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Old 12-02-2021, 02:30 PM   #1
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Where is Everyone Getting Their Financing?

We are moving from one class A DP to another and it looks like the rates have jumped up over a percent. Previously we were at 2.99 but everything we see now is over 4.00. Anyone getting any better rates? If so where?
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Old 12-02-2021, 06:07 PM   #2
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I thought rates where based off you credit rating and how much you were borrowing. I do know you get a better rate buying new.
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Old 12-02-2021, 08:56 PM   #3
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I can't tell you what their rates are but You may want to contact Excel Credit

I used them about five years ago and they gave me the best rate I could find at the time and were very easy to deal with.
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Old 12-03-2021, 12:06 AM   #4
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Check with FMCA as they have a connection with a finance company. Can't tell you the rates but can't hurt to make a phone call. I have used USBank for the last two coaches and have been very satisfied with the rates.
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Old 12-03-2021, 05:11 AM   #5
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Check with FMCA as they have a connection with a finance company. Can't tell you the rates but can't hurt to make a phone call. I have used USBank for the last two coaches and have been very satisfied with the rates.

Thanks. I will give them a try. US Bank is who our current loan is with. The dealer took care of the loan however since they don't have any branches near me they can't offer financing.
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Old 12-03-2021, 05:34 AM   #6
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Thanks. I will give them a try. US Bank is who our current loan is with. The dealer took care of the loan however since they don't have any branches near me they can't offer financing.
There was a "discount" for financing with the purchase so when I bought the boat I used US Bank, and with the Omni, Bank of the West. Those were the banks that gave the dealers the "kickback". Both loans I paid off after a few payments. Best financing for an RV is SELF financing. In my opinion, toys shouldn't be financed. That is especially my opinion and practice now that I'm just a bit older. I hate payments, and especially ones that take money from me, interest. I have no interest in paying interest. That means that I don't get to practice what's become prevalent in today's society, have it all have it now. So you say that's not practical, well my titles are in my file cabinet and that's worth a lot to me. Makes taxes annually simpler too.
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Old 12-03-2021, 08:53 AM   #7
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My camper is financed through US Bank as was the one totaled for hail damage. US Bank has a penalty if you payoff in the first 3 years. However, they waive the penalty in cases like ours where it was totalled. The penalty is based on a % of what you owe on the trailer, my understanding is, if I have paid the trailer down to $100, and then request a payoff, the penalty is a % of $100.00.

I wish I could have gotten a 4% on my TT, but I think the amount financed influences the rate as well. We had to finance at least $12K to get as low a rate as we received. I think we are at 6%.

My home loan refinance was just sold to US Bank, so I guess I have been adopted into their family.
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Old 12-03-2021, 09:36 AM   #8
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Originally Posted by Too Slow 90 View Post
We are moving from one class A DP to another and it looks like the rates have jumped up over a percent. Previously we were at 2.99 but everything we see now is over 4.00. Anyone getting any better rates? If so where?
I do think 4+ on interest rates is where we are. If you have a wealthy relative, that may be an option.

But you have to do it right. That means not just a handshake. Go to an attorney and have it written up properly and you must treat the loan as a serious thing with full protection for the lender if you default. There is no law governing rates on private loans, so you could have huge savings.

However, be ready to perhaps have family problems because of the loan. Some go into it thinking that itís only family and I donít need to repay that. Maybe itís not a good idea. Hmmmmm.
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Old 12-03-2021, 10:05 AM   #9
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There was a "discount" for financing with the purchase so when I bought the boat I used US Bank, and with the Omni, Bank of the West. Those were the banks that gave the dealers the "kickback". Both loans I paid off after a few payments. Best financing for an RV is SELF financing. In my opinion, toys shouldn't be financed. That is especially my opinion and practice now that I'm just a bit older. I hate payments, and especially ones that take money from me, interest. I have no interest in paying interest. That means that I don't get to practice what's become prevalent in today's society, have it all have it now. So you say that's not practical, well my titles are in my file cabinet and that's worth a lot to me. Makes taxes annually simpler too.
What he said. I do the same buying anything from the dealer. I make sure I have the cash to pay, then finance to let the dealer get the kickback, then read the finance contract. Some have penalty's for early payoff. Most common I have seen is after 60 or 90 days there is no penalty.

If buying from private party, I just write a check.
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Old 12-03-2021, 11:03 AM   #10
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Great initial question because with all three of my motor homes I've tried to source my own financing to no luck getting anything better than what I could negotiate from the dealer. Today I am with USBank as others have stated because I could get the best rate through them with the dealer I bought my rig from, RVOne. My previous rig was through Bank of The West and I contacted them to see what rate I could get one on one with them and it was through the roof.

Why isn't there more financing options in the RV industry?
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Old 12-03-2021, 02:45 PM   #11
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There was a "discount" for financing with the purchase so when I bought the boat I used US Bank, and with the Omni, Bank of the West. Those were the banks that gave the dealers the "kickback". Both loans I paid off after a few payments. Best financing for an RV is SELF financing. In my opinion, toys shouldn't be financed. That is especially my opinion and practice now that I'm just a bit older. I hate payments, and especially ones that take money from me, interest. I have no interest in paying interest. That means that I don't get to practice what's become prevalent in today's society, have it all have it now. So you say that's not practical, well my titles are in my file cabinet and that's worth a lot to me. Makes taxes annually simpler too.
Financing a big item when you have the assets to pay cash sometimes makes sense. If you are making 5-10% return in the stock market, why would you liquidate enough to pay cash to avoid paying 4% interest? Now that's just plain poor asset management.
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Old 12-03-2021, 05:11 PM   #12
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Another comment:

I tried financing through Wells Fargo and through State Farm. One of them was in the midst of some sort of change and was temporarily not offering loans, I think that was State Farm. The other one was way too high an interest rate.

Goes to the whole issue of limited options.
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Old 12-04-2021, 06:00 AM   #13
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Financing a big item when you have the assets to pay cash sometimes makes sense. If you are making 5-10% return in the stock market, why would you liquidate enough to pay cash to avoid paying 4% interest? Now that's just plain poor asset management.

You hit the nail on the head. I understand the drawer of titles and have one as well however I do believe there are better opportunities in other financial segments now. 4% is still pretty cheap money when considering other investments. I assumed the dealer would provide the best rate but I thought it best to gather a few opinions.

We have historically paid cash and for the most part purchased used however today the used market is so inflated it does not make sense. Before we bought our new Ventana we looked at several older DPís. The owners were typically firm at high retail. We purchased new for within $20K of a used unit. Our Ventana had most of the same options as the used coaches and we were able to get the new warranties. A brief look at the used market now shows it still the same. Many will say wait for the economic downturn and used units will be available but Iím not waiting for that. There is too much to see and Iím not getting any younger.

I know itís skewed from my question but thanks for all of the replies.
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Old 12-04-2021, 06:39 AM   #14
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You hit the nail on the head. I understand the drawer of titles and have one as well however I do believe there are better opportunities in other financial segments now. 4% is still pretty cheap money when considering other investments. I assumed the dealer would provide the best rate but I thought it best to gather a few opinions.

We have historically paid cash and for the most part purchased used however today the used market is so inflated it does not make sense. Before we bought our new Ventana we looked at several older DPís. The owners were typically firm at high retail. We purchased new for within $20K of a used unit. Our Ventana had most of the same options as the used coaches and we were able to get the new warranties. A brief look at the used market now shows it still the same. Many will say wait for the economic downturn and used units will be available but Iím not waiting for that. There is too much to see and Iím not getting any younger.

I know itís skewed from my question but thanks for all of the replies.
You make and add to several important points. Waiting?? For the cows to come home? Time is short, course that's relative. Us, we have a few years left to travel so we need to do those things now and soon. Used pricing is exceptionally crazy and yes a new might be even cheaper, less expensive, than a newer used. A unit sitting on a lot for a couple months gets less expensive. Only thing with new, as we well know, you the original buyer get to sort through all the factory deficiencies. All factories have QC issues.

IF a person is financially responsible an HLOC can be used. Only for the financial responsible because it could jeopardize your house. I have used that line of credit as a temporary financing avenue that gets paid off quickly.

Dealers have "arrangement", kickbacks etc. to get better rates than us the consumer. I won't accept a loan with a prepayment penalty and that has to be disclosed when financing. Truth in Lending. Exception is if it only asks for a few payments then I might. Bank of America had a 6 payment requirement, but I merely paid most of the principal immediately. In that case financing reduced the purchase price by a couple K as I recall. Boat purchase 3 years ago.
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