Any recommendations on a financial institution that will refinance my Dutch Star??? Trying to get a lower interest rate obviously. Thanks for any advice on this matter.
iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!
__________________
2004 Fleetwood Pace Arrow 37c, 8.1 gasser, (Jezebel) Ultra RV ECM / TCM, plugs wires, and rear track bar, PPE deep Tx pan w/ temp gage, Bilstein's, Sailun's & Sumo's all round, pushed by a 2002 Grand Caravan, on a Master Tow Dolly OR a WR-250 on a rail.
Interest rates haven't significantly gone down over the past year or so and have steadily risen over the past ~4 yrs., so not sure where you'd find any rate reduction over a quarter or maybe a half percent or so. You might be able to extend the term, but the age of the unit will be a factor. First Internet Bank brokers a lot of MH financing, it couldn't hurt to inquire there anyway.
Did you finance that as new or used? 8% or so was the going rate for used last year and most wanted 40% down. For an RV after the challenge of getting to finance the next step is to figure out a way to pay it off as fast as possible. Any loan much over 5 years the interest eats much of the payment and the load value does not drop as fast a depreciation. Making extra payments goes to the principle and that goes down so does the interest cost. You should also be able to write off the interest cost on your federal taxes as a 2nd home.
__________________
Dennis
Bohemia NY
2008 Nimbus 342 SE Carlyle
I would probably wait as interest rates are still high, of course it wouldn't hurt to try but new rate my not be much lower than existing loan. As mentioned above you could try a different type of loan but even home equity loans are not coming down all that much either, I expect in another year or so we'll see interest rates coming back down.
Good Sam posts loan interest rates on their web site. Rates are dependent on credit score and amount borrowed. When I needed financing 17 years ago I used Bank of West because I did not want to sell any investments at that time. They have an active RV loan business still today. You may want to call some of the larger Class A retailers around the country as they may be able to arrange a refinancing as well. Local banks and some credit unions may be very competitive on rates if your credit quality is high.
Linear Mode
