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Old 03-04-2021, 03:43 PM   #1
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2021 RV loan rates and info

Hi all,
Researching loan rates for RV.
In my case looking at travel trailers. I have great credit and am looking to buy a TT.

I could pay cash but would like to keep liquid.

I'm thinking of a $25k trailer and putting down at least $10k.

I would like a short term 48 or 60 months if possible with the ability to pay off without penalty.

Appreciate any thoughts and advice. Thanks!
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Old 03-04-2021, 07:00 PM   #2
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I'm approved right now at 3.5% from a local credit union. Going to finance $16,000 and put $10,500 cash. I'm the same way, I could pay cash, but want to keep some in savings. Mine is a 60 month loan. I'm sure I could finance much more of the purchase and keep the same rate.

I'm in Oregon. 830 credit score.
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Old 03-04-2021, 07:18 PM   #3
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As an FYI to others I recently ran into a great deal on a dealer owned 2018 FR3. I was going to buy it but found out that because I own TWO RV's already no bank will loan on that. My FICO is 840. Even though I was going to trade the TT in it made no difference. Like the other poster here I was willing to put some cash in but still no deal. Now for the expected naysayers, if these people at my local dealer can not find a bank to loan for me, it probably is a national thing. The dealer told me about that problem in the initial discussion. Knowing my credit history, income, and credit worthiness they tried anyway. Oh well, we still enjoy the TT and Fifth wheel so will travel that way. And now I await the financial "experts" to make comments. Some love controversy.
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Old 03-04-2021, 08:05 PM   #4
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I have a mortgage, car loan, and RV loan on my credit report. The car loan and RV loan have both been paid off just waiting for them to drop off my credit report. I still got approved for their lowest interest rate even though I am currently unemployed and only listed my retirement for income.
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Old 03-05-2021, 04:02 PM   #5
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You could try Good Sam they do rv finance.
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Old 03-05-2021, 04:18 PM   #6
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As an FYI to others I recently ran into a great deal on a dealer owned 2018 FR3. I was going to buy it but found out that because I own TWO RV's already no bank will loan on that. My FICO is 840. Even though I was going to trade the TT in it made no difference. Like the other poster here I was willing to put some cash in but still no deal. Now for the expected naysayers, if these people at my local dealer can not find a bank to loan for me, it probably is a national thing. The dealer told me about that problem in the initial discussion. Knowing my credit history, income, and credit worthiness they tried anyway. Oh well, we still enjoy the TT and Fifth wheel so will travel that way. And now I await the financial "experts" to make comments. Some love controversy.
That's interesting. I've had loans on multiple vehicles, an RV and my house mortgage all at the same time. I wonder what the reasoning behind it is.
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Old 03-05-2021, 04:26 PM   #7
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That's interesting. I've had loans on multiple vehicles, an RV and my house mortgage all at the same time. I wonder what the reasoning behind it is.
Maybe they figure if things get tough and you already own two RVs outright their loan would be on the non paying end?
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Old 03-05-2021, 04:39 PM   #8
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In the past, if you could fog a mirror you could get a loan. As long as you don't over finance, seems banks will lend for anything. If you put enough down, they will approve your loan.
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Old 03-05-2021, 04:52 PM   #9
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Maybe they figure if things get tough and you already own two RVs outright their loan would be on the non paying end?
I guess, but that same reasoning could apply if you have multiple loans out on anything. Cars, boats, homes, personal loans, etc...

The post specifically said they already owned 2 RVs and that was the reason why they could't get a loan on another one.
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Old 03-05-2021, 05:04 PM   #10
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Originally Posted by NavyLCDR View Post
I'm approved right now at 3.5% from a local credit union. Going to finance $16,000 and put $10,500 cash. I'm the same way, I could pay cash, but want to keep some in savings. Mine is a 60 month loan. I'm sure I could finance much more of the purchase and keep the same rate.

I'm in Oregon. 830 credit score.
That's a darn good rate. I wonder if rates change by region? Here in Oklahoma 5.49% was the best I could find and most banks started at 6.00%. Back in 2017 when we purchased our first trailer we got 4.99% and that was the lowest rate at the time.

Most banks will tell you an RV is considered a luxury so the APR goes up compared to an automobile.
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Old 03-07-2021, 02:40 PM   #11
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Texas - 827 transunion score - 4.5% at dealer (financed through US Bank). The loan amount, term length, and down payment did not affect the APR.
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Old 03-07-2021, 03:01 PM   #12
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Originally Posted by Iwritecode View Post
I guess, but that same reasoning could apply if you have multiple loans out on anything. Cars, boats, homes, personal loans, etc...

The post specifically said they already owned 2 RVs and that was the reason why they could't get a loan on another one.

Correct Iwritecode. My dealer's management and financial department has been in the business a long time. They have good long term relationships with all national lenders for RV loans. And as I said, he told me beforehand that things had changed. But because he knew my financial picture, both vehicles paid for, large savings, good investments etc he would do his best. But, no bank would even consider it. New times, new policies.
And as I expected and stated, there are always those that will doubt and state the non-obvious. Now I wait to read a thread where someone owns three RV's and got this super loan deal.!!! LOL. SUch is life on any social media venue.
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Old 03-07-2021, 03:03 PM   #13
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In the past, if you could fog a mirror you could get a loan. As long as you don't over finance, seems banks will lend for anything. If you put enough down, they will approve your loan.

Well Bob, things and times are a changing.
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Old 03-07-2021, 03:05 PM   #14
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Quick disclaimer: I work for a major bank as a banker who specifically deals in lending.
There are a lot of factors that go into factoring your apr.
My suggestions -
Credit Union first because they typically have less restrictions on how they lend and to who, they also tend to have lower rates.
Know what your debt to income ratio is before going in to apply - most borrowers focus on credit score but your dti can also have a big impact.
This brings me to the third suggestion - Loan To Value - paying something on it will make this number lower which is more attractive to banks.

Good Luck!


For the poster who has 2 RVs already - perhaps use a home equity line of credit?
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Old 03-07-2021, 03:06 PM   #15
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Originally Posted by BM Welder View Post
You could try Good Sam they do rv finance.

I would never trust Good Sam with any of my personal information, especially financial.
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Old 03-07-2021, 03:26 PM   #16
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Quote:
Originally Posted by James Ww View Post
Quick disclaimer: I work for a major bank as a banker who specifically deals in lending.
There are a lot of factors that go into factoring your apr.
My suggestions -
Credit Union first because they typically have less restrictions on how they lend and to who, they also tend to have lower rates.
Know what your debt to income ratio is before going in to apply - most borrowers focus on credit score but your dti can also have a big impact.
This brings me to the third suggestion - Loan To Value - paying something on it will make this number lower which is more attractive to banks.

Good Luck!


For the poster who has 2 RVs already - perhaps use a home equity line of credit?

James Ww, thanks for your comments and suggestions. I only have a small mortgage and no other loans, above average income. so ratio is superb according to my financial planner. We came to think maybe it was a message from above. Did not need the FR3, just wanted it !!! LOL. The DW and I are happy with out TT. And as to Home Equity, never happen that I place my home above a RV. Never. Thanks again for your feedback.
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Old 03-07-2021, 03:30 PM   #17
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Originally Posted by Dirthawg_ View Post
That's a darn good rate. I wonder if rates change by region? Here in Oklahoma 5.49% was the best I could find and most banks started at 6.00%. Back in 2017 when we purchased our first trailer we got 4.99% and that was the lowest rate at the time.

Most banks will tell you an RV is considered a luxury so the APR goes up compared to an automobile.
My daughter got a loan from the same credit union to buy her 2014 Ford C-Max car from me. $5000 for three years at 2.19%!
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Old 03-07-2021, 03:49 PM   #18
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Originally Posted by Bob2019 View Post
In the past, if you could fog a mirror you could get a loan. As long as you don't over finance, seems banks will lend for anything. If you put enough down, they will approve your loan.
I'm adding that to my phrase bank. Good one!
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Old 03-07-2021, 04:09 PM   #19
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Another type of loan that was used sometimes in the past and finance companies referred to them as: "Liar Loans" Some of these finance companies couldn't care less, they knew if you defaulted, they got your house. Unbelievable. As the sergeant said on "Hill Street": Lets be careful out there!
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Old 03-07-2021, 04:22 PM   #20
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That's completely fair. I feel the same as you, but I never assume others priorities.
Also, you seemed financially responsible which is the only reason I suggested it...but you could be right, could be a sign from above lol

I do have one curiosity question - wondering why you have 2 campers?
Quote:
Originally Posted by waybeck2018 View Post
James Ww, thanks for your comments and suggestions. I only have a small mortgage and no other loans, above average income. so ratio is superb according to my financial planner. We came to think maybe it was a message from above. Did not need the FR3, just wanted it !!! LOL. The DW and I are happy with out TT. And as to Home Equity, never happen that I place my home above a RV. Never. Thanks again for your feedback.
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