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Old 07-26-2016, 10:19 AM   #1
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Let's talk interest rates on 20 year RV Loans- please

We are very close to pullling the trigger on our first Class A! Super excited- but no dealership is willing to give us rates until they pull our credit, etc. The bigger dealerships say they can get better rates (volume with the banking institutions)...but no can tell us exactly what to expect- just a range! We looked into Good Sam, but all the dealerships say they can beat Good Sam's 4.19%.

If you have purchased recently and chose the 20 year financing option- please share your interest rate. We have stellar credit and should qualify for the best rates!

Thank you

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Old 07-26-2016, 10:56 AM   #2
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It depends on how much (if any) you will put down and your credit score, and if it is a new or used coach. Whether or not you will be financing any sales tax or other items also matters. Good credit alone will not guarantee a great rate. Good Sam is a good place to start, there are others Google will show you if you have 30% or more down and are willing to have a short Amoritization 10 or less years you can get a "teaser" rate.

We just went thru the gyration and we have a great credit score also, but all the things above will affect what you wind up with. You will find the biggest factors will be the 20 yr Amoritization (higher rate) and down payment if any (more DP equals lower rate)

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Old 07-26-2016, 11:24 AM   #3
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WOW, didn't know a motorhome could be financed for 20 years.

I think there are some online banks that specialize in rvs so you might try looking for one of those. Never used them but i believe Essex has been mentioned a time or two in these forums. Might find some info there.

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Old 07-26-2016, 11:40 AM   #4
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Another thought just came to me. Remember a mh is a depreciating asset. With 20 yr financing unless you put a lot down, you will be "upside down" as soon as you drive it off the lot and will never catch up. If you put a lot down, depreciation will catch up with you in a few years and your down payment will be gone. So, before you pull the trigger, make double sure it is the unit you want to get old with because trading or selling will not be fun.

Health issues forced us to recently trade or give up rv'ing. The unit we had was supposed to be our "lifetime" unit. We were forced to pay a substantial amount to even sell ours! Not fun. We now have a unit we think and hope we can get old (or older) with. You should ge able to get 5 or so. That got us off the lot and just completed a 4.5 refi with GS.
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Old 07-26-2016, 11:40 AM   #5
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I want to say 5 or 6.1/4 was not "good" by any means but did get 19 years.. we also have the good credit etc etc..
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Old 07-26-2016, 12:01 PM   #6
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Wow! Paying for a motorhome for 20 years? Wow!
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Old 07-26-2016, 12:15 PM   #7
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Old 07-26-2016, 12:24 PM   #8
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Hey Jewels,

Not a thing wrong with financing for 20 years anymore than a home for 30! Good credit etc should get you around 4.39 with Essex but I'd be surprised if a dealer couldn't beat that rate. Under 4% would be my guess with 20% down for $100,000.00+ amount. The dealers makes money setting up your financing so its a win-win all around!

Many say "oh don't finance a depreciating item" but I put all my kids through college talking about depreciating rate of return. I love some of these guys who say "oh I wouldn't have a motorhome if I couldn't pay cash"! Well that may be so but there would also only be about 10 motorhomes on the road were that the case!

You keep going forward and let us know where we can help!
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Old 07-26-2016, 12:32 PM   #9
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Try a local credit union. Three years ago, they were at 1.8% when the banks were near 3.25% As has been mentioned, I don't think I would want to finance such a depreciating investment as a motor home for 20 years. If you had to sell it in a few years for health or financial reasons, it will cost you a bunch. A home is usually an appreciating asset and ok for long term financing. Not so with a motorhome.
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Old 07-26-2016, 12:37 PM   #10
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You stated that the dealership will give you a range of rates before they submit your application and that they can not tell you what your will be offered. That is a true statement as there are so many variables involved with determining the rate that they can only use ranges or phrases like "As Low as 0.00%". Even if someone shares exactly what they received (as Gdawgs did) the variables could be different enough that it will not apply in your case. If the range that the dealership "advertises" is better than the rate that Good Sam "advertises" then the chance that you will end up with a better rate is good.

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Old 07-26-2016, 12:48 PM   #11
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3.9 for me, excellent credit and 50% down payment. Nothing wrong with a 20 year loan, you can pay it off early anytime you want as well as write off some of the interest. I went with a 20 because the rates and payments were what I wanted and I knew that in a couple of years I was going to pay it completely off and I am still on course. I just went with the dealer and they got the best rate from several of their sources.
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Old 07-26-2016, 01:13 PM   #12
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Agreed on length!! I got a 20 year loan because it gave me lots of flexibility. I paid mine off in 5 years... but could/would have gone longer if I needed to. I think it's easier to plan the flexibility up front rather than maybe needing to refi later. I also went in with a large down payment so I would never be upside down.
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Old 07-26-2016, 01:13 PM   #13
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Don't forget that your interest on the motorhome and your sales tax on the purchase are both tax deductible on the federal so that will factor in with some savings on an annual basis. The sales tax deduction may be gone after this year but for 2016 it's still a live item.

If you have solar panels on the rig that may also be eligible for the solar tax credit which can save you a few more pesos.
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Old 07-26-2016, 01:35 PM   #14
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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. Having no payments is a beautiful thing, BUT if you take the money you just spent on an RV and invested instead, you would be making money even though your asset is definitely depreciating. I was totally going to pay cash, then it was "just borrow a little," then I thought I could get something nicer and still not be cash poor by getting a reasonable sized loan. As a simplistic example, you could pay $100k cash for an RV; or you could put 20k, 40k, or 50k down and take the balance and invest that money. This is even more true if you only have 100k in liquid cash, since it's good to have something for emergencies or even fun for that matter. Of course, everyone's situation is different, but just offering another perspective.

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