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Old 06-01-2020, 06:28 PM   #1
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Who is doing competitive RV loans?

With times being tough, who has been able to get an RV loan and at what rate?
Our credit score is 800 plus.
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Old 06-01-2020, 07:13 PM   #2
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Give Alliant Credit Union a call. We got our Hemisphere through them 2 years ago, rate was 4.49%. Just did a 2015 Ford F250 through them, rate is 3.99%.
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Old 06-01-2020, 07:23 PM   #3
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You might check out the rates on BankRate.com

https://www.bankrate.com/loans/personal-loans/rv-loans/
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Old 06-02-2020, 06:05 AM   #4
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Genisys Credit Union

Was able to refinance our 2018 Wildwood at Genisys Credit Union here in Southeast Michigan for 3.89%.
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Old 06-02-2020, 08:14 AM   #5
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We did ours through M&T bank, 3.99. That was back in Feb.
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Old 06-02-2020, 12:43 PM   #6
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lowest rates

I've found your local credit unions seem to offer the lowest RV & vehicle rates. Our local university c/u is showing 3.2% on rv's 2011 and newer.
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Old 06-02-2020, 01:28 PM   #7
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I want to refinance and wonder if credit score is an issue with a refi. Don't want to go to all the trouble only to be turned down. My score isn't the best not because of payment history but because I have too high a loan to debt ratio. So I would think a refi is actually lowering the ratio, so it might be in my favor. But just don't know.

Any loan officers out there with some valid advice?
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Old 06-02-2020, 05:56 PM   #8
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I have recently retired and am living off savings this year so no taxable income but really want to refi my MH. My credit score is great, house is paid off, can you try a credit union if not affiliated with it in any way? Like a bank? Will my no income situation be an issue? Any suggestions for a credit union in So Cal?
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Old 06-03-2020, 05:46 AM   #9
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Bank of the West has great rates for those with 800+ FICO scores.
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Old 06-03-2020, 08:45 AM   #10
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I have recently retired and am living off savings this year so no taxable income but really want to refi my MH. My credit score is great, house is paid off, can you try a credit union if not affiliated with it in any way? Like a bank? Will my no income situation be an issue? Any suggestions for a credit union in So Cal?
Are you on social security or some type of pension? We found it easier to get credit on social security. Apparently banks like a guaranteed income rather than a job where you can get laid off.
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Old 06-03-2020, 09:28 AM   #11
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Are you on social security or some type of pension? We found it easier to get credit on social security. Apparently banks like a guaranteed income rather than a job where you can get laid off.
How about the fact that if you donít pay and the RV is financed for way more than its worth then the SS income cannot be taken.
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Old 06-03-2020, 09:49 AM   #12
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Originally Posted by Cabinfever97 View Post
Give Alliant Credit Union a call. We got our Hemisphere through them 2 years ago, rate was 4.49%. Just did a 2015 Ford F250 through them, rate is 3.99%.

Our experience with Credit Unions was that they have a short loan life time, 12 years. Three years ago tried to finance a 41 ft 5th wheel through our CU. Easily approved (830 FICO) but 12 year loan term payment was higher than we wanted. Went to Bank of the West, easy approval with better loan terms. May try to refinance my self.
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Old 06-03-2020, 10:27 AM   #13
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Expect big changes. One large bank just announced they were no longer offering certain car loans. Preparing for an economic downturn perhaps?

Auto manufacturers have their own financing divisions but I dont think any RV msnufacturers do.
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Old 06-03-2020, 10:37 AM   #14
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Are you on social security or some type of pension? We found it easier to get credit on social security. Apparently banks like a guaranteed income rather than a job where you can get laid off.
Not yet. Living off non qualified savings for the 1st 2 years of retirement, then will take income from investments. Not taking SS till age 70 and I'm 64 1/2 now. That's what makes it hard, no income to show.
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Old 06-03-2020, 11:17 AM   #15
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Just bought mine. Financed through M&T Bank
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Old 06-03-2020, 04:01 PM   #16
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With times being tough, who has been able to get an RV loan and at what rate?
Our credit score is 800 plus.
Knoxville TVA Credit Union @2.99% for 84 months.
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Old 06-03-2020, 04:55 PM   #17
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Knoxville TVA Credit Union @2.99% for 84 months.
Local Dealers were pushing longer term loans (180 months) so they could show lower monthly payments. Lower payments leave more room for selling all the add-ons.
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Old 06-04-2020, 12:24 PM   #18
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Not yet. Living off non qualified savings for the 1st 2 years of retirement, then will take income from investments. Not taking SS till age 70 and I'm 64 1/2 now. That's what makes it hard, no income to show.
LandKnight, That does make it difficult. Have you considered trying to refi with your current lender?
We did the math and decided that after being laid off and with no prospect of current employment, we took SS rather than decrease cash for living expenses. I know the reason for waiting until your 70, but a lot of our friends never made it to that milestone and their spouse was left with little cash. It all depends on how much you have in investments.

But I digress. toshu, if you're buying from a dealer, your best bet might be the dealer. They usually go through a bank and their rate will be based on your credit rating. If you have a quote from a different lender, you can use that as a negotiating tool when the dealer tells you their 'best rate'. They will usually beat it, but not always. They couldn't beat our credit union rate.
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Old 06-07-2020, 08:39 AM   #19
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ours is through community west credit union in the Grand Rapids, Michigan region
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Old 07-12-2020, 07:55 AM   #20
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What about loans for full timers we are having a issue since we don't have a house any longer. Any suggestions on that also.
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