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Old 06-11-2012, 10:55 PM   #43
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With all this speculation I decided to just Google what current RV loan rates are being published. I didn't look deeply at all but Bank of America Apply for an RV Loan Online from Bank of America is advertising 20 year loans at under 5% apr.

Their only reference to a down payment is to say that "a down payment may be required". Under their terms and assumptions they do have some interesting restrictions. They won't finance any rig over 6 years old... it can't be a park model or a diesel toter... and, it CANNOT be your primary residence! I've been reading that it's getting tough for some full timers to get financing and I guess this is a piece of evidence that it's true.

Rick
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Old 06-11-2012, 10:59 PM   #44
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The house is with TD and the Rv is with ATB. No other collateral needed. If you look at my signature at the bottom you will see what I bought and when.
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Old 06-12-2012, 07:16 AM   #45
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AGuyFromCalg is from Canada & their financial / banking system may very well not be in the state of ruins as it is here in the U.S. The loan system could be completely different north of the border. I would argue though - just using common sense - that amortizing a rapidly depreciating asset over 20 years with no other means to secure the loan seems very risky for a bank.

AGuyFromCalg - What kind of interest rate did you get?
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Old 06-12-2012, 08:20 AM   #46
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Quote:
Originally Posted by paulmlac
AGuyFromCalg is from Canada & their financial / banking system may very well not be in the state of ruins as it is here in the U.S. The loan system could be completely different north of the border. I would argue though - just using common sense - that amortizing a rapidly depreciating asset over 20 years with no other means to secure the loan seems very risky for a bank.

AGuyFromCalg - What kind of interest rate did you get?
My interest rate is 5.1%.
I am planning to see if I can negotiate a lower rate later this summer.
Long term loans ( mortgages ) is very competitive market between banks here in Canada.
Yes our banking system is more regulated than the US banking system. That is why the Canadian banks weathered the banking crisis better than other banks
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Old 06-13-2012, 07:17 PM   #47
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My rate is 4.75, how much lower can we go you think?
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Old 06-15-2012, 07:47 PM   #48
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Quote:
Originally Posted by Aguyfromcalg View Post
My interest rate is 5.1%.
I am planning to see if I can negotiate a lower rate later this summer.
Long term loans ( mortgages ) is very competitive market between banks here in Canada.
Yes our banking system is more regulated than the US banking system. That is why the Canadian banks weathered the banking crisis better than other banks
Let me ask a question because on putting your info to some senior banking people they have some doubts on accuracy.

You may have a 20 year amortization BUT what is the term of YOUR loan? Many if not most mortgages in Canada (unlike the US) may have a payment based on a 25 year amortization table BUT the term of the mortgage is 5 years. That is, after 5 years the balance owing is due unless a new loan or extension is agreed to by the bank and that always involves and interest rate adjustment to reflect current market conditions.

IF, you have decent equity in your home and if you have a decent income from a job that is secure and IF your credit cards aren't run to the limit and you are only making minimum monthly payments then you can get a loan for a substantial value - BUT all those "ifs" have to fall into place. Or, if you have a portfolio of investments with a total market value that is substantial that also makes a difference. But a 25 year TERM loan for almost the full value of a motorhome is not something that the Alberta Treasury or TD is about to take on if the motorhome is the ONLY thing backing the loan - unless the bank officer granting the loan is a complete fool (yes, we have seen lots of those over the years)>
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Old 06-15-2012, 08:33 PM   #49
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Yes you are correct. It is a five year term.
When the term is done I have the option of paying it out, renewing for another five years or shopping for a better rate and terms with another bank.
I see from your profile that you are from Ontario.
I don't believe the banks in your province operate any different than in Alberta.
As I stated before I met the requirements to receive a loan from ATB Financial.
You may be right that the monies owed could be more than what my RV could be worth when the term is due but I don't foresee any problems with that. But your concern is appreciated.
Also I don't think I'm the only one who has been given a mortgage type loan for the purchase of an RV.
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Old 06-15-2012, 09:05 PM   #50
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Shadow
Yes you are correct. It is a five year term.
When the term is done I have the option of paying it out, renewing for another five years or shopping for a better rate and terms with another bank.
I see from your profile that you are from Ontario.
I don't believe the banks in your province operate any different than in Alberta.
As I stated before I met the requirements to receive a loan from ATB Financial.
You may be right that the monies owed could be more than what my RV could be worth when the term is due but I don't foresee any problems with that. But your concern is appreciated.
Also I don't think I'm the only one who has been given a mortgage type loan for the purchase of an RV.
My concern was not for you, since you have the money and ATB doesn't.

Years ago I did a security consulting job for AHSTF and they never struck me as people who throw away taxpayers money. They clearly made sure they collected a lot of info before making use of their funds. Sadly, that is not what was done in the US with respect to home mortgages and RV loans starting about 2002. Thus lots of junk ended up in the syndicated pools that were sold to pension funds and a host of buyers and a lot of money was lost. I sure hope we don't have to go through that again. If a bank or any lender does its homework and behaves like a prudent business person things should be OK. That did not happen in the US the last time around.

Don

ps. Banks are all federally chartered and are regulated by OSFI and depositors are protected by CDIC. ATB is an Alberta Crown Corp and is not under the OSFI/CDIC umbrella - which one can certainly argue is not necessary given it is an arm of government.
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Old 06-15-2012, 11:02 PM   #51
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Hi Don:
I usually do my banking with either TD or BMO so I sometimes forget that ATB is an Alberta Crown Corporation. Yes I agree with you that the loan officers do their due diligence when advancing a loan of any type. Was the loan officer diligent when he approved my loan? I believe he was. Do I believe he should have gave me this loan? Yes.
Should I always stay with this type of loan? No it will be prudent of me to find means to pay back the loan sooner than later. I believe you would agree with me on this point. I do believe your banking and financial knowledge is greater than mine and I wish I could give more insight to the how and why I receive my loan in the fashion that I did but unfortunately I can't.
Pat
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