Interest Rates

[Mountainmanbob]

Originally Posted by myredracer

If you can do it, try getting an equity loan on your house. Much lower rate.

that would be the best rate
running about 3.5 right now
plus
a good tax write off

Mountainman

[Capt. Mike]

Originally Posted by Mountainmanbob

that would be the best rate

running about 3.5 right now
plus
a good tax write off

Mountainman

I agree that a home equity loan would probably offer the best rate, but our home is paid off, and I'd just as soon not encumber it with a new mortgage. The extra point or point and a half from an RV lender like Band of the West or Good Sam would be worth it to me not to have the house mortgaged again. Besides, at this point, you can still write off the interest paid on the tt as a "second home".

[captbenjy]

5.2% from Advancial Credit Union for 15 years for me.

[Herk7769]

Recent posts have taken a turn that come close to prohibited speech on the board. ALL posters please take a moment to re-read what is permitted and what is not.

In addition, the posts add nothing to the discussion of interest rates asked by the OP. To avoid further degradation of the thread, these posts will be removed.
Thank you for understanding.

[Capsfloyd]

I would check around with other banks that deal in TT and motor homes ?
We bought from USA explore and they found the cheapest rate 5 % for 180 months MMB

[BnD]

Originally Posted by Capt. Mike

I've heard that credit unions offer lower interest rates than traditional banks. I checked with a local CU today about a rate for the new tt we have on order. I was quoted 6.45% for 60 to 120 months, 7.45% for 121 to 180 months. When I asked why so high, I was told that their aito rates are in the 2's, but RV rates are (and have always been with them) much higher than auto loan rates.

What kinds of interest rates are others seeing these days?

I have worked at a CU for 12 years and our camper/RV rates have always been higher. CU's generally don't like long term loans and that is why the interest rates tend to be higher (except around camper show time, then there are generally "specials" but I know my cu never goes over 84 months for under $30,000 financing).

On that note, we just got approved for 4.24% thru Citizens Bank. No fees, no prepayment penalty, and we got a 144 month term.

[Helmsey]

DW and just refinanced our 5er with our local credit union and got under 4% for 72 months, we were happy with that.

[Babygiz]

We just got 2.49% for 60 months with PenAir Federal Credit Union 2 weeks ago. We could not believe it.

[Mikedboyd]

our best rate we found was through the dealer (another reason to like them). 3.74% for 10 years, through US Bank.

[Cobrafan]

We just closed last week @4.75% with B of A for 15 years. 10% down

[Aquaholic]

Wow you folks in the US get some pretty nice rates. I thought we were lucky in getting 5.4 for 15 years through a major bank here in Canada.

[force]

I'm another @4.75% through BofA for 12 years, which is much better than the 7-8% range several local RV dealers quoted.

Some of these credit union rates you folks have posted are excellent, I probably should have researched that more. Ah well, another lesson learned...

I wanted to go the home equity route but with the house valuation drop the last couple years the math just didn't work out.

[autorot8]

If you use Costco, they have new and refi rates around 4%, from 7 to 20 years I believe. Plus, once it closes and funds, Costco will send you $100 Costco gift card.

[bcurvey]

local credit unions were not even close to banks in st. Louis region, got 4.24 thru citizens after working them back & forth against b of a they both started out around 4.97 on 120 month loan & we worked them against each other, did learn that when doing the loan paper work that whoever has the highest credit score needs to be primary applicant, even did to apps at b of a & got better rate of the go with the wife as primary & second , the lady at b of a said the go off the credit score of the primary & not combined, never new that! just a little fyi for everybody to help save a buck! then I work the to against each other to get the best rate possible.

[desman]

Canada here. 6% from Royal Bank on 5yr term. Open loan. $19,500 for 2013 Salem 26tbud...

[RV Man]

wow we got 2.40% from royal Bank Canada for 2 year term on $20,995

[2SGMRET]

Just bought a forester with a loan from BOA with a 3.99 interest rate for 240 months with 15% down.