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Old 12-06-2015, 04:25 AM   #1
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Recent financing rates and experience

Considering an RV change and trying to close deal with acceptable financing. I like most do not like the ping pong game of salesman on what the payment will be..... So I'm looking for recent experience (the last year or so) of Rv financing rates and terms and lending firm.

The dealership would not comment on financing rates on a Saturday and am somewhat concerned that the rates/payments they offer. The rates may not be the lowest, since some (or most financing managers/RV dealers) are getting $$$ breaks on financing deals, like kickbacks.
Not knowing what the lower rates are and their offers being too much, to the extent you are willing to walk away. I have seen the online ads for 4 to 4.9%. One dealer recently offered me a payment of $360 and then when turned down it went to $330. Because the unit had a few items we did not accept we did walk away.
Although we like the new unit the way the game goes back and forth is quite ridiculous to the point of just walk away and they finally give you a payment you can accept. Many times its after a few to several No answers to their proposed payments. "Well they'll give you 5.5%......I know its more than you wanted.. but.." and we know the lower rates do exist for good credit scores.
So if you have recent financing rates and terms (looking for 15+ year loans) I would appreciate inputs.
Gary
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Old 12-06-2015, 09:08 AM   #2
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Howdy Gary, I despise that game also. The thing I really hate is that they focus on monthly payment amount and not the interest rate. They'll finance the thing out 90 years to get the payment you want, that is just bad finance management, in my opinion. Anyway... I bank with a credit union that always offers good rates. I get pre-approved for whatever I am interested in (car, RV) and then talk only cash to the dealers. I won't even fill out their credit app any more when they "guarantee" that they can get me a better rate - they never have and, I suspect, never will.

Edit: I should add that I've never purchased new. That may change the game somewhat...
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Old 12-06-2015, 09:49 AM   #3
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While we financed with our dealer, we did it knowing we would refinance through our credit union. We did finance for 15 years, knowing it is not a good idea, but my wife is paying for it and needed low payments. We saved by switching to our credit union after only making one payment. In retrospect, we should have just gone with the credit union to begin with and done 10 years, but once our vehicles are paid off, we'll hammer the RV payments to pay off early. So we've enjoyed 4 great years with our fiver, but we are upside down with the loan.
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Old 12-06-2015, 10:35 AM   #4
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While sales people do love to talk payments instead of rates, I've never had a problem getting a straight answer when I ask about APR. And by federal law they must disclose it in the contract or any negotiation for financing.

I usually shop for at least one rate on my own, but have found that challenging a dealer to beat a rate I found works quite well. At least at larger dealers, where they have an actual finance dept. You have to do some research to know what the going rate is, and you need to know the rate YOU can actually get and not just the lowest number they may advertise.

I too like credit unions, but mine doesn't offer much for RV loans. They basically finance it like a big car, e.g. 72 months @ car-like rates rather than longer term mortgage rates. They don't seem to be interested in 10-15 year second home mortgages for things that have wheels!
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Old 12-08-2015, 12:03 AM   #5
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RV (and auto) salesmen will not talk rates to you, as they've been instructed to let the finance professionals deal with that. Bank finance rates are now set by what FICO score that the buyer has. They'll also look at other debts to make sure you're not overextending yourself and that you have the capacity to pay. It's a risk based interest rate. And don't think that the dealer's doing you any favor as he'll be getting paid a little of the interest charges for his time and trouble.

I've not found many national banks willing to jump out there on RV retail paper, as so much of it's on 10-12 year extended terms. There's no way anyone knows what interest rates will be in the future years, and finance companies could actually lose money if interest rates go to where they were historically (20-30 years ago.)

I belong to a high quality credit union, and they have had a number of RV's (and boats) repossessed. And because they were financed on long terms, they essentially took large losses. Our credit union is very careful with their long term loans.

While you may get new auto financing at 2-3% APR. You'll probably be paying 4-4.5% with a 10% down payment on RV's at a credit union and 5-6% APR at a finance co. or bank.
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Old 12-08-2015, 12:15 AM   #6
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I used Costco on mine, they beat my Credit Union and anything the dealership offered. I would look around, see what the rates are with a few different folks, I did not need an application or credit check, either looked on their website or called. The dealer is playing an old car salesman deal game, not telling you any information, just trying to get you to agree to a payment. Tell them upfront you want the out the door price, not the monthly payment price, and if they don't want to tell you, walk.
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Old 12-08-2015, 12:28 AM   #7
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When we bought the Magna we could have paid cash but we make more on the money in the annuity than the interest we pay, so we left the money alone.
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Old 12-09-2015, 04:47 AM   #8
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rv loan

I did find an online loan percentage listing for my value and term. The dealer got close but when I asked "can't you get any closer to 4.89%?"
they did match the low online quote.
So after bartering I did get really close to what I wanted/needed-----

--but it was again not a fun ping pong game---back and forth-----or walk.
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Old 12-09-2015, 05:56 PM   #9
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We had great service with Alliant Credit Union and they are committed to financing fulltimers. Fast online turn around
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Old 12-09-2015, 06:13 PM   #10
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The RV dealer I purchased a new Winnebago from acted as an agent for Bank of America for a 20 year 4.25 % APR loan with no "gotchas" no origination fees, no early payoff fees, no junk credit insurance, and each monthly payment pays both interest and principal.

Just check one or two places like your own bank so you have an idea what RV rates are.

Never bought and financed a new one before. Personally I was just amazed that they finance a motorized RV for 20 years. I would think that most people on a 20 year loan must owe far more than their RV is worth a few years into ownership if they just make the minimum monthly payment.
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Old 12-09-2015, 09:05 PM   #11
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Quote:
Originally Posted by powercat_ras View Post
The RV dealer I purchased a new Winnebago from acted as an agent for Bank of America for a 20 year 4.25 % APR loan with no "gotchas" no origination fees, no early payoff fees, no junk credit insurance, and each monthly payment pays both interest and principal.

Just check one or two places like your own bank so you have an idea what RV rates are.

Never bought and financed a new one before. Personally I was just amazed that they finance a motorized RV for 20 years. I would think that most people on a 20 year loan must owe far more than their RV is worth a few years into ownership if they just make the minimum monthly payment.
You stated exactly why many RV buyers are upside-down after 3 years of ownership.
When we bought our MH_ from Camping World, the finance woman tried to change figures on the contract after we agreed on a price. When that failed, the figures were corrected. Turn the clock ahead to last month when we received a refund check from the State Attorney General office. The enclosed letter said this was the result of a class-action lawsuit for illegal finance practices.
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Old 12-09-2015, 09:19 PM   #12
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W got 3.99% 6 months ago...
here's a good barometer --> https://www.goodsamrvloans.com/rates/
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Old 12-10-2015, 05:00 AM   #13
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loan %

Quote:
Originally Posted by JohnBoyToo View Post
W got 3.99% 6 months ago...
here's a good barometer --> https://www.goodsamrvloans.com/rates/
Looks just like the Essex Credit Table of Bank of the West.
Thanks folks for your input/info.
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