current loan rates

[slavka]

Hi Everyone..

our Sunseeker 2400W is not too far away from being complete (so excited.. our first RV), and we are figuring out loans right now.

both goodsam and essex are at 4.79 right now for 20yr 70K loan. (great credit score)

googling for loan providers shows me few credit unions and their rates are crazy .. close to 10%

usbank and bank of the west are about 6ish .. when called them directly

wanted to check in and see people are paying for loans right now ? is 4.79 a good deal or others getting better ones somewhere else ?

thanks

[Alan F]

Originally Posted by slavka

Hi Everyone..



our Sunseeker 2400W is not too far away from being complete (so excited.. our first RV), and we are figuring out loans right now.



both goodsam and essex are at 4.79 right now for 20yr 70K loan. (great credit score)



googling for loan providers shows me few credit unions and their rates are crazy .. close to 10%



usbank and bank of the west are about 6ish .. when called them directly



wanted to check in and see people are paying for loans right now ? is 4.79 a good deal or others getting better ones somewhere else ?



thanks

4.15

[slavka]

Originally Posted by Afelumlee

4.15

where ?

[GL1800Rider]

State Farm Bank as low as 4.39 with auto pay.

[BandJCarm]

3 with BOA a year ago. Dunno now. That's with a credit score of 8 million or so (lots of debt, pay on time! LOL)....

Online info for rates are meaningless. Too dependent on your personal situation. Those rates are "rack rates".

I'd get pre-approved BEFORE I bought, then decide. State Farm Bank is good, usually with bundled Gap insurance. But no one can answer for you.........depends on your debt ratio, credit score, amount of debt, income, age, location..........

[slavka]

Originally Posted by BandJCarm

3 with BOA a year ago. Dunno now. That's with a credit score of 8 million or so (lots of debt, pay on time! LOL)....

Online info for rates are meaningless. Too dependent on your personal situation. Those rates are "rack rates".

I'd get pre-approved BEFORE I bought, then decide. State Farm Bank is good, usually with bundled Gap insurance. But no one can answer for you.........depends on your debt ratio, credit score, amount of debt, income, age, location..........

getting pre-approved works if I'm going to pick up the RV from a dealer that is already there (no orders)..

pre-approvals are valid for 60 days or so ... We ordered ours in March, and will not pick up until mid/late June.

running credit (and applications) also hinders credit score.. so one would typically want to do this all at once, and run credit from multiple lenders at approx the same time.

Thus we waited closer to delivery day .. but, alas, rates are going up.

[Alan F]

Originally Posted by slavka

where ?

BOA received at the RV Show in Hershey last year.

[slavka]

to keep this thread updated.

best rate I was able to find so far is 4.74% and thats going with dealer financing ..( which would be with BofA )

[MILover]

Have you checked out Light Stream? They are an online lender that is a division of Sun Trust bank. They cater to those with excellent credit, so if you fall into that category, you can get amazing rates. Our truck loan is through Light Stream, and we have no complaints. However, I'm not sure if they offer 20-year loans. It's worth checking though.

[KyleStout]

Seems like RV's have a steep rate of depreciation... I don't think I'd take out a loan to buy one.. Save up and pay cash!

[325BH]

Originally Posted by KyleStout

Seems like RV's have a steep rate of depreciation... I don't think I'd take out a loan to buy one.. Save up and pay cash!

LOL, not really an option for most people. Although it makes most sense financially, if I had to save up for every major purchase, everything I do in life would be put on hold for years.

It is just money and you can't take it with you. Life if too short to put off enjoying it.

[Mountndream]

Really sick of hearing that I should pay cash for everything. That advice is wrong in so many situations. Esp when one factors in cost of opportunity, what one could do with the money etc.

I am not advocating putting everything (or many things) on credit, but sometimes, Financing is your friend

[325BH]

Originally Posted by Mountndream

Really sick of hearing that I should pay cash for everything. That advice is wrong in so many situations. Esp when one factors in cost of opportunity, what one could do with the money etc.

I am not advocating putting everything (or many things) on credit, but sometimes, Financing is your friend

Totally agree.

I have a damn good job, as does my wife. Saving up for a $70k purchase still isn't realistic.


I financed our $40k rig. Saving up for it would save a ton of money but take 9 years to do so. By then, the kids will be gone and we would miss out on many experiences. Plus, we generally pay down the principal when opportunity presents itself... but is hard to plan for (if trying to save).

The same logic can be applied to most every major purchase. Would I like to "save up" for a $500k home? Sure, but not realistic. Say hello to a mortgage.

Loans: cost of doing business (enjoying life).

[slavka]

Originally Posted by MILover

Have you checked out Light Stream? They are an online lender that is a division of Sun Trust bank. They cater to those with excellent credit, so if you fall into that category, you can get amazing rates. Our truck loan is through Light Stream, and we have no complaints. However, I'm not sure if they offer 20-year loans. It's worth checking though.

thanks for the suggestion .. checked 'em out.. no 20 year loans..

[rmac04401]

Also at 2.9-5% interest rates the cost of borrowing is negligible.

[BandJCarm]

Originally Posted by Mountndream

Really sick of hearing that I should pay cash for everything. That advice is wrong in so many situations. Esp when one factors in cost of opportunity, what one could do with the money etc.

I am not advocating putting everything (or many things) on credit, but sometimes, Financing is your friend

Amen. And I hope those that advocate that as the sole option, don't end up with the Widomaker Heart Attack and have COPD and some other life threatening issues!! A few of those, and you'll figure out what to do with that elusive "rest of your life" that some folks seem to think will last forever.

The Lord left me live long enough to pay off the house, so bingo bango, that money went to a travel trailer that I never thought I could afford. And I'm enjoying life to a large degree.

Keep enough life insurance to cover your loans and keep your total bills below your income..........and if you do that, buy away!

My three cents.

EDIT: And if you do that enough, and do it well, your interest rate when you do have to take out a loan will be low. My trailer rate is 3.00%, and my truck loan rate is 1.69%.

[robjordan406]

Recent loan in Texas from BOA was 4.99 in May of 2017

[Iwannacamp]

DW and I purchased last year and we(she) wanted to wait for better times... We have 4 kids(one 20 and one 24) and 1 GC. Do you think we will ever have any extra money? I told her I was tired of waiting(understand we have a cheap "entry level" RV, so here we are. Good? No, but we can go if we have time/money. I bought a new 4-wheeler in 1995 and gave the logic that it was worth most of the payment just to have when I got ready to ride without having to spend hours working on before hand.

[BandJCarm]

Originally Posted by robjordan406

Recent loan in Texas from BOA was 4.99 in May of 2017

Rates depend on the person. That is not a ubiquitous rate.

[JimmyRV]

Get a few quotes from Lending Tree. I went with a broker on Lending Tree who got me into Huntington Bank for a very low 4 rate with almost nothing down. I had saved up a 10% down payment but did not need it so I used some of it on an extended warranty and gap insurance and banked the balance. Gap is a wierd creature, you most certainly want it if your insurer does not provide for replacement coverage.