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Old 09-23-2018, 03:17 PM   #1
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RV Loan Finance Questions

In 2010, I purchased a used 2008 American Coach Eagle 45. I took out a maximum length 15 year loan at the time. I'm 8 years into my loan and I think I want to refinance into a new 15 year loan to get my RV loan payments lower.

I put a $50,000 down payment on the RV in 2010 so even though the RV has depreciated some, I have enough equity in it to refinance. I purchased the RV when it was below market value as well. In other words, the RV market was weak in 2010 but the RV market is much stronger today.

Interest rates are starting to come up but I didn't refinance when rates went down since 2010 so they are still slightly lower than they were in 2010. By refinancing, according to this RV calculator, I think I can save roughly $700 per month which would go a long way to freeing up some extra cash flow each month.

When I purchased my RV the first time, I didn't shop financing except through the dealer. Does anyone have recommendations for who I could finance through or a good place to shop RV lenders? Obviously I can look online but that only tells me so much. I would trust first hand experiences more than advertisements from the RV lenders themselves.

Thank you
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Old 09-23-2018, 06:12 PM   #2
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Your problem now is that the RV is 10 years old, and few, if any, lenders are willing to finance that age. Most of the big RV lenders won't even go over 5 years. I also doubt if any lender will give you 15 years additional on a 10 year old coach. It will have depreciated far too much after an additional 15 years (age 25).



You might try to re-negotiate with your current lender, asking if they would agree to adjusting your rate to equal what is currently available so that you do not have to shop elsewhere. Don't have anything to lose by asking...


Good luck!
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Old 09-23-2018, 09:56 PM   #3
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Gary,

Thanks for the quick reply. I see you live in Ocala. I used to live in southern Florida and would take the recreational vehicle to Ocala to visit the springs there as well as do a little fishing. Such a beautiful place. I believe this is the RV park we stayed at if I remember correctly.

Based on the number or times you've posted on this site, I can probably take your advice to the "bank." But when I look at the trade in values of comparable RVs, it seems I might be above water on my RV loan. And I have a really good credit score which might help. But I think the point you make that the next 10 years will see significant RV value depreciation such that lenders will hesitate to lend at all, much less on a 15 year loan. As I was doing my research, I found this article that makes some of the same points you were making.

I'd really like to get my monthly payment amount down so I might just ask...it couldn't hurt. I might try a few new lenders online and just see if they would consider it and what annual percentage rate they would offer.
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Old 09-23-2018, 11:00 PM   #4
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Hi ! Welcome to IRV2! We're sure glad you joined the gang!

I'm afraid that Gary is right!

Good luck, happy trails, and God bless!
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Old 09-24-2018, 06:02 AM   #5
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Welcome to the forum. I fear that Gary is correct. Getting a 15 year note on 10 year old coach will be nearly impossible.
Good luck in your search and continue to enjoy the adventure.
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Old 09-24-2018, 07:06 AM   #6
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I hate to argue but none of that is not correct. Lenders are lending more on the borrower than the coach. The coach has to have value that the lender can prove but reasonable years are able to be financed - for long term.

An example I just bought (2 months ago) a 2004 and my loan is not a short term loan at all. Great rates, extremely easy financing (just like a car paperwork wise) and I drove away. I initially bought from a dealer (using my own financing) and when we arrived with the check someone wiped the nose off of the 2002 I was buying. So we backed out of that deal and found an 2004 in Wisconsin from a private party. I arranged to get it financed and they paid the seller directly. Flew out and drive back.

You need to talk to lenders and find out for yourself if YOU can get financing.

Real world experience

-Paul
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Old 09-24-2018, 07:15 AM   #7
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If you belong to Costco you might try a refinance through them. They usually have very competitive rates and will stretch it out for you to 15 years.
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Old 09-24-2018, 07:25 AM   #8
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I agree with Paul L in that one must call, research and check to know if this can be done or not. WELL worth the time and effort to find out the truth about what can and can't be refinanced etc. on your rig.

Call the existing loan establishment and have a long chat with them. Start there. You could come out a winner.

if not, call around and find what you are trying to achieve. There are tons of options out there and many ways to refinance with many a little more money up front etc and other ways to make this work with another establishment.

Only thing you can do is check for yourself!!!
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Old 09-24-2018, 07:48 AM   #9
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Since you are asking and looking to refinance for a long term I doubt a shorter term loan at any interest rate would do much good. I have and had excellent ( 800+) credit and 4 years ago had a very difficult but not impossible time getting a 12 year loan. From what Iíve seen thatís gotten more difficult. New loans on new rigs can be had in 15 and 20 year terms .. not so in the 10 year old market.
Those saying they got a loan easily , got it for 7 years or so at a credit union or on just their signature arenít talking about the same thing. A 7 8 even 10 year loan wonít help to lower your payment much which is what you want.
One thing I am sure of is credit rating is important on a large/ long term loan . Make some local CU calls and look at the internet big lenders Essex etc
If you have a home look at equity loans as a possibility. Iím not sure Iíd do that but consider all the options
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Old 09-24-2018, 09:29 AM   #10
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If I had to chose one, I would try to reduce the loan balance instead of the loan payments. You say you are above water on the loan now, reducing loan payments over more time will put you under water sooner and deeper over time, and that is not a good situation to be in.
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Old 09-25-2018, 06:59 AM   #11
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I am not sure if it is good or bad to refinance but i am in the process now on 15 year loan on 2008 discovery with good credit. Everything worked well and I went through bank of the west Essex credit 5 percent interest 15 years
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Old 09-25-2018, 07:11 AM   #12
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Financed a used rig (2 yrs old) and got a 12 yr @ 4.49%
Mountain America Credit Union, cost $5 to join.
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Old 09-25-2018, 07:49 AM   #13
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I was about to write about the financing being more restrictive when refinancing than purchasing but the post above by mrrebel77 shoots that out of the water. Very surprising.

Lowering a payment by $700 a month could be really helpful. It must be a tough decision to think about extending the term though since you would have it paid off in 7 years as is.
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Old 09-25-2018, 03:05 PM   #14
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Quote:
Thanks for the quick reply. I see you live in Ocala. I used to live in southern Florida and would take the recreational vehicle to Ocala to visit the springs there as well as do a little fishing. Such a beautiful place.

We moved to the Ocala National Forest in 1994, after 17 years in Boca Raton, so we know both South and Central Florida well.
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