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Old 07-29-2011, 11:44 PM   #1
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Refi your RV at 4 percent

i wish.
Does anyone have any good leads where to get a low refi?
My current is 8 percent,Im looking for a worthwhile reduction.
To pay off is not an option, at 8 % or lower
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Old 07-30-2011, 12:19 AM   #2
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Quote:
Originally Posted by PalmSprings View Post
i wish.
Does anyone have any good leads where to get a low refi?
My current is 8 percent,Im looking for a worthwhile reduction.
To pay off is not an option, at 8 % or lower
It kind of depends- do you have any hard assets to put up as collateral (besides the RV)?
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Old 07-30-2011, 07:21 AM   #3
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My loan is with Suncrest, at 5.62%. I went through Destination Financial last spring. I also worked with Essex a bit, til I found they were both suncrest loans.

Essex is advertising 5.15% refi's in the current motorhome magazine, 140% LTV on 2003 or newer coaches. I may call them.
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Old 07-30-2011, 07:24 AM   #4
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Try Bank of the West...I got a 5.5% loan.
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Old 07-30-2011, 07:51 AM   #5
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Try Bank of the West...I got a 5.5% loan.
Ditto Bank of the West-just closed my loan through the dealer at 5.25%. Hard to believe that a loan on a depreciating asset is lower than most of my previous home loans.
On second thought, I guess houses are currently a depreciating asset.
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Old 07-30-2011, 10:18 AM   #6
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What about a 401K loan? I bought my current coach with a K loan at 4.25%. I have little faith in the marketplace generating super returns for the next couple of years and had the check in 3 days... Payback period is max of 5 years. Max value of loan is 50% of current K value up to a max take out of $50,000.

If the stock market plunges then I will have sold high and will be buying shares back low. If it crashes, I will have used that portion of the money to buy a hard asset. If something goes drastically wrong in my world I can strategically default on the loan and will owe just 10% penalty plus tax on the money I didnt pay back. The loan doesnt show up on my credit report either because I borrowed my own money.

Chris
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Old 07-30-2011, 10:36 AM   #7
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Quote:
Originally Posted by PalmSprings View Post
i wish.
Does anyone have any good leads where to get a low refi?
My current is 8 percent,Im looking for a worthwhile reduction.
To pay off is not an option, at 8 % or lower

I'm in the process of doing a refi with Good Sam's for 4.48% for 5 yrs on $50k. Currently I have 7.75% for 9+ years (was 15) with Bank of America. They just paid my load off and now are setting up the new loan. The new loan company is Essex.
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Old 07-30-2011, 07:38 PM   #8
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Am closing on a big new RV on Monday. Got 4.49% with bank of the west. A lot depends upon you credit score and how much equity you have in the coach
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Old 07-30-2011, 11:34 PM   #9
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Am closing on a big new RV on Monday. Got 4.49% with bank of the west. A lot depends upon you credit score and how much equity you have in the coach
4.49% that's good since Bank of the west rate is 4.49% on a 5 year car loan. We just went with Bank of the West on our new one and we got 5.99% that's with a credit score of 829 for me and a 843 on wife plus paying down around 40%
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Old 07-30-2011, 11:46 PM   #10
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If something goes drastically wrong in my world I can strategically default on the loan and will owe just 10% penalty plus tax on the money I didnt pay back.
Isn't that what's causing a lot of the problems now? A "strategic default" isn't in most peoples vocabulary.
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Old 07-30-2011, 11:58 PM   #11
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What does "strategic default" mean, anyway?
Is that actually planning not to pay one's bills?
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Old 07-31-2011, 01:12 AM   #12
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You might also want to check with USAA. They've given me good service on both insurance and loans through the years.
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Old 08-02-2011, 10:14 AM   #13
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USAA quoted us 5.39%, which was lower than any others that we found.
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Old 08-03-2011, 04:39 PM   #14
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Good Sam os looking for deals if your rig is not to old. Also Costco. They both use Bank of the West.
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