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Old 03-15-2015, 12:10 PM   #1
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Whats a good interest rate on a 12 year old Class A?

Went and picked out a new motorhome yesterday and the dealer said he could get us 5.99%. My wife and I both have credit scores well over 700 and will be borrowing $23,000. Going to call my credit union tomorrow to see what they will do. Just wondering if that's in the ballpark of what other people have got.
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Old 03-15-2015, 12:17 PM   #2
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just got approval from my CU but my score is a little higher 4.49% for 10yr
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Old 03-15-2015, 12:51 PM   #3
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Some credit unions, the one I belong to for example, show double digit rates for RV's. Messaging they don't want that line of business. Likely had numerous bad RV loans during the last economic turndown. So don't be surprised you may find a wide variance in rates from differing institutions.
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Old 03-15-2015, 01:02 PM   #4
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12 year old RV interest rate

We purchased our RV last year and also have high credit score. Best interest rate we could find was 5.85 because it was a 12 year old RV. I pan to put extra towards payments to bring the interest paid down and pay off earlier.

Just a thought, but $23000 is not a large amount, and even though I would generally advise against any loan against a HE, this amount is small in comparison and may save you some interest.

Go to bankrate.com to the loan calculators. Put in the loan amount, the interest rate and the term to to see what your savings are between 5.99 and 4.49. It is not significant for this size of loan and paying a little extra will offset this difference.
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Old 03-15-2015, 01:31 PM   #5
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We bought our 96 class A last year for 14k @ 4.65 from our cu, with less than perfect credit
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Old 03-15-2015, 01:46 PM   #6
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12 year old RV last year. My cu wouldn't lend on anything overs 7 years old. Went to another, 7 %. Going to pay it off so a few percent was irrelevant, didn't shop. You seem to be in the ballpark
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Old 03-15-2015, 01:47 PM   #7
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I would take that rate all day and not complain.

The interest rate from my credit union that I got back in December 2003 is 5.60% for 20 years. I have 106 payments left before I completely own the coach.

Providing that I remain in good health well into the future I plan to use my coach for a very LONG time well past the end of the loan.

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Old 03-15-2015, 01:54 PM   #8
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We just got a 20 yr loan on the Magna and it's at 4.47%. Even then we had to prove we could pay cash for it.
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Old 03-15-2015, 05:49 PM   #9
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When we bought ours at 10 years old, we used our equity loan on the house @ 3.99 variable. If we convert it to fixed the rate will be 5.99 or higher. Would not convert unless the rates start to move. I think your rate is about right.
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Old 03-15-2015, 06:05 PM   #10
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Originally Posted by Mr_D View Post
We just got a 20 yr loan on the Magna and it's at 4.47%. Even then we had to prove we could pay cash for it.
Just wondering, why such a lengthy loan if you have Cash
Dividends on that cash is no where near 4.5% in the bank.........
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Old 03-15-2015, 06:55 PM   #11
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When we bought ours at 10 years old, we used our equity loan on the house @ 3.99 variable. If we convert it to fixed the rate will be 5.99 or higher. Would not convert unless the rates start to move. I think your rate is about right.
It was time for us to re-finance the house since interest rated had dropped so much, so, we included the MH in the re-finance @ 3.55% fixed interest. In the end our house pmt. is less now than prior to re-financing.
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Old 03-15-2015, 07:12 PM   #12
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I lease commercial properties and credit score of less the 720 have a higher security deposit requirement that those above 720. That may also have a bearing with lenders as well.
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Old 03-15-2015, 07:20 PM   #13
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I just got a 5.24% on a 20 yr note from Bank of the West.
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Old 03-15-2015, 07:24 PM   #14
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Just wondering, why such a lengthy loan if you have Cash
Dividends on that cash is no where near 4.5% in the bank.........
Cash is in an annuity and can pull 5% out without ever touching the principle. Two of our small annuities have gone up 60% in two years also.
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