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Old 01-05-2018, 08:48 AM   #1
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New RV interest rates??

I am sure this topic comes up often, but I have not found a recent thread.

I have been calling a few banks to get quotes on interest rates. The lowest I have found is 4.99% most banks are in the 5.49-5.99% with a credit score of over 800. The dealerships I have been in contact with quote me 5.99%.

Just wondering if anyone recently got a better rate than 4.99%? Once I get the best rate, I'm going to get pre-appoved through the financial institution and take it to the dealer. I am going to let them meet or beat the rate.

Looks like 5.49% is average? If 4.99% is a great rate, I will go that route.
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Old 01-05-2018, 09:12 AM   #2
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not sure how much help this will be, but I got 3.49% on a 10 yr loan last October from my credit union up here in MN on a new 2018 grey wolf 23mk. Federal Reserve rate increased .25% in Dec, so that will also effect current rates.
Good Luck
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(it was SharePoint Credit Union, I think they have 3 offices)
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Old 01-05-2018, 10:50 AM   #3
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Really depends on the term length too. Just 2 weeks ago we finalized ours at 4.49 for 7 yrs. That was through dealer using US Bank. Local credit union for same term was 4.35 which only amounted to $100 over life of loan so dealer waved a few things on their end which ultimately beat the local credit union in overall cost so thatís why we decided to just work with the dealer bank. Now if we could have done a 5yr term our local credit union was 3.1% but we just couldnít pull that payment.
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Old 01-05-2018, 10:55 AM   #4
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Back in Oct I got 3.99% on a 7 year note through my credit union.
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Old 01-05-2018, 12:25 PM   #5
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Here are the current rates at our credit union. Credit Unions seems to be the best rates for RV loans.

12-36 months
New 1.790%
Used 1.790%


48 - 84 months
New 2.500% - 3.750%
Used 2.950% - 4.450%
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Old 01-05-2018, 01:46 PM   #6
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I wouldn't pay more than 4.25% for a new rig on 7yr loan. Try Alaska Federal, they might even do 10 year aat 4.25%.
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Old 01-05-2018, 01:50 PM   #7
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The dealer should be able to get better than the published rate. Alaska Federal is publishing 4.9%.
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Old 01-05-2018, 02:03 PM   #8
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Just a small note. While the dealer is quoting you the 4.99, he is probably getting a better rate than that. (he gets paid to bring financing business) so while he may not move on the rate, force him to either cut a better deal (price wise) or throw something extra into the deal(a portable Jenny, or a bike rack or a hitch etc.).
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Old 01-05-2018, 02:19 PM   #9
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We financed our rv through Alliant Credit Union. Its entirely an online bank. We applied online and communicated by email. They offer a 3.74 percent for up to 10 years. Its based in Chicago. They send the check next day so they're fast and communication with them is very good. The credit union we use all the time offers a rate of 8 percent which is very high.
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Old 01-05-2018, 02:40 PM   #10
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As a long Time Credit union member and member of the cu board I would never go to a bank. Credit unions are nonprofits and will most likely always have the lowest rates. We were doing 1.9. keep in mind the dealer gets a split from the bank. That split amounts to a presentage of the rate.
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Old 01-05-2018, 02:51 PM   #11
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Quote:
Originally Posted by Captain America View Post
I am sure this topic comes up often, but I have not found a recent thread.

I have been calling a few banks to get quotes on interest rates. The lowest I have found is 4.99% most banks are in the 5.49-5.99% with a credit score of over 800. The dealerships I have been in contact with quote me 5.99%.

Just wondering if anyone recently got a better rate than 4.99%? Once I get the best rate, I'm going to get pre-appoved through the financial institution and take it to the dealer. I am going to let them meet or beat the rate.

Looks like 5.49% is average? If 4.99% is a great rate, I will go that route.
Rates are on the increase I guess
We bought 2 years ago and BOA gave us a rate of 3.5% with 25% down
More u put down the better the rate
Good luck and let us know
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Old 01-05-2018, 02:51 PM   #12
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For those folks that may have money saved at a credit union, and enough to cover loan is the best route to borrow your own money. I did mine that way at a 3.20% and the money less interest goes back into your savings. I had a 6 year loan it's now paid off thanks to Chevy Volt giving me a $7500 tax credit. Later RJD
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Old 01-05-2018, 02:57 PM   #13
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Originally Posted by popeye305 View Post
As a long Time Credit union member and member of the cu board I would never go to a bank. Credit unions are nonprofits and will most likely always have the lowest rates. We were doing 1.9. keep in mind the dealer gets a split from the bank. That split amounts to a presentage of the rate.
You're absolutely correct about credit unions being the best financial institutions. We use ours,Fort Worth Community Credit Union, for everything financial. I don't understand why more people don't use them.

Plus we don't think you get the same friendly feeling when dealing with those big banks that you do when dealing with our CU.

Just my two cents.
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Old 01-05-2018, 02:57 PM   #14
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I am a member of four Credit Unions. All are well-known here in the NC area and all have horrible rates for RVs. They just care to deal with them I guess.

Bank of the West has been my best bet for the past three RVs we've had. We have outstanding credit and the best I can ever get is 4.99%. Just another part of the RV life I guess.
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Old 01-05-2018, 03:16 PM   #15
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Keep in mind the finance dept is a profit center for the dealer just like sales, service, and parts. I worked in the auto business for a long time. There is also lots of dealer profit in extended service plans, towing plans, fabric guard, etc.
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Old 01-05-2018, 03:19 PM   #16
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I should have pointed out that the cu laws and rules vary from state to state and some are federally chartered and some are state chartered. I know in Michigan they are very popular but in Florida they are hard to find. I can only guess it’s a regulation thing.
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Old 01-05-2018, 04:00 PM   #17
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If you are a member of Costco, try them as well. Yes they do refer you to a lender with Costco rates.
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Old 01-05-2018, 04:24 PM   #18
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my credit union was the highest in the area for an RV loan. I assume they did not want to do it.

Their rates for everything rose recently. I think the prime went up.
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Old 01-05-2018, 04:26 PM   #19
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Two pages and I haven't seen any mention of loan amount, though I could have missed it. The rates vary a ton based on the amount of the loan. The more you borrow, the lower the rate. Most RV loans are capped at $10,000 ... you cannot borrow less than that.

For that amount, Wells Fargo's range was 11.xx - 18.xx% for 10 years. If your credit is poor, it's similar to using a credit card ... which is just crazy. I qualified for the lowest rate, which was only around 11.1%. Yippee.

GoodSam/Essex/Bank of the West was 6.99%.

US Bank never got back to me. Then I got tired of looking around.

I went with Bank of the West at 6.99% with credit score in the low 800s.
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Old 01-05-2018, 04:52 PM   #20
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Credit Unions Best Choice

Quote:
Originally Posted by stillontheroad View Post
Just a small note. While the dealer is quoting you the 4.99, he is probably getting a better rate than that. (he gets paid to bring financing business) so while he may not move on the rate, force him to either cut a better deal (price wise) or throw something extra into the deal(a portable Jenny, or a bike rack or a hitch etc.).
X2 My Dealer told me 3.9 I checked with my Credit union and they quoted 2.80 So i called the dealer and told him I was going through my credit union. When I got to the dealers who was 50 miles away he had the loan all set up at 2.90 through the same credit union. I learned years ago that most Dealers who furnish the loan get a kickback and make money. Credit unions are your best choice.
Mel
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