Reply
 
Thread Tools Display Modes
Old 10-08-2013, 12:45 AM   #11
Member
 
Join Date: Oct 2013
Posts: 78
Last week my Texas dealer told me "between 5 and 6%" when I first arrived. Later, I found out that the best they are giving anyone is 5.99. I guess they told the truth, in a (ahem, car dealer) manner of speaking.


BOA was more, AND had a $395.00 loan origination fee that sorta slipped their mind during our first conversation.
__________________

__________________
woozy is offline   Reply With Quote
Old 10-08-2013, 06:49 AM   #12
Senior Member
 
EJM4's Avatar
 
Join Date: Jul 2012
Location: Mechanicsburg - PA
Posts: 512
I think a lot depends on what size dealer you are using. I know some of the smaller dealers will run your credit and send it to some lenders. Some of the larger dealers get a block of money, then they run your credit and sell you the $$ at a certain interest rate.
__________________

__________________
Earl
2013 Berkshire 390BH / 360hp
EJM4 is offline   Reply With Quote
Old 10-08-2013, 07:24 AM   #13
Junior Member
 
JEFF1508's Avatar
 
Join Date: Sep 2013
Posts: 29
Just last week-Fulton Bank RV Loan 5.99 12 years
__________________
1999 Dodge Ram 1500 5.9L 90,000 miles
2014 Grey Wolf 26DBH
Loca
tion: Lewisburg, PA

JEFF1508 is offline   Reply With Quote
Old 10-09-2013, 06:18 AM   #14
Junior Member
 
Join Date: Oct 2013
Posts: 2
I know peoples needs are different and I'm no accountant but the beat thing to finance would be to refi your home at maybe 4% and take out up to 80% in equity then buy the RV. This way not only is it less unrest you pay back but its tax deductible since its tied to your home.
__________________
Copeland is offline   Reply With Quote
Old 10-09-2013, 07:10 AM   #15
Senior Member
 
Join Date: Mar 2011
Posts: 249
Shop around you would be surprise in the different rate amount banks and creit unions in your area. I found anywhere from 3.99 at Sharefax credit union in cincinnati for 10 years to 7+ at other credit unions and banks. Only takes a few minutes to call and get rate and terms especially if you know your credit score. If your in indiana or Michigan call chiphone credit union best rates around but couldn't get them to loan money to a neighboring buckeye.
__________________
CincyED is offline   Reply With Quote
Old 10-09-2013, 07:51 AM   #16
Site Team - Lou
 
Herk7769's Avatar
 
Join Date: Oct 2009
Location: South Eastern PA
Posts: 21,169
Quote:
Originally Posted by Copeland View Post
I know peoples needs are different and I'm no accountant but the beat thing to finance would be to refi your home at maybe 4% and take out up to 80% in equity then buy the RV. This way not only is it less unrest you pay back but its tax deductible since its tied to your home.
I realize this is your first post, and you admit you have no tax or financial training, but IMO, borrowing on your home to buy anything that depreciates is bad advice.

In addition since an RV has all of the features of a second home, it (and boats with a galley, head, and bed) is considered a "second home" and all interest is tax deductible anyway. (as long as you are below the debt level where second home interest is tax deductible - currently 1.1 million in total debt).

AND

The loan is secured by the RV and you are not already reporting interest on a main and second home.

You usually need to check - "I did not receive a 1098 for this interest" on your tax return.



https://turbotax.intuit.com/tax-tool.../INF12015.html
__________________

Lou and Laura with Bella - German Short Hair Pointer
2008 GMC Sierra 2500HD Crewcab SB Allison Duramax
2010 Flagstaff 8526RLWS - Superglide 3300
HAM CALLSIGN - KC3FFW
Herk7769 is offline   Reply With Quote
Old 10-30-2013, 01:15 PM   #17
Junior Member
 
Join Date: Sep 2013
Posts: 2
I feel lucky as well...my credit union gave me 2.74 for 10 years on a new Georgetown.
__________________
ahargrav is offline   Reply With Quote
Old 10-30-2013, 02:18 PM   #18
Senior Member
 
Join Date: Mar 2011
Posts: 249
Were are you located? What credit union may I ask?
__________________
CincyED is offline   Reply With Quote
Old 10-30-2013, 02:34 PM   #19
Senior Member
 
Old car's Avatar
 
Join Date: May 2011
Location: south Kansas City area
Posts: 1,288
We originally used dealer financing but then found out that Costco Wholesale Club has an affiliation with a finance company. We refinanced our unit this past spring and dropped 3 years off the term and kept our payment the same. They also offer new RV purchase loans as well.
__________________

Randy and Patty
2015 Sabre 33 CKTS-6 Platinum Edition
Reese 16K Slider hitch
2015 GMC Sierra 3500HD diesel dually
Old car is offline   Reply With Quote
Old 10-30-2013, 04:31 PM   #20
Senior Member
 
Join Date: Apr 2011
Location: Splendora, Texas
Posts: 1,229
I just read that B of A is getting out of the RV loan business. I would get rates from Good Sam and Bank of the West and use them to see if the dealer can beat those rates. As you get near $30,000, they will go 15 or even 18 years. The higher the amount financed the lower the interest rate from the larger lenders, Good Sam, Bank of the West (which was the largest RV finance bank). The interest on RV loans is also tax deductable because they are considered second homes. I would not take out a home equity loan on my paid for ranch with home and barns etc. to pay for an RV. What if something happend and I could no longer pay for the loan, they would take my ranch. With an RV loan they would take back the RV.
__________________

__________________
whj77372 is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



» Virginia Campgrounds

Reviews provided by




ForestRiverForums.com is not in any way associated with Forest River, Inc. or its associated RV manufacturing divisions.


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -5. The time now is 10:33 AM.