Good interest rate for RV buying?

[Beachbourbon]

0.0% and put the purchase price in a safe investment for the term of the loan

[Beachbourbon]

Originally Posted by babock

I don't buy luxury items on credit as a general rule. However, if I can get a loan at 4% and keep my investments funded where I am making over 10%, then I have no problem getting a loan. It's also why I think it's dumb to pay off low interest mortgages early.

I think you and NJKris are both right

[copanocruisin]

We got 3.75 with our credit union in November 2017. Paid 1/2 down and a 4 year note. Back in 2011 we got 2.75 on our Open Range that was totaled in Hurricane Harvey
.......cC

[Sissy1]

Originally Posted by sportsdad12

My husband I are happy with the RV we purchased and the price. We did not do good research on the financial end of interest rate for loan
Does anybody feel comfortable sharing their interest rate if they had a loan or recommendations? It is a 2020 we bought in Oct.
The interest rate is 5.99
Thanks

You can negotiate with banks, I got 4.5 with Bank of America.

[Nastynotchback1]

I would jump for joy if my rate was 5.9. Mine is alittle over 8 with the credit union I have been using for 15years. I tried to get it refinanced with State farm and the rate was good 3.9 but they would only loan 3/4 of what I owe. Said that's all it booked for. When I checked NADA it shows it being worth more than I owe.

[Bissel]

We got 3.98

[sportsdad12]

Thank you all for your responses. My credit score is really score. Good Sams was a little lower. I think I will check my credit union. Lesson learned to do more homework on the loan itself.

[Grondak]

Originally Posted by sportsdad12

My husband I are happy with the RV we purchased and the price. We did not do good research on the financial end of interest rate for loan
Does anybody feel comfortable sharing their interest rate if they had a loan or recommendations? It is a 2020 we bought in Oct.
The interest rate is 5.99
Thanks

We rolled our RV loan into our home mortgage loan which is 3%. Maybe you could do something like that?

[JROtexas]

I have always found my credit union to be the best rate for new vehicle purchases, and very competitive with almost-new vehicles. Some local banks will be more competitive than most of the big national banks. It also helps if you have been a long-time customer and have cultivated a personal relationship with your 'banker' - nearly impossible today with turnovers, mergers, etc. Good luck - I hope you find a good rate with a re-fi.

[deciccocpa]

Originally Posted by sportsdad12

My husband I are happy with the RV we purchased and the price. We did not do good research on the financial end of interest rate for loan
Does anybody feel comfortable sharing their interest rate if they had a loan or recommendations? It is a 2020 we bought in Oct.
The interest rate is 5.99
Thanks

Renegotiate with your existing bank or contact Bank of the West, we're paying about 3.9%.

From their website:

Phone
1-800-488-2265, option 3
TTY 1-800-659-5495
Mon–Fri 4 am–10 pm PT
Sat–Sun 5 am–10 pm PT

[MOODMAN]

Learned my lesson badly. I have 8+% interest for 20 years.
Love my rig, but hate the payment.
My mistake was to want it too much, so I talked myself into it. Now I want to refinance, but because of the large purchase ($70K) on my credit, it shows up on my credit report as "too much debt" even though I make good money and have never missed a payment anywhere.
Anyone know how to refi and/or improve credit score in this situation? If I could just consolidate, we could get this under control.

[tomaziegler]

Originally Posted by Kimber45

ive always been happy with my credit union. it depends on the amount of money and length of loan. can be as low as 4.5%

I agree! While I don’t use my local credit union for much of my finances, their auto and RV rates have been really good compared to the big banks. Financed my Cedar Creek in 2017 for around 3 1/2%. And Yes to previous post, credit score matters.

[NJKris]

Prime lending rate is pretty much record low, that should help out borrowers.

[deciccocpa]

Originally Posted by tomaziegler

I agree! While I don’t use my local credit union for much of my finances, their auto and RV rates have been really good compared to the big banks. Financed my Cedar Creek in 2017 for around 3 1/2%. And Yes to previous post, credit score matters.

Right on point with the credit score matters. I got 3.9% in 2012 when banks were real careful about who they were loaning money to. I check my score often and it has consistantly been in the 800 range, something I'm very proud of.

I am a CPA and always tell people to check their credit score often, know what effects it and work to keep it as high as possible.

[sherman12]

In my early homeownership days, first house, my father in law gave me a piece of advice that I have never forgotten, never borrow for luxury items against your house. This was based on his son doing exactly that, going bankrupt and almost losing his house if not for his dad there to bail him out. That same advice I've passed on many times, don't borrow against your house unless the loan is going into the house such as an addition, roof, etc.. This is my advice to the OP.

For me, May of 2019 4.9 with U.S. Bank through the dealer. The previous rig I had a loan with Bank of The West starting in 2012 at 4.5. I did inquire with them in the Spring of 2019 when I was getting the itch to move up in rig and their rate was high, but I don't remember exactly what the number was. The deal for my Sportscoach came about quickly, more so than I thought and shame on me I didn't do any further research on available rates. This thread is a good reminder to me to look around to see if I could re-finance at a lower rate.

Side note, when my DW and I bought our rig, our dealer told us we had the highest combined credit rating of any couple who ever bought from them.

[deciccocpa]

Originally Posted by MOODMAN

Learned my lesson badly. I have 8+% interest for 20 years.
Love my rig, but hate the payment.
My mistake was to want it too much, so I talked myself into it. Now I want to refinance, but because of the large purchase ($70K) on my credit, it shows up on my credit report as "too much debt" even though I make good money and have never missed a payment anywhere.
Anyone know how to refi and/or improve credit score in this situation? If I could just consolidate, we could get this under control.

I'm a CPA and can't give accurate advice without knowing your entire financial picture. This is my best guess on how to accomplish your goal.

Check your credit report often and dispute anything negative. It's goes away if the creditor doesn't respond to your dispute.

Consider doing a refi on your rig over a shorter term. A shorter term may get you a lower rate and that lower rate might keep your payment the same. A 12 year term at 4% produces only a slightly higher payment then a 20 year term at 8%. Suffer with it for a few years then do another refi with 12 years and lower your payment assuming interest rates don't change.

You may need to simultaneously do a refi on the 70K note. I assume you've paid on that loan a few years, going back to the original term shouldn't have a big effect on your rate and your payment will go down. That would reduce your debt to income ratio and help you get a lower rate.

FULL DISCLOSURE, this is my best guess without knowing all of your personal details and it may or may not be your best direction. Talk to your own accounting or tax professional before preceding.

[deciccocpa]

Originally Posted by NJKris

Prime lending rate is pretty much record low, that should help out borrowers.

And rates have gone down with the coronavirus scare.

[deciccocpa]

Originally Posted by sherman12

In my early homeownership days, first house, my father in law gave me a piece of advice that I have never forgotten, never borrow for luxury items against your house. This was based on his son doing exactly that, going bankrupt and almost losing his house if not for his dad there to bail him out. That same advice I've passed on many times, don't borrow against your house unless the loan is going into the house such as an addition, roof, etc.. This is my advice to the OP.

For me, May of 2019 4.9 with U.S. Bank through the dealer. The previous rig I had a loan with Bank of The West starting in 2012 at 4.5. I did inquire with them in the Spring of 2019 when I was getting the itch to move up in rig and their rate was high, but I don't remember exactly what the number was. The deal for my Sportscoach came about quickly, more so than I thought and shame on me I didn't do any further research on available rates. This thread is a good reminder to me to look around to see if I could re-finance at a lower rate.

Side note, when my DW and I bought our rig, our dealer told us we had the highest combined credit rating of any couple who ever bought from them.

Your father-in-law gave great advice, I've seen people use an equity loan to buy a car. That's a 20 or 30 year loan on a car that they'll have 5 years.

[NJKris]

Not if you pay it off quick. I bought a deck, siding, and a car on a home equity loan back when you could deduct interest. Paid it off in just over 6 years. Have to have some discipline.

Why would they only had a car for 5 years? I average 15 years or more on every new car I've bought.

[deciccocpa]

Originally Posted by NJKris

Not if you pay it off quick. I bought a deck, siding, and a car on a home equity loan back when you could deduct interest. Paid it off in just over 6 years. Have to have some discipline.

Why would they only had a car for 5 years? I average 15 years or more on every new car I've bought.

You're one of the smart, too many people do not have the discipline to do what you do.