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08-14-2010, 11:31 AM
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#1
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Senior Member
Join Date: Mar 2009
Location: Florence, Oregon
Posts: 313
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Refinancing a motor home question
Given the extreme low home mortgage rates I have seen recently, it has occurred to me that perhaps it would be beneficial to refinance our motor home loan, which is currently at 7.25% APR. I have no idea currently what terms are presently available.
If this subject is not taboo on the forum, I'd like to hear opinions and perhaps suggestions on doing this. Thanks.
Ed - 08 Safari
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08-14-2010, 12:50 PM
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#2
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Senior Member
Join Date: Oct 2008
Location: Marshfield, WI
Posts: 719
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We did that a couple of years ago with our credit union. They offer a home equity loan thats tied to the prime rate with a floor of 4%. It didn't look like prime was going to go up anytime soon so we made the switch. Its worked out well for us but I do check with the credit union periodically to avoid surprises.
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Denny, Connie & Shadow (former barn cat made good)
2006 Tiffin Phaeton, Cat C7, Freightliner Chassis
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08-14-2010, 02:28 PM
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#3
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Community Administrator
Pond Piggies Club LA Gulf Coast Campers Outdoors RV Owners Club Entegra Owners Club Skyline Owners Group
Join Date: Mar 2002
Posts: 40,725
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Ditto w/our HELOC. It's at 3.25% & we were paying 7.5% on our MH loan. A no brainer.
L-
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Lori (& Dave, my spirit guide) - RV/MH Hall of Fame Lifetime Member | My iRV2 Photo Albums
2016 Phoenix Cruiser 2350S, 2018 Phaeton 40IH,2006 Bounder 36Z, 2004 Cougar 285EFS, 2000 Aerolite 25FBR
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08-15-2010, 10:20 AM
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#4
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Moderator Emeritus
Join Date: Jan 2000
Location: West Palm Beach, FL. USA
Posts: 27,676
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If you aren't using another dwelling as the collateral, the rates on a motorhome load are probably going to be in the 5.75-7.5% range. However, most lenders are only going to loan 80% of the current market value of a used RV - and they may consider wholesale to be the market rather than retail. Since the meltdown, lenders want to be sure you have a major stake in your rig!
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Gary Brinck
Former owner of 2004 American Tradition and several other RVs
Home is West Palm Beach, FL
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08-15-2010, 11:24 AM
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#5
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Moderator Emeritus
Join Date: Jan 2007
Location: Litchfield Park, Arizona
Posts: 10,530
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Yeah, I had to same thought but since we no longer have a stick house for colateral, and the loan on my coach is upside down I've concluded that I'm going to have to ride it out for another 17 years...
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Rick, Nancy, Peanut & Lola our Westie Dogs & Bailey the Sheltie.
2007 Itasca Ellipse 40FD
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08-15-2010, 06:07 PM
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#6
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Senior Member
Join Date: Mar 2009
Location: Florence, Oregon
Posts: 313
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Quote:
Originally Posted by RV Roamer [Gary]
If you aren't using another dwelling as the collateral, the rates on a motorhome load are probably going to be in the 5.75-7.5% range. However, most lenders are only going to loan 80% of the current market value of a used RV - and they may consider wholesale to be the market rather than retail. Since the meltdown, lenders want to be sure you have a major stake in your rig!
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Good point. In our case, we most likely do meet those requirements. Regarding the comments of Home Eqty. loans, yes, those are great rates right now.... but given the current economy, and the considerable likelyhood they will start going up in a year or so .... and due to the massive govt. spending I see inflation rear its ugly head on the horizon, I am somewhat nervous about getting a variable rate loan such as that.
will ponder what I've read here.
Thanks.
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Ed & Lynn on the Oregon Coast
2018 Winnebago Fuse 23A
2006 Scion xA toad
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08-15-2010, 07:48 PM
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#7
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Community Administrator
Pond Piggies Club LA Gulf Coast Campers Outdoors RV Owners Club Entegra Owners Club Skyline Owners Group
Join Date: Mar 2002
Posts: 40,725
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Quote:
Originally Posted by Ed_G
...I am somewhat nervous about getting a variable rate loan such as that.
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I'm not sure about other banks, but with ours, for a $25 one-time paperwork processing fee, I can lock in my 3.25% rate. I haven't done it yet because as long as it keeps going down, my HELOC will automatically adjust. But once it even looks like it's going to go up, I'll be over there with my $25 to fill out the paperwork to keep it from rising.
Lori-
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Lori (& Dave, my spirit guide) - RV/MH Hall of Fame Lifetime Member | My iRV2 Photo Albums
2016 Phoenix Cruiser 2350S, 2018 Phaeton 40IH,2006 Bounder 36Z, 2004 Cougar 285EFS, 2000 Aerolite 25FBR
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