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Old 02-27-2013, 12:47 PM   #1
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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?
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Old 02-27-2013, 12:55 PM   #2
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Last summer I got 4.5% thru Bank Of America. My credit union wasn't anywhere close.
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Old 02-27-2013, 12:55 PM   #3
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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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Old 02-27-2013, 01:00 PM   #4
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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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Old 02-27-2013, 01:01 PM   #5
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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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Old 02-27-2013, 01:07 PM   #6
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Double post...
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Old 02-27-2013, 01:12 PM   #7
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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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Old 02-27-2013, 01:20 PM   #8
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Quote:
Originally Posted by ependydad View Post
Last summer I got 4.5% thru Bank Of America. My credit union wasn't anywhere close.
X2...bought new camper in Sept '12



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Old 02-27-2013, 01:36 PM   #9
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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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Old 02-27-2013, 01:43 PM   #10
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Hers is good site to see what credit unions are in your area. CUServiceCenter.com
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Old 02-27-2013, 02:32 PM   #11
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Quote:
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Last summer I got 4.5% thru Bank Of America. My credit union wasn't anywhere close.
X3, I got this rate this month.
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Old 02-27-2013, 03:18 PM   #12
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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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Old 02-27-2013, 03:55 PM   #13
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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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Old 02-27-2013, 04:31 PM   #14
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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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Old 02-27-2013, 04:41 PM   #15
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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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Old 02-27-2013, 05:07 PM   #16
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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.
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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Old 02-27-2013, 05:16 PM   #17
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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.
None for me. I got exactly what I was quoted with no surprises.
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Old 02-27-2013, 05:42 PM   #18
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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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Old 02-27-2013, 08:02 PM   #19
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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.
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Old 02-27-2013, 08:50 PM   #20
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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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