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Old 06-18-2014, 02:30 PM   #1
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RV Loans today

I'm looking for an RV. I'm learning alot about them while I'm looking. I guess I don't get it when it comes to financing. I have pre-qualified for a loan amount that is through a credit union many of the dealers in this state use. Also, happens to be the same credit union my automobile is financed through. I thought that would be a plus but everything comes up minus when it comes to getting what I consider a decent interest rate. Am I out there in La-La Land when it comes to this subject? The dealerships advertise as low as 3.9% and I realize I would qualify if I had what the industry calls "excellent" credit rating. Well, my credit rating is only "good" so I'm getting quotes with rates closer to 7%. I also realize that the more money I contribute as down payment, the better I will get. Bottom line is the best rate so far is 6.9%. That same credit union told me auto loans are now offered at around 2.9%. My auto loan is 3.9%. My research has included reading that RV loans are usually in par with auto loan rates. If I can get 3.9% auto loan rate 2 years ago, why can't I get closer to that for RV loan finance rate today? The credit union said their RV Loan rates are not going to be less than 5.9% to anyone! What's up? I asked them, "as an industry expert, can you tell me what the National Average is for finance rates for RV loans?". They told me they don't know. They only know their rates. Is it better to keep trying other lending institutions until I find a more favorable rate or am I wasting my time? I am interested in knowing the game and how it works when you factor in dealer financing vs direct loan financing (what if I want to buy from a private seller?) I realize these are tough questions because each individual's personal credit history is different and that dictates loan rates. But I have learned that some institutions will use different reasons to justify the offered rate and loan amount. My personal credit history? Not impeccable but good. (divorced twice and taking good care of my financial health on my own). Well, any ideas, thoughts, education on financing an RV are welcomed to this newbie. Thanks!

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Old 06-18-2014, 02:56 PM   #2
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Try Good Sams. Or better yet try Camping World

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Old 06-18-2014, 02:59 PM   #3
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The amount borrowed and years financed has a lot to so with it also.
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Old 06-18-2014, 03:16 PM   #4
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The only way you're going to learn/know for sure is to keep beating the bushes. When you get tired of doing that, YOU'LL be the expert on YOUR finances. Not a bad place to be....
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Old 06-18-2014, 03:21 PM   #5
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Try Essex Credit/ Bank of the West, they do a lot of RV loans
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Old 06-18-2014, 03:29 PM   #6
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Try Redstone Credit Union
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Old 06-18-2014, 03:29 PM   #7
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Your credit score has alot, & I mean alot, to do with the rate you will get. You really want to look at everything you owe. Also, you can once a year have a reevaluation of your credit score from your financial institution. And there is a real good chance your credit score dropped when you bought that vehicle two years ago because that made you owe more money.
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Old 06-18-2014, 03:44 PM   #8
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The best finance rate is via a home equity loan, but I will assume that will not be an option for you.
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Old 06-18-2014, 04:53 PM   #9
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We got a home equity loan at 4% and are paying it off fast.
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Old 06-18-2014, 05:31 PM   #10
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Depending upon the state where you live, if you are a Costco member, you can save on your rate through Costco/Essex Credit online. You need to have a credit score of 690 or above, I believe, and put 10% down. Rates for borrowing 25k to something like 50k are 3.99, 4.19, 4.39, 4.59, etc., depending on term. "Closing cost" is $275 for Costco members as compared with $459 for non-Costco members through Essex Credit. Costco members also receive a $100 cash card for securing the loan through them. I just applied yesterday and was approved today. It was easy.
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Old 06-18-2014, 06:30 PM   #11
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Check the fine print on those dealer advertised rates. The low rates are often for loans with only 5 year terms. In my experience, credit unions are the way to go.
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Old 06-18-2014, 07:17 PM   #12
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I'm an ex-finance company guy--working for a major auto manufacturer's captive finance company.

Variances in auto financing rates vs. recreational financing is that people pay for their automobiles first. Boats and recreational vehicles come second.

Repossession ratios on boats/RV's far exceed that of autos, and the losses experienced on boat/RV repossessions are high. In other words, the banks/finance companies/credit unions price boat/RV financing high because of their past experience with that kind of financing.

I belong to a rather conservative credit union. With a high FICO score, 60 month auto financing is 2.35%. My Bennington is financed on 3.99% rate--best rate for their lowest risk customer. I have check all over town, and other credit unions are 4.5-5% APR. That's the best there is.
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Old 06-18-2014, 07:24 PM   #13
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I'm a banker for over 30 years. You can shop and find the best rate out there, but in the end it's your score that will determine your rate. It's called risk based pricing. The higher the risk, the higher the rate and visa versa. Lower credit score=higher risk. Not sure what you consider "good" and not asking you to tell me... But if you want that 2.9% advertised rate today you better have a 700 Fico score or higher...
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Old 06-19-2014, 09:34 AM   #14
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Originally Posted by StevieG View Post
Not sure what you consider "good" and not asking you to tell me... But if you want that 2.9% advertised rate today you better have a 700 Fico score or higher...
Credit Score is 689, 698, 699 ...so close to 700! But not close enough! Debt to income..just my auto loan. I pay off any debt early. Paid off over 17K in student loans in the past 4 years. Paid off a 2K dental loan before a year was finished. I don't know...I feel maybe it has to do with no partner, hence no co-signer...and female - middle aged ... are those things factored in? Yes, I guess I have developed a bit of a chip on my shoulder and those reasons are probably not relevant. I really can afford the price range I have looked in 40 to 50K yet can't get approved for that. I can also and have offered to finance 10 yrs or less and put down more than 10% but no cigar, no rate improvement and just darned disappointing. I'll keep looking just the same and hope for the best. I'm in no rush so I won't settle until I get a reasonable rate. Thanks for the insight.

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