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Old 04-02-2014, 04:49 PM   #1
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Refinance - any know of any good rates?

Looking to refinance in an effort to hunt a better interest rate.

Saw a good sams ad for like 4 or 5%, but I hear bad things about them.

Any advice on good banks to get a hold of?
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Old 04-02-2014, 05:21 PM   #2
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Hmmm...if you bought new you must have bought about the time we did. Seems about 7% is a pretty good rate - what do you have now?

Usually the problem with a refi is having enough equity and getting a rate that's any better than what you have plus the costs. Yes, they'll usually charge a point or two to pay off another lender. And most don't want to lend more than about 80% of book value.

Credit unions generally have the best terms and rates. I haven't shopped it in awhile, but have from time to time over the past ten years, even from some of the RV loan specialists.

Are you looking for a lower payment? A point or two may not make much difference depending on how much time you have left on your contract.

The teaser rates you mentioned are buy-downs by sellers. They prepay some of the interest to 'buy down' the rate and add it to the cost of the unit. You can also buy down your own rate if you have cash.
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Old 04-02-2014, 05:33 PM   #3
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I didn't buy new, but the USAA really shafted me on a rate because of one stupid 7 year old thing on a credit report. I didn't have time to argue with them. So now that that item is off of my credit report, I would like a lower interest rate. I'm paying almost 8% right now on 90,000 dollars on a 15 - so the USAA is basically just taking me over on it - and quite frankly, they don't deserve that much money. So I'm either going to pay the thing off, or find a better rate because I really feel taken advantage of.

Here's how the conversation goes.

Oh yes Mr. Harper, we would be happy to finance your purchase, interest rates right now are around 5.5% to 6%.

Hey that's great.

OHhhhh wait just one moment, sir I'm sorry, can you explain this tiny, itty bitty, ridiculous 7.5 year old thing we see on your credit report.

Yeah, it's old and stupid. Want me to pay it?

Well you can pay it sir of course, but let me get your loan together and see if anything changes. CLICK.

5 days later - sir we have your loan all ready and approved, the documents are online, all you have to do is sign them online and you're done.

Hey that's great! What's the interest? 5.5 or 6?

Oh sir I'm sorry to report that because of the item on your credit that is 7.5 years old, that rate is 8%.

ohhh I see, a "let's see how dumb you are" charge.

I argued, and argued, and flat out said no way, you're crazy (but i was out of time, and had to get on the road, the whole deal was setup and done) So I took the "let's see how dumb you are charge" and walked for the moment. Well that was only 3 months ago, so I would like to limit the amount of money they are allowed to make on me.

Book on the coach is 15% higher than my loan, plus I have 25k I can drop on it right this second. Refi 70k at a lower rate, would help keep more of my money in my pocket and not theirs. I could pay it off, but I can generate far more money with my money than the interest savings could defeat.

Regardless, I'm not making payments for more than a year.
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Old 04-02-2014, 09:37 PM   #4
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Did a finance on our rig late last year with Good Sams who will actually be Essex. They lived up to their ad, right at 4% rate, quick approval, less than 24 hours, had a great rep to work with, documents Fed-x to me, enclosed pack back to them, check back next day to me. One of the easiest loan processes I have seen. My credit union had a higher rate but runs a promotion that they beat any rate by 1%. Took in to them, dropped rate and now with them. I would use Good Sams again anytime.
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Old 04-03-2014, 12:46 PM   #5
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Old 04-03-2014, 01:56 PM   #6
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We used Essex through Costco here on a Re-Fi. For reference our coach was book valued at $90K and we financed $63K. The rate for the ReFi was 3.9%. Bank of America had similar rates too.
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Old 04-03-2014, 02:03 PM   #7
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And the moral of the story is - use your free annual credit report and get things fixed before they bite you. Tip - you get one free from each agency, so you can actually get a free report every 4 months.
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Old 04-03-2014, 03:22 PM   #8
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And the moral of the story is - use your free annual credit report and get things fixed before they bite you. Tip - you get one free from each agency, so you can actually get a free report every 4 months.
Yeah no kidding. It was the dinkiest thing you have ever seen. My score was still a rocket, they used it as a scam method I'm sure.
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Old 04-03-2014, 03:55 PM   #9
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Don't know about your situation except what you have stated. Take care of the itty-bitty and the rates may improve. I will say that we have been with USAA almost 35 yrs. now and they have always treated us well.
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Old 04-03-2014, 04:00 PM   #10
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Itty Bitty gone - just submitted through good sams. We shall see what happens.

And I here everyone say that about the USAA (although they quoted me A LOT of money for insurance, which I declined) I dunno, after they looked at my tax returns, maybe they figured I'd be willing to pay the extra interest, I dunno, but think again, cause I'm on the move
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Old 04-03-2014, 04:05 PM   #11
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You make it sound like they had a choice. I don't think they did. Their underwriting standards probably ruled out the better rates if there was ANYTHING derogatory on the credit report.
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Old 04-03-2014, 04:11 PM   #12
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You make it sound like they had a choice. I don't think they did. Their underwriting standards probably ruled out the better rates if there was ANYTHING derogatory on the credit report.
Precisely! So the way I see it is their system is setup to identify folks where they can get away with it. People who have the money to pay, and will likely go ahead with it. I mean, if the hickey was so detrimental, why would you loan anyone a hundred grand? And why for sure would you loan anyone a hundred grand at a HIGHER rate, making their payment larger? That all doesn't add up, never has.

But I think moreover, they are in the business to make money - so if they can get more, they will, can't blame them for that. But I can move along to a better rate.
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Old 04-03-2014, 04:17 PM   #13
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Precisely! So the way I see it is their system is setup to identify folks where they can get away with it. People who have the money to pay, and will likely go ahead with it. I mean, if the hickey was so detrimental, why would you loan anyone a hundred grand? And why for sure would you loan anyone a hundred grand at a HIGHER rate, making their payment larger? That all doesn't add up, never has.
It's just like the fact that riskier investments (junk bonds) pay higher returns than blue chips. You're taking a higher risk, so the reward (expected return) needs to be higher. You have a blemish on your record, which makes you higher risk. But you also have the income to pay the loan, so they'll make it. Yeah, they might get burned once or twice, but the higher return makes up for it.
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Old 04-03-2014, 04:19 PM   #14
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It's just like the fact that riskier investments (junk bonds) pay higher returns than blue chips. You're taking a higher risk, so the reward (expected return) needs to be higher. You have a blemish on your record, which makes you higher risk. But you also have the income to pay the loan, so they'll make it. Yeah, they might get burned once or twice, but the higher return makes up for it.
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