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Old 09-25-2013, 05:49 AM   #1
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interest rates rv finance

Just wondering what the general interest rates for financing used a rv. I already know it depends on credit score and the rv you are financing. But there is a rate spread and was just wondering. Got a rate from a credit union on a 2004 DP book retail aprox 70k said they would do 53k for 10 years at 8.25.
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Old 09-25-2013, 06:07 AM   #2
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I would not even touch it. Figure out what this MH will cost yuou. Plus all other expenses. You can be broke pretty fast. Cheers Gerald
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Old 09-25-2013, 08:58 AM   #3
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Our last one was at 3.25%. Look around and also look at the 'fine' print!!!!!!
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Old 09-25-2013, 09:07 AM   #4
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Quote:
Originally Posted by maxwell18 View Post
Just wondering what the general interest rates for financing used a rv. I already know it depends on credit score and the rv you are financing. But there is a rate spread and was just wondering. Got a rate from a credit union on a 2004 DP book retail aprox 70k said they would do 53k for 10 years at 8.25.
You are up against that 10 year underwriting issue. They don't like financing coaches over 10 years without a substantial rate hike......Try Essex, I couldn't get mine re-financed with Essex because I have too much debt, but I would try them for sure too.

Good luck! Let us know what you come up with...

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Old 09-25-2013, 09:10 AM   #5
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If you are a member of Costco then try them. Apparently they also use Essex but from what I hear the rates are lower if you go thru Costco then if you just go thru Essex.
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Old 09-25-2013, 09:15 AM   #6
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I got $85,000 for 20 years at 4.99% from Bank of the West earlier this year.
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Old 09-25-2013, 09:40 AM   #7
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That seems high to me, 8.25%. You maybe better off with a newer unit that will qualify for a lower loan rate. It may cost a little more, but when interest is calculated in it could be the same money outlay in the end. I would rather pay more for the RV than pay a higher interest rate that makes the payment terms the same.

I am sure you are aware that the retail price & the actual price most people pay is 25-30% lower than retail. If you have your credit union look up the blue book value or black book value it will most likely be higher than most people pay. Then go to kelly blue book online for rv's and look up what people are paying in your area for a similar rv. This will put you in the price you should be dealing with not the retail price. I know my CU when I refinanced my previous RV, the CU was able to finance 100% of the book value. Fortunately I did not owe that much or even pay that much for it 3 years earlier.
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Old 09-25-2013, 04:18 PM   #8
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I did one the end of April for 3.99 for 20 years and when I decided to dump the less than stellar unit last week, I was told that the current rate was up to 4.99 but I got lucky on the new unit, the bank allowed an equity sway and redid the loan for the original 3.99.
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Old 09-25-2013, 04:21 PM   #9
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Yes. Bank of the West is who we used.
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Old 09-25-2013, 04:35 PM   #10
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Just did Essex Credit through Costco 4.67
Dealer wanted 5.5-6.00
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Old 09-25-2013, 05:59 PM   #11
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try a 2nd on your house compared to 8% its almost free money
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Old 09-25-2013, 09:44 PM   #12
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Ally bank gavesus 4.125% for 20 yrs... but, oh my, I don't want to pay it for that long
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Old 09-25-2013, 09:56 PM   #13
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We were offered 3.49% earlier this year.
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Old 09-25-2013, 10:03 PM   #14
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I don't want to pay it for that long
We didn't either but life throws you curves. Planned on selling the stick house and going full time, then step daughter died leaving us with two grandkids to raise. Oldest is now 21 and has moved out, youngest is 13 so a while to go yet. I'm almost 67, wife will be 66 in Dec.
Now the DW's health has gone bad so we have no idea what health insurance she can get.
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