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Old 01-03-2011, 03:39 PM   #1
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RV Refinancing

I saw an ad for Essex Credit corp. in the latest issue of MH magazine, advertizing RV refinance rates as low as 5.99%. I figured this was probably just a teaser rate, but Iím currently at 6.75%, so I figured what the heck, Iíll bite...

I submitted my application online over the weekend. I received an approval email today, at 5.29%, which is lower than their advertized rate. Iím stoked!


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Old 01-03-2011, 05:03 PM   #2
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That's a substantial savings of interest when you have a balance. It works in your favor as long as you re-fi for the same amount of years or less than what you currently have left & as long as the filing fees (usually a % of the loan) don't eat up your savings.

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Old 01-03-2011, 05:13 PM   #3
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Congrats, Craig...It's very nice to get a "plus" mark on one's side of the ole chock board every once in a while....
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Old 01-04-2011, 09:30 AM   #4
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That's a substantial savings of interest when you have a balance. It works in your favor as long as you re-fi for the same amount of years or less than what you currently have left & as long as the filing fees (usually a % of the loan) don't eat up your savings.
Good point. In my case, there is a $290 loan fee, but the length of the loan remained the same, while lowering my payment by $120.
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Old 01-04-2011, 02:33 PM   #5
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I am in the process of refinancing my motor home through Good Sam which uses Essex Credit. It seems to take a long time, but I was doing it over the holidays. I have to pay the $290 charge as well as two different state fees. They used 110% of the low retail NADA value as the max loan amount. I was at 7.5% from when we bought it and will be saving about $130/month, so in just a few months, I will be ahead of the game. Be sure to get any refunds from your first mortgage company if the loan takes longer than you thought.
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Old 01-04-2011, 02:54 PM   #6
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Sounds like ya'll are going to have more gas money. I was turned down. It seems like I owe too much on my coach. That's okay, I'll have it paid off in 6 years. However, a little more $s, in the pocket each month would have been nice.
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Old 01-04-2011, 05:22 PM   #7
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... That's okay, I'll have it paid off in 6 years.

With us, it's 2 years & that's just when the extended warranty runs out. That must mean it's time to trade up & start all over again.

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Old 01-04-2011, 06:24 PM   #8
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I did the on line application and it was approved. I got a call today from Essex and the guy told me I was approved at 7.5%. When I asked him about the 5.99rate, he said that was for 50k and over. I told him no, thank you, my current loan is at 6.25%. I will just stay with what I have and have it paid in a few years.
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Old 01-04-2011, 06:57 PM   #9
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I did the on line application and it was approved. I got a call today from Essex and the guy told me I was approved at 7.5%. When I asked him about the 5.99rate, he said that was for 50k and over.

Yeah, the fine print & * gets ya every time. I looked up that ad &, sure enough, just past the Restrictions may apply line, it stated the "as low as" 5.59% rate were only for loans of $50,000 & greater & with a maximum 17-year loan term. I guess the bank doesn't make enough to go any less.

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Old 01-05-2011, 08:54 PM   #10
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Just started to post a question regarding Essex when I noticed the OP. Great rate
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Old 01-06-2011, 12:42 PM   #11
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Oh my, 17 years on a loan??????
Who would do that???
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Old 01-06-2011, 12:50 PM   #12
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20 year loans are normal on RV purchases.
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Old 01-06-2011, 01:25 PM   #13
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Hi phxmtngirl,
There are many reasons for a long term loan on a motor coach (20 years).
1. An example is cash flow. I own businesses and cash flow is very important.
2. Flexibility is another key ingredient. $s in the bank, consistent $s coming from revenue and the lowest possible out flow of cash means I have the flexibility to make choices with regard to additional investments I would not have if the out flow of cash was high.
3. One can always pay off the loan early. I have a plan to pay my coach loan off much earlier than the 20 years it was contracted for. When my date to pay off the coach arrives, I will weigh the payoff business case against other investments that are attractive, to me.

The bottom line is it all depends on how each individual conducts their financial life. Borrowing $s on a coach may be a lot easier that borrowing $s to purchase a business or other asset.

However, #1 and 2 are important to me right now. There are bargains to be had in most all businesses, if one has the right balance sheet.
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Old 01-06-2011, 01:57 PM   #14
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We are among the lucky ones today. We recently moved from CA to TX due to a job transfer . We sold the stick house in CA and bought one here in TX. We will retire in 4 to 5 years so we got a 5/1 arm here in TX. The first 5 years are at 2%, so we kept back enough to pay of the motorhome which was at 6.99% . Man what a good feeling to write that last check. Now we just have to find more time to use the motorhome.
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