07:58 AM   #24
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One wintery day I was on the forum and read of people refinancing there units. I decided to apply on line just for the heck of it. Filled out the Essex Credit application to refinance my 2005 Holiday Rambler (on 11/2/2012). Wanted a new 10 year refinance for $99,400. Application fee I think was $350. I had a 7.5% loan at the time. Essex on line quote was 4.99%. Three weeks later (11/28/2012) it was all refinanced at 4.62%. Same bank, US Bank. I tried calling the bank before closing to see if I could just do the deal with them,trying to save the $350 application fee. The bank said they don't refinance motorhomes. What a joke, they only do it through a broker. Well thanks to IRV2 I saving some $10K on the pay off. Thanks for the no trouble encouragement. The only thing I didn't like was to have to send Essex Credit my title when I signed the documents. I have received a no title since.
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Old 03-09-2013, 08:44 AM   #25
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One wintery day I was on the forum and read of people refinancing there units. I decided to apply on line just for the heck of it. Filled out the Essex Credit application to refinance my 2005 Holiday Rambler (on 11/2/2012). Wanted a new 10 year refinance for $99,400. Application fee I think was $350. I had a 7.5% loan at the time. Essex on line quote was 4.99%. Three weeks later (11/28/2012) it was all refinanced at 4.62%. Same bank, US Bank. I tried calling the bank before closing to see if I could just do the deal with them,trying to save the $350 application fee. The bank said they don't refinance motorhomes. What a joke, they only do it through a broker. Well thanks to IRV2 I saving some $10K on the pay off. Thanks for the no trouble encouragement. The only thing I didn't like was to have to send Essex Credit my title when I signed the documents. I have received a no title since.
You found Essex on line, applied to them, they processed your paperwork with the bank, gave you a better rate than you applied for, processed your title work with the State of NY, and you try to skunk them for their $350 fee? Shame on you...
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Old 03-09-2013, 09:24 AM   #26
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Wow - did not know so many folks financed discretionary purchases. I financed my houses and sometimes my cars, but they were essential but all are long time paid in full. Houses/land are normally appreciating assets so financing makes sense.

I can understand why financial institutions are reluctant to give out money for unsecured or highly depreciating assets because of the self inflicted mess they got themselves into.

(My rule is never finance anything unless it is essential and it is to my financial advantage such as: invested money gets more net revenue than the cost of financing. Business financing of course makes sense because one can get revenue from other peoples money.)

Wondered what percentage of RV's on the road have liens on them?

Just never thought about people full timing and making payments on a huge depreciating asset such as an RV. This usually costs more than living in a S&B house.

So whatever works for each person, but it is very comforting when one retires with a clear and firm financial portfolio and revenue stream that will take care of the needs and the wants in thier lives.
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Old 03-09-2013, 09:50 AM   #27
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Wow - did not know so many folks financed discretionary purchases. I financed my houses and sometimes my cars, but they were essential but all are long time paid in full. Houses/land are normally appreciating assets so financing makes sense.

I can understand why financial institutions are reluctant to give out money for unsecured or highly depreciating assets because of the self inflicted mess they got themselves into.

(My rule is never finance anything unless it is essential and it is to my financial advantage such as: invested money gets more net revenue than the cost of financing. Business financing of course makes sense because one can get revenue from other peoples money.)
Must be nice to be rich.
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Old 03-09-2013, 10:03 AM   #28
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You found Essex on line, applied to them, they processed your paperwork with the bank, gave you a better rate than you applied for, processed your title work with the State of NY, and you try to skunk them for their $350 fee? Shame on you...
Hey Stevie, No didn't try to skunk anyone who did any work already. Same bank was refinancing me and wanted to cut to the chase,before anything was done, and yes save $350 for nothing. Remember we're doing this for saving money not wasting money. I think you can reimburse me the $350 since you think that doesn't matter. I always pass through Milton so give me your address so I can pick it up. Remember a reply I sent you recently that I live very close to you and pass through Milton. Let me know its very easy to pick up the cash.......
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