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02-27-2013, 12:47 PM
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#1
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Senior Member
Join Date: Dec 2012
Location: Franklin County, MO
Posts: 2,652
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Interest Rates
I've heard that credit unions offer lower interest rates than traditional banks. I checked with a local CU today about a rate for the new tt we have on order. I was quoted 6.45% for 60 to 120 months, 7.45% for 121 to 180 months. When I asked why so high, I was told that their aito rates are in the 2's, but RV rates are (and have always been with them) much higher than auto loan rates.
What kinds of interest rates are others seeing these days?
__________________
Mike and Yvonne
and Sophie, the little white dog
2017 Columbus 320RSC
2021 Chevy Silverado 3500HD DRW 4X4 Duramax
“It's not how old you are, it's how you are old.” ― Jules Renard
"It's not the years...it's the mileage." - Indiana Jones
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02-27-2013, 12:55 PM
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#2
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Always Learning
Join Date: Nov 2011
Location: Four Corners, FL
Posts: 21,891
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Last summer I got 4.5% thru Bank Of America. My credit union wasn't anywhere close.
__________________
Officially a SOB with a 2022 Jayco Precept 36C
Checkout my site for RVing tips, tricks, and info | Was a Fulltime Family for 5 years, now we're part-timing on long trips
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02-27-2013, 12:55 PM
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#3
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Senior Member
Join Date: Sep 2011
Location: Langley, BC
Posts: 903
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If you can do it, try getting an equity loan on your house. Much lower rate. RV loans from a bank are always going to be high. Banks don't like loaning against RVs. They don't like the fact that an RVer could end up going full time and having "no fixed address". It's too easy for someone to drive off into the sunset never to return. Also, depreciation on RVs is high.
Not sure what rates RV dealers offer on new purchases?
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Gil & Deb & Dougal the Springer Spaniel
Langley, BC
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02-27-2013, 01:00 PM
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#4
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Senior Member
Join Date: Jul 2011
Location: Stromsburg, Nebraska
Posts: 1,682
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My local private cu is offering 2.9 - 3.9 % but only for 72 months i believe. Still, with the interest savings, that could be a great deal if i can swing the payments. I prefer to do a traditional 10 - 15 yr RV loan and then do all i can to pay it off in 3 - 5 years
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Joel and Teresa
2016 Sabre 34TBOK
2006 GMC 3500 CC LB DRW 4X4
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02-27-2013, 01:01 PM
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#5
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Senior Member
Join Date: Jan 2011
Posts: 2,106
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I think the rates you quoted are par for the course in my neighbourhood, but can also be somewhat dependant on credit score.
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Terry/Bernadette Lily the Yorkie 2019 Dodge Ram Sport 1500 2019 FR Vibe 28RL
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02-27-2013, 01:07 PM
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#6
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Senior Member
Join Date: Jul 2011
Location: Stromsburg, Nebraska
Posts: 1,682
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Double post...
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Joel and Teresa
2016 Sabre 34TBOK
2006 GMC 3500 CC LB DRW 4X4
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02-27-2013, 01:12 PM
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#7
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Senior Member
Join Date: Jul 2012
Posts: 903
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I got 4.75 from a credit union for a 12 year loan. My wife and I have excellent credit though. I am 28 and my wife 26 and our salesman gave us a pat on the back for our credit scores. Was not expecting us to have such good scores. I will give most credit to my wife. She works at a bank and is a freak about our credit. I can't complain though when I look at what we have.
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2012 Sandstorm 203slc
2013 Toyota Tundra
Eqil-l-izer hitch,Prodigy P3
2014 Honda Pioneer 700-4
2004 Yamaha Grizzly 660
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02-27-2013, 01:20 PM
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#8
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Camper Less Camping
Join Date: Apr 2012
Location: NW
Posts: 3,642
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Quote:
Originally Posted by ependydad
Last summer I got 4.5% thru Bank Of America. My credit union wasn't anywhere close.
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X2...bought new camper in Sept '12
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2013 Sabre 32RCTS-6 (sold)
Family of 4 whose always on the GEAUX!
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02-27-2013, 01:36 PM
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#9
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Senior Member
Join Date: Mar 2011
Posts: 254
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Have a 2011 fifth wheel started with Bank of America at 5.75, went to a 4.99 last year at kemba credit union, and just switched to 3.99 at share fax credit union. I would call around to all credit unions I got rates from 3.99 to 6.75. Sharefax credit inion has 3.99 upto 10 years for over 10,000 with 670 beacon score. Chiphone has 2.49 but won't do out of state. I kept payment same but dropped 2 years from my original loan date.
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02-27-2013, 01:43 PM
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#10
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Senior Member
Join Date: Mar 2011
Posts: 254
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Hers is good site to see what credit unions are in your area. CUServiceCenter.com
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02-27-2013, 02:32 PM
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#11
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Junior Member
Join Date: Jan 2013
Posts: 8
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Quote:
Originally Posted by ependydad
Last summer I got 4.5% thru Bank Of America. My credit union wasn't anywhere close.
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X3, I got this rate this month.
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______________________________
2002 Ford F350 7.3 Powerstroke
2013 CC Silverback 35QB4
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02-27-2013, 03:18 PM
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#12
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Senior Moment
Join Date: Jan 2013
Location: Weatherford, TX
Posts: 178
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Bank of America has pretty good rates now. Apply online and see where they come in at. I just got 4.7 rate with them.
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02-27-2013, 03:55 PM
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#13
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Member
Join Date: Jan 2012
Location: Collierville, TN
Posts: 586
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My credit union always has competitive rates. We have a motorhome not sure if there is a difference but 12/11 we got 3.25%.
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Rudy - 10 year old long haired dachshund, RIP
2011 Georgetown 350TS
2013 Chevrolet Equinox toad
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02-27-2013, 04:31 PM
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#14
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Senior Member
Join Date: Dec 2012
Location: Lexington, Ky
Posts: 451
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RV financing is a "specialty" product. Have you checked with your dealer? They offered me rates at 4.99% from lenders I had not heard of and I am a banker by trade. Traditionally, community banks are not as competitive on RV loans as large national banks. Other posters are correct, credit score can be a difference maker. I was able to get 2.99% from my local credit union by keeping the term at 7yrs. The advice on utilizing a home equity loan is solid as a rate on an equity line of credit will run between 3.25-4.75. Good luck!!
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2018 Heartland Landmark 365 Charleston
2008 Ford F350 King Ranch CC DRW 6.4l, 4.10 diff
B&W companion
Airlift system/on board compressor
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02-27-2013, 04:41 PM
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#15
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Junior Member
Join Date: Feb 2013
Posts: 9
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Bank of America I would bet has "Many hidden charges to be found later" I was able to get a 6.39 rate last week with USAA. Pentagon Federal Credit Union wanted a down payment for RV loan.
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02-27-2013, 05:07 PM
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#16
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Camper Less Camping
Join Date: Apr 2012
Location: NW
Posts: 3,642
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Quote:
Originally Posted by jeanette
Bank of America I would bet has "Many hidden charges to be found later" I was able to get a 6.39 rate last week with USAA. Pentagon Federal Credit Union wanted a down payment for RV loan.
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This was my second RV Loan to go through BOA...nothing hidden, rates legit, no down payment if I didn't want to do & paperwork fast & complete (you must have great credit though-above 800).
Get this...none of the RV Dealers we bought from could/would match BOA rates eventhough they used them for financing themselves!
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2013 Sabre 32RCTS-6 (sold)
Family of 4 whose always on the GEAUX!
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02-27-2013, 05:16 PM
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#17
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Always Learning
Join Date: Nov 2011
Location: Four Corners, FL
Posts: 21,891
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Quote:
Originally Posted by jeanette
Bank of America I would bet has "Many hidden charges to be found later" I was able to get a 6.39 rate last week with USAA. Pentagon Federal Credit Union wanted a down payment for RV loan.
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None for me. I got exactly what I was quoted with no surprises.
__________________
Officially a SOB with a 2022 Jayco Precept 36C
Checkout my site for RVing tips, tricks, and info | Was a Fulltime Family for 5 years, now we're part-timing on long trips
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02-27-2013, 05:42 PM
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#18
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Senior Member
Join Date: Jul 2012
Posts: 1,258
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Considering what the banks did to us, I refuse to deal with any of them.
The credit unions do vary, but I have always found their rates to be more than competitive. It seems they don't need the extra margin for fraud and corruption. 
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02-27-2013, 08:02 PM
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#19
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Senior Member
Join Date: Jan 2013
Location: Byron Center, MI
Posts: 430
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Credit Unions are a good option. My home equity line of credit (5/3rd) is low at 3.74%, plus you can itemize interest - not sure how long that will last though.
__________________
2020 SOB - Jayco North Point 387RDFS
2013 Crusader 325RES Touring Edition - SOLD
TV: 2018 GMC Sierra Denali HD CC SRW L5P Duramax Curt Q20
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02-27-2013, 08:50 PM
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#20
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Senior Member
Join Date: Jan 2013
Location: USA
Posts: 171
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I got 2.49 for 120 through a local CU here in town ( Elkhart in) . it was a special they were running
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