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Old 05-27-2016, 02:51 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, 03:22 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, 03:32 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, 03:42 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, 04:12 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, 06:58 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, 07:06 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, 07:33 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, 08:58 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.
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Old 05-27-2016, 10:22 PM   #10
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Capt. Mike - Expected delivery in 10-12 weeks.
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Old 06-08-2016, 10:35 AM   #11
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Had the same offer 4000$ if I finance...yhen stuck for one year. That prevented me from ordering thru RVW - finally got the same price locally
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Old 06-08-2016, 09:56 PM   #12
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I saw one review in the dealer review threads about someone buying from them in a similar situation. Rates had gone up and he ended up a quarter of a point higher is all. In all likelihood not much of a difference most likely. Usually finding agreeable financing is part of the term, so if the rate is not agreeable to you, deposit is refundable. I'd ask about that.

True on keeping for one year though. They make you sign a note saying you will pay back, but they did beat local dealer by 4K on a TT I bought and local guy wouldn't budge.
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Old 06-10-2016, 07:55 PM   #13
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Originally Posted by Herk7769 View Post
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.

If you have good credit, you should be able to get a 3.9% loan. Check around a little more. We actually had the loan company call us and ask us what type of rates we expected to get. I said 3.9, and he said ok. Whole conversation lasted about 1 minute.
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Old 06-11-2016, 05:01 PM   #14
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We ordered our Vibe from RVW at the end of January. Put a $1,000 down to place the order and was quoted 4.59%. Went to pick up the unit on March 18th and was told the new rate was 5.24%. I said no thank you and got them back down to the 4.59%. I think that RVW has a bit of wiggle room to mess with the rate, so just stick to your guns!!!!
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Old 06-11-2016, 09:05 PM   #15
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Just took delivery of a new 2016 MH at the end of April. Got a rate of 3.99% with Bank of the West through the RV dealer, Lichtsinn RV in Forest City, Iowa.

Financed our 2015 Wildcat 282RKS with RVW to get a discount. They set up a 15 yr payment. Said I could change it after the 1 year was up. Called the bank, Ally, and they said to change the 15 year payoff would have to go through the dealer. Ally's customer service is in the Phillipines, they have no store front banks. Paid it off after the year was up, don't think I would do that again!
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Old 06-11-2016, 09:13 PM   #16
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Wow. I got 3% a month ago.

Check State Farm Bank. You don't have to be a customer of insurance. They offer free gap insurance. They weren't lowest rate when I bought, but very close.
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Old 06-12-2016, 05:34 PM   #17
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We purchased from RVW and we had a lower rate than originally quoted when we closed the deal.


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Old 06-13-2016, 09:28 PM   #18
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Credit Unions' Interest Rates beat banks most times...

I'm in a agreement with tdst51 about leveraging a good credit rating for lower rates.
Credit Unions have always been good to us so that's where we prefer to bank. We signed on our 2015 FR Sunseeker motorhome a week ago today at 3.33% for an APR of 3.72% with no prepayment penalty. Our lender is Solarity Credit Union, out of Yakima, Washington. Checking just now, Solarity is still showing 3.3% on their web page. Enjoy!
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Old 06-14-2016, 03:55 AM   #19
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RVW attempted to play the "rate" game with us and also pricing games in the past..........twice. I do not hold the holier than thou opinion of RVW as some on this forum do, and in their local market they are nothing more than another dealer when it comes to pricing. That's if you purchase there without having to take their financing "deal". Good luck.

Comparing finance rates means little unless your comparing the term and total amount financed also for that rate.
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Old 06-14-2016, 06:46 AM   #20
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With AC Nelson in Omaha, NE I used Centris Credit Union and got 5.49% back in September for 15 years on roughly 40k. Excellent credit rating. I am always hunting for a better rate to refinance and I am still looking.
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