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Old 04-12-2013, 02:43 PM   #1
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Interest rates on motorhomes

Not sure if this thread is in the right area, but what are the going intrest rates on 20 yr loan? either through dealer or private.. I put my deposit down and am waiting for them to get back to me with rate, but online every site is way different then the other, for example I saw 4.69 for 750 plus credit score but then another site was 4.99 for 800 score ???? what are good rates ???? thanks all
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Old 04-12-2013, 03:18 PM   #2
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Both Essex (which does RV loans thru Costco) and Good Sam Club are offering rates in the 3.99 - 4.25 range depending on the amount and duration.
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Old 04-12-2013, 04:30 PM   #3
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Shop around the rates will vary greatly. I little over a year ago I got 3.25 at my credit union.
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Old 04-12-2013, 04:33 PM   #4
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I just got a 20yr with 20% down for 3.99. If over 800 would be 3.75.

Hope that helps
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Old 04-12-2013, 05:18 PM   #5
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TY all, my wife and I are both around 750 which makes no sense too me because neither of us has ever had a late payment, but i justtt learned what i have been doing hurts my credit score,,,,,,, I was using a credit card that offers air miles for everything, and running it up to max then paying it off and starting over and doing same thing.. that alone lowered my score almost 40 pts........................... I had the money in the bank just wanted air miles for travel,, god our system is messed up if you ever go over 50% of the credit limit on a card score goes down.... another lesson learned... they offered me 4.99 i said noooo they are going back to try other banks our credit history is perfect, no late payments, no nothing and we gross 112000 a yr only owe 72000 left on mortgage, outstanding debt prob 40 grand with car payments ect.. we have about 1000 bucks a month extra with all bills food ect ect...
Sry for the ramble, just made me mad that my credit score is lower because of that , with not a single late payment ever on anything... ohhhh and i was told I do not have enough credit because i pay for a lot with cash... our system is backwards..
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Old 04-12-2013, 05:47 PM   #6
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Check Bank of the West. Bank of America and lastly (although I will never bank with them again) US Bank.

All should be 3.99% for you.
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Old 04-12-2013, 06:11 PM   #7
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I would check with credit unions. My last 2 campers have been with credit unions, and bought my daughter a car last week through a credit union. .9% for 4yrs. Almost crazy to pay cash with a rate like that.
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Old 04-12-2013, 06:13 PM   #8
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I would check with credit unions. My last 2 campers have been with credit unions, and bought my daughter a car last week through a credit union. .9% for 4yrs. Almost crazy to pay cash with a rate like that.
My car loans is through my credit union but for my camper, they couldn't come close with the term I wanted.

What I also didn't know - the interest rates at truck dealerships are also up for negotiation. I told my dealer no because I had already arranged financing. They were able to beat the credit union's APR.
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Old 04-13-2013, 05:42 PM   #9
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Thank you all,,, I just told the dealer i will find my own finance and that scared him, I was so worried i just paid to get my scores from the 3 biggies, funny how each score is different, I cant figure it out but our avg score for the 3 is 724,, one was real low experian i think was 697 brought avg down.... anyhow I am going to check good sams club and maybe 1 or more on mon. I dont want to try too many as that will lower score also,,, heck i was thinking 4.5% would be about avg. 4.99 no thank you.. ohh and looking at 15 and 20 yr,, if we did the 20 yr we would just pay extra every month, I actually am leaning towards that route both would still be with 10% or more down
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Old 04-13-2013, 06:06 PM   #10
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TY all, my wife and I are both around 750 which makes no sense too me because neither of us has ever had a late payment, but i justtt learned what i have been doing hurts my credit score,,,,,,, I was using a credit card that offers air miles for everything, and running it up to max then paying it off and starting over and doing same thing.. that alone lowered my score almost 40 pts........................... I had the money in the bank just wanted air miles for travel,, god our system is messed up if you ever go over 50% of the credit limit on a card score goes down.... another lesson learned... they offered me 4.99 i said noooo they are going back to try other banks our credit history is perfect, no late payments, no nothing and we gross 112000 a yr only owe 72000 left on mortgage, outstanding debt prob 40 grand with car payments ect.. we have about 1000 bucks a month extra with all bills food ect ect...
Sry for the ramble, just made me mad that my credit score is lower because of that , with not a single late payment ever on anything... ohhhh and i was told I do not have enough credit because i pay for a lot with cash... our system is backwards..
Another thing...... if you get turned down (for whatever reason) by an institution, the finance manager at the dealer may panic and "shotgun" your app out to MANY lenders at the same time. Every time they do that and you get a more turn downs (again for whatever reason), that very thing itself lowers your credit rating.

EDIT: Oops, I see you already knew that ..... Sorry.

Happened to me with Freedom RV in Tucson.....

Best bet is get your own financing before you ever walk in the door. Sitting at that desk with a finance manager puts you at a SEVERE disadvantage and sets you up to get screwed royally. YOU need to be in the "drivers seat"; not them. Be TOUGH and MAKE 'EM SQUIRM !!! If THEY are in the power position, they will have no mercy on you.

Boowho??

P.S. If you happen to be a full timer all except two lenders (I know of) will run the other way as fast as they can. FT loans are almost impossible to get, anymore.
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Old 04-13-2013, 06:23 PM   #11
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[QUOTE=boowho;348827]Another thing...... if you get turned down (for whatever reason) by an institution, the finance manager at the dealer may panic and "shotgun" your app out to MANY lenders at the same time. Every time they do that and you get a more turn downs (again for whatever reason), that very thing itself lowers your credit rating.

Happened to me with Freedom RV in Tucson.....

Best bet is get your own financing before you ever walk in the door. Sitting at that desk with a finance manager puts you at a SEVERE disadvantage and sets you up to get screwed royally. YOU need to be in the "drivers seat"; not them. Be TOUGH and MAKE 'EM SQUIRM !!!

Boowho??

No not a full timer (yet) lol,,, I have 15 yrs to go b4 i collect my nys pension and leave this state as fast as our rv will go this is our second to last rv, our next one in 13-14 yrs will be a biggie... I called the dealer to tell them to stop running/ trying with thier banks i will do it myself.. In hindsight I should have gone this route first, but it started with the wife and kids complaining about our current class a which really only sleeps 5, and only 4 are comfortable. We went in looked found a decent deal and gave them the info.. That said I know we should get better then 4.99 for 20yrs I messed up my own score on accident by trying to gain air miles lol but still over 700, last yr i was over 750, live and learn I guess, my air miles actually didnt save us much on our may trip to the west coast so it was bad on many levels......
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Old 04-16-2013, 07:52 AM   #12
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well it is a done deal, good sam club got me 4.37 for 20 yrs, my dealer called back and said he got me to 4.75 lol I said no thanks I am all set he was not a happy camper (pun intended) ...
I was shocked at how easy it was 10 mins online a couple of phone calls and a quick fax, done in 30 minutes.. No hassle no fuss, I was told over the phone if both our scores are over 690 we will get the 4.37 which is the best rate for 20yr and sure enough got it...
A little weird on a side note they had our scores higher then they were 3 weeks ago, we didnt pay anything off, and if anything i figured they would go down with the dealership running our credit god knows where, but they went up.. I will never put up with the hassle of letting a dealer finance anything ever again... Thank you all for your help and advice, happy camping
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Old 04-16-2013, 11:18 AM   #13
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well it is a done deal, good sam club got me 4.37 for 20 yrs, my dealer called back and said he got me to 4.75 lol I said no thanks I am all set he was not a happy camper (pun intended) ...
I was shocked at how easy it was 10 mins online a couple of phone calls and a quick fax, done in 30 minutes.. No hassle no fuss, I was told over the phone if both our scores are over 690 we will get the 4.37 which is the best rate for 20yr and sure enough got it...
A little weird on a side note they had our scores higher then they were 3 weeks ago, we didnt pay anything off, and if anything i figured they would go down with the dealership running our credit god knows where, but they went up.. I will never put up with the hassle of letting a dealer finance anything ever again... Thank you all for your help and advice, happy camping
Great...... Good Sams is actually Essex Credit, which in turn is actually Bank of the West. They and Allied Credit Union in Chicago are the only two that will even take a phone call from a full timer. I put $40K down on mine so Essex was glad to do the full time thing.

Boowho?
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Old 04-17-2013, 09:23 AM   #14
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I just got 3.92% through Costco which is Essex. Depending on how much you are financing will also lower your rate. The more you finance the lower the rate typically.
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Old 04-17-2013, 01:11 PM   #15
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I just got 3.92% through Costco which is Essex. Depending on how much you are financing will also lower your rate. The more you finance the lower the rate typically.

wow nice rate!!! i am going to end up right around 69000, If i put less down or did not get as good a deal, 75000 + put me into a better rate.. 50-75 was 4.37% on 20 yr I think 75+ was 4.12 but that was as of a couple of days ago. and again that is just what was quoted on good sams website.. Congrats on your rate this calls for a
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Old 04-24-2013, 05:57 PM   #16
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Just got a loan from Bank of the West at 3.5%. Haven't made a payment yet so I can't rate their service yet. My last loan was bought by Santander and I didn't care much for them. Couldn't even make an electronic payment without them charging me a $14.00 surcharge.
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