Community Forums

reubenray · 03-07-2017, 05:25 AM

We have started the ordering process for a new motorhome which will take four months to build. I have been reading where the rates will be going up. So I am thinking of getting pre-approved, but would this help any? How long would the pre-approval rate go? Also if I get our own financing would it be better than what the dealer can get me. Both the DW and myself have credit rating in the 800's and we are debt free.

I had Bank of the West for the motorhome I just sold and from what I have read Essex Credit is the place to check. Do they do pre-approvals?

tizzyfit · 03-07-2017, 05:29 AM

You may want to try a local credit union as well.

marknpeg · 03-07-2017, 05:38 AM

We were in the same situation as you, and we got pre-approved with our bank without any trouble. Then we worked with the dealer finance person, and she easily beat what the bank was offering so it became a no-brainer. Every situation is different, and it does look like rates are going to rise soon. Typically banks will trail the Fed by a bit, but locking in a rate might be a good thing. Then see what the dealer financing can bring, and make a decision.

reubenray · 03-07-2017, 05:48 AM

I checked with our bank and she quickly admitted they would not be able to compete with the rates Essex has. There lowest rates was 11+%. I am not a member of any credit unions. On our last motorhome the rate was 4.25%.

barmcd · 03-07-2017, 06:51 AM

Quote:

Originally Posted by reubenray

I checked with our bank and she quickly admitted they would not be able to compete with the rates Essex has. There lowest rates was 11+%. I am not a member of any credit unions. On our last motorhome the rate was 4.25%.

Credit union membership is not as restrictive as it used to be, it might pay to look around and join one.

WeBeFulltime · 03-07-2017, 07:23 AM

When we ordered our fifth wheel our credit union pre approval was good for 90 days.

Dutch Star Don · 03-07-2017, 10:06 AM

"marknpeg" gave you the answer I would have given. Get pre approved and then let the dealer beat it. I've bought a lot of new vehicles over the years and the dealer has always had the best deal. Typically, the dealer is making a little extra money if yo use their financing. Consequently, they will do whatever is needed to get you the best rate.

Your credit rating is great and should get you a low interest rate.

reubenray · 03-07-2017, 10:29 AM

Quote:

Originally Posted by Dutch Star Don

"marknpeg" gave you the answer I would have given. Get pre approved and then let the dealer beat it. I've bought a lot of new vehicles over the years and the dealer has always had the best deal. Typically, the dealer is making a little extra money if yo use their financing. Consequently, they will do whatever is needed to get you the best rate.

Your credit rating is great and should get you a low interest rate.

This is what I am hoping to do. I will need to wait a month or two to do this if the approval is for only 90 days. I don't know at what point the 4 month countdown until it is delivered starts.

**Spdracr39** · 03-07-2017, 10:55 AM

Quote:

Originally Posted by reubenray

I checked with our bank and she quickly admitted they would not be able to compete with the rates Essex has. There lowest rates was 11+%. I am not a member of any credit unions. On our last motorhome the rate was 4.25%.

If I had a credit score that high and my bank tried to charge me 11+% on anything I would be finding another bank.

Mr_D · 03-07-2017, 11:05 AM

We let the dealer handle it. We found that, while not legal to do, they were considering our age and it worked against us. She, 67 (now deceased) me 68. We ended up putting $50,000 more down and got a lower rate (US Bank). Our credit scores were about 800 too.

marknpeg · 03-07-2017, 11:22 AM

Quote:

Originally Posted by barmcd

Credit union membership is not as restrictive as it used to be, it might pay to look around and join one.

FWIW our credit union couldn't touch the Essex rate either. I think we ended up at 3.95%.

wingnut60 · 03-07-2017, 11:29 AM

"If I had a credit score that high and my bank tried to charge me 11+% on anything I would be finding another bank."
Gotta be some other reason for the high rate--maybe they just didn't want to say they don't loan on MHs.
One of the local CUs is always advertising for refis on vehicles at 2% lower than what you currently have...

reubenray · 03-07-2017, 11:52 AM

Quote:

Originally Posted by wingnut60

"If I had a credit score that high and my bank tried to charge me 11+% on anything I would be finding another bank."
Gotta be some other reason for the high rate--maybe they just didn't want to say they don't loan on MHs.
One of the local CUs is always advertising for refis on vehicles at 2% lower than what you currently have...

I think they do not do RV loans more than anything else. I got a 1.99% rate on my last car with them. I checked a local CU (PenFed) and their posted rate was over 6% with $40,000 max loan.

SpaceNorman · 03-07-2017, 04:16 PM

Part of our purchase agreement was that the dealer got a crack at quoting the financing. They were able to deliver 4.15% thru U.S. Bank - which beat anything I was able to come up with. We made our offer on the coach - applied for credit, got it approved and closed on the deal all within 1 week. U.S. Bank has been a pleasure to work with from the servicing perspective. We've got no complaints.