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Old 05-27-2016, 03:51 PM   #1
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RVW financing rate

I'm about to sign on the dotted line on a new Forester 2401W from RVW in Ohio. As most know, they give a significant discount if you go with their financing. I have excellent credit and was quoted a 4.49% rate on the loan which I thought was ok. However I find that the pre-approval rate is good for only 30-60 days and my new rv is expected to be delivered after that time period. That means it's really up in the air as to whether the quoted rate will hold. My issue with this process is that once I sign the RVW contract I'm committed to the purchase but no guarantee of rate. Whatever the bank says is the going rate at the time is what I have to accept. It seems like a win-win for RVW and the bank, not so much for me. Is there anyone out there who has financed through RVW and the rate changed when you went to pick up the vehicle? Are most pre-approvals good for only 30-60 days? Seems crazy unless you're buying one on the lot.
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Old 05-27-2016, 04:22 PM   #2
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Originally Posted by rshellhammer View Post
I'm about to sign on the dotted line on a new Forester 2401W from RVW in Ohio. As most know, they give a significant discount if you go with their financing. I have excellent credit and was quoted a 4.49% rate on the loan which I thought was ok. However I find that the pre-approval rate is good for only 30-60 days and my new rv is expected to be delivered after that time period. That means it's really up in the air as to whether the quoted rate will hold. My issue with this process is that once I sign the RVW contract I'm committed to the purchase but no guarantee of rate. Whatever the bank says is the going rate at the time is what I have to accept. It seems like a win-win for RVW and the bank, not so much for me. Is there anyone out there who has financed through RVW and the rate changed when you went to pick up the vehicle? Are most pre-approvals good for only 30-60 days? Seems crazy unless you're buying one on the lot.
Both our banks only lock in rates for 30 days.

So, what to do? I would go with the RVW rate and look at rates from other sources (credit unions or your bank) as delivery gets close. Make sure the RVW loan is simple interest so you can pay it off by switching to another lender.

My last car loan was switched 2 times in a week.

The Pre-approved rate from my bank (USAA) was beaten by the GMC dealership at closing; and then my credit union (NFCU) offered an even better rate with a $500 principle "reward" for switching it to them.

All in all a very profitable week.
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Old 05-27-2016, 04:32 PM   #3
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The loan must be kept for a year or you loose the additional discount, which in my case is $4000.
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Old 05-27-2016, 04:42 PM   #4
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The loan must be kept for a year or you loose the additional discount, which in my case is $4000.
On the plus side, 4.49% is a pretty darn good rate for an RV.
I doubt they will change all that much unless something terrible (depending on whether you are a borrower or saver) happens with interest rates.

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Old 05-27-2016, 05:12 PM   #5
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Yea, I thought the rate was ok. I just have a bit of a problem signing a contract that is open ended and curious whether others with those loans actually had their rate increased when they showed up for their PDI. It still seem crazy that you get a pre-approval for a loan that doesn't cover the time it takes to deliver the product.
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Old 05-27-2016, 07:58 PM   #6
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Don't get started about RVW...but I will say 4.5 is good for an RV. We went with our credit union at 5.5 and they to only did 60 days, which got us in a pretty tight spot, and was some of my issue with RVW. They did tell me that when they handle the financing all they do is resubmit the new date, and that they rarely have any issues. But they told me a lot of stuff that didn't hold true.
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Old 05-27-2016, 08:06 PM   #7
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look to couches . no finance BS to get a deal . bet their price beats RVW with out needing to finance through them . you have to wonder how much RVW makes on these loans . they do not discount unless you finance . but that discount price is what it should be sold for weather cash or credit . so no finance they make an extra $4000. over what you can get the unit for at couches and if you do finance they must get a kick back to encourage financing
it's a numbers racket
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Old 05-27-2016, 08:33 PM   #8
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We were quoted 4.49 through Bank of the west (where I had my previous trailer financed) when we ordered our new 5th wheel on march 7. When we actually closed and took delivery of the new unit on May 10, it was 4.49, but through a bank in Benton, KY. Makes no difference to me where I send my money. As Herk says, unless something terrible happens between now and the delivery date, rates are likely to remain pretty much as they are...maybe even drop a tad...as the election nears.

BTW, I had the same deal on my truck...had to keep the financing in place or lose the "incentive", but in my case, it was only 6 months. Shopping around for new financing deal for my truck right now.

How long are they estimating until delivery?

Good luck.
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Old 05-27-2016, 09:58 PM   #9
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We've bought two $ 40k ish fivers from rvw in the last three years and financed both thru them using Bank of America. Great rate, no surprises, and we were very happy with both purchases.
Happy Campin!
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Old 05-27-2016, 11:22 PM   #10
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Capt. Mike - Expected delivery in 10-12 weeks.
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