# Interest Rates On New Rv's??



## Sir Campselot (Feb 15, 2009)

Greetings,

Just wanted to get some input on what those of you that have or are in the market are seeing in regards to interest rates. I do not want to run around having my credit pulled anywhere else unless they may be more competitive as this brings down your credit score. Any suggestions or alternate options would be appreciated.

Thanks,
Curtis


----------



## mmblantz (Jul 1, 2007)

When I got mine it was 7% even for 120 months through regions bank and is now paid off. Home Equity loans are way low right now if you can qualify. Mine is sitting around 3% even.







---Mike


----------



## Nathan (Jan 2, 2007)

Last fall you couldn't get one below 8% from what I saw.









Going the Home equity route often gets you lower rates, but then you have to have equity in your home, and that is getting tougher by the day...








Of course as my DW puts it, that way if you lose your job they can take the home and you can live in your trailer. I suppose that is one way to get enough vacation time to travel the country....


----------



## Y-Guy (Jan 30, 2004)

If you are a Credit Union member check with them first. If you know your FICO score tell the person when you call in and they should be able to give you a better guesstimate. Same goes for places like eRVLoans or Essex. Our CU shows 4.99% - 10.49% for 80% financing and 5.49% - 10.99% for 100% going up to 66 months.


----------



## TitanFlyer (Feb 5, 2009)

I wanted to pay cash (hate loans) for the new Outback we just bought, but my wife is much wiser than me and said that until the economy gets better and we aren't AS worried about anything happening, she would rather have the money in the "just in case" account.

We borrowed 90 percent of the value of the trailer and the terms were 7.9 percent interest for 12 years. It makes my butt clench thinking of how much interest that is over the life of that loan, but it won't get past a year or so and its deductible anyway. Banks are more than willing to loan money to people right now, but they are actually looking at the people they are lending to before writing checks...of course they are only lending you the money that they got in bail out, which was yours once before anyway...

James


----------



## cabullydogs (Jul 12, 2008)

We locked in a rate of 7.25 for 100% financing on our unit last July.


----------



## mmblantz (Jul 1, 2007)

Don't forget to write off your interest on your RV loan...totally legal, the IRS views it as a second home.----Mike


----------



## cabullydogs (Jul 12, 2008)

Absolutely took advantage of the write off! Thanks!


----------



## puffer (Aug 28, 2008)

Last fall at our local bank (Chemical Bank) locked in 6.5% 100% financing.


----------



## cabullydogs (Jul 12, 2008)

puffer said:


> Last fall at our local bank (Chemical Bank) locked in 6.5% 100% financing.


Lucky!









But I though Chemical Bank was the imaginary bank that Seinfeld's grandmother used to write him checks for his birthday every year, that he finally cashed, causing an overdraw, forcing his grandmother to head out into the city, worrying Uncle Leo. Phew....


----------



## thevanobackers (Nov 11, 2007)

we got ours at 6.75% in 2007 from GEMB for 10 YRS.


----------



## bradnjess (Mar 25, 2007)

Y-Guy said:


> If you are a Credit Union member check with them first. If you know your FICO score tell the person when you call in and they should be able to give you a better guesstimate. Same goes for places like eRVLoans or Essex. Our CU shows 4.99% - 10.49% for 80% financing and 5.49% - 10.99% for 100% going up to 66 months.


Definatly check out the Credit Unions first, most have very lax membership requirements so that shouldn't be an issue. We originally financed through one of the "Big banks" at 6.9. I was on the phone with a woman from my credit union one day about something unrelated and we got to talking. She and her family had recently purchased a Keystone Hornet. Later that day she called me back and asked if I'd be interested in bringing my rv loan to the CU if they'd drop my rate to 6.0 % for the same term. The answer was definatly yes, I'd rather spend my money locally than send it to a big bank. After all I haven't heard of any Credit Union bailouts. Come to find out the loan they were offering me wasn't even an advertised product, they basically created it for me to get my business. Good luck,

Brad


----------



## justinsnow0 (Feb 5, 2007)

2/16/08 finanaced 30,000, 2,000 down and got 7.49 for 180 months (274 a month) through Eastern Bank,

6/10/08 Refinanced at 6.6% for 180 months (260 a month) from state farm bank. If you have state farm, I would look into it as they have automatic GAP insurance at no cost. It's part of the loan.


----------



## California Jim (Dec 11, 2003)

I'm very conservative about home equity loans, but when used responsibly they can be a great tool. As mentioned, they are running about 3% right now for a typical adjustable that is tied to the prime rate. With the economy the way it is, the prime is not going to rise a notable amount any time soon. And even if it went up 5% which would be unheard of, you would be right where most loans are now.

Also, because this is now considered mortgage interest it's 100% deductable on your taxes.

Just a thought and worth what you paid for it


----------

