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Old 07-27-2016, 07:19 PM   #43
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Thanks for the great info bases on real experience! That is exactly what I was looking for! Our dealer just got back to us and said the best they could do was 4.9% I think it's a croc! This is just the begining of the game portion of buying a motorhome...Sounds like the consensus says B of A, US Bank or Essex! Thanks again! Keep the information coming!
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Old 07-27-2016, 07:24 PM   #44
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Let us know how the financing works out for you Jewels. It's a topic of interest to many.
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Old 07-27-2016, 07:32 PM   #45
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Thanks for the great info bases on real experience! That is exactly what I was looking for! Our dealer just got back to us and said the best they could do was 4.9% I think it's a croc! This is just the begining of the game portion of buying a motorhome...Sounds like the consensus says B of A, US Bank or Essex! Thanks again! Keep the information coming!
When you are buying you have 3 separate negotiations.

- buying the new
- selling the old
- financing
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Old 07-28-2016, 12:20 AM   #46
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Don't bother with dealer's financing options!!!!!! They make just as much money off of the kickbacks from financing as they do off the actual sale, and thats why their rates are padded - extra middle man. Go directly to the banks! I went with Alliant CU and with one coach was approved for 3.2% for 8yrs on around $100K w/ 10% down. For the same exact loan also from Alliant though the dealer, the best they could do was 4.9%! After changing motorhomes and terms, I ended up with a 3.99% for around $101K for 10yrs with 100% financing on the coach (not incl. taxes). And I have to say, the service I received with Alliant was just top notch! They were very helpful as I changed coaches and dealers many times, even after having one loan funded and cancelled. I would give them my business any day of the week!

I also tried LightStream, but was denied which is strange because my credit score is 814, and I have good income and assets.???
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Old 07-28-2016, 06:24 AM   #47
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LoL!

BTW, you folks who mentioned US Bank, I don't know much about them. Do you have to be a member for loan consideration?
No LOL late response ..... After AM
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Old 07-28-2016, 07:41 AM   #48
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We just got an interest rate of 3.74%. Nothing wrong with a 20 year loan. Double your payments every month if possible, which will go towards your principal, and for those months you can't then just make your normal payment. ......
Two years ago, I went for the 20 with a 3.99% On the Itasca 35F and have done almost a double payment since purchase. Currently it's the only recurring payment I have so I'm going to increase the monthly by at least one additional payment per month starting with the next payment as I don't want to turn 80 still making payments.
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Old 07-29-2016, 11:18 AM   #49
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I think you have this backwards. If you pay cash that $100k is gone. Finance and if you get hit by a bus she still has the $100k in the bank. Call dealer to sell on consignment or, worst case scenario, call the bank and tell them to come get it.

I agree with those that say it makes no sense to pay cash. My IRA is returning multiples of the interest rate I'm paying. We also took a 20 year loan, expect to pay it off in a fraction of that. I too like the flexibility. Right now I'm making payments of 150% of what is required. Should we have unusually high travel (or health care, or...) expences any given month I can kick back to the "minimum".

Another quick note. The rate you are offered will be .5 to 1.0 higher if full time.
Any time I finance, I like the flexibility of the smallest possible payment as a "just in case"

BTW OP, I'm in the Essex Credit club. Jim Pena is great to work with.
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Old 07-31-2016, 10:13 PM   #50
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Just cleared our 20 year loan with US bank with 20% down at 3.7% which is not that bad.
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Old 08-01-2016, 06:27 AM   #51
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Just cleared our 20 year loan with US bank with 20% down at 3.7% which is not that bad.
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Old 08-01-2016, 07:49 AM   #52
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Just cleared our 20 year loan with US bank with 20% down at 3.7% which is not that bad.
That's a very good rate. I assume it's qualified as "recreational use". In other words, you don't live in it full time?
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Old 08-01-2016, 07:58 AM   #53
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Silv, are you a member of US Bank with checking and savings?
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Old 08-01-2016, 08:59 AM   #54
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Interest/debt free or bust! __________________
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Totally and 100% Agreed!!

That's why this unit that we currently have is paid off! Why pay the bank interest money, when you yourself, could be saving that interest money just by having paid for it in the first place? Darn banks got rich off of us in the last melt down and I'm not going to pay them one cent more if I can help it!
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Old 08-01-2016, 09:25 AM   #55
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[QUOTE=BandSA;3188484]Interest/debt free or bust! __________________
... Why pay the bank interest money, when you yourself, could be saving that interest money just by having paid for it in the first place?

When the interest being charged is 3.75% and the return on our fairly conservative IRA investments are returning two or three times that we're "making money" on keeping the cash in our account. That's why. Not to mention, we still have that cash available for other uses, planned or not.

I understand the good feeling of being debt free, it' just not always the best money management strategy.
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Old 08-01-2016, 11:26 AM   #56
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Interest/debt free or bust! __________________
RVM#78 - -USAF- F-15 Eagle Radar Vet
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Totally and 100% Agreed!!

That's why this unit that we currently have is paid off! Why pay the bank interest money, when you yourself, could be saving that interest money just by having paid for it in the first place? Darn banks got rich off of us in the last melt down and I'm not going to pay them one cent more if I can help it!
Indeed. I saved up and paid cash for my unit. I don't do credit cards either. Different strokes of course.
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