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Old 07-08-2017, 09:43 PM   #1
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Brand: Thor Motor Coach
Model: Windsport 29m
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THOR #8069
Interest Rate

I bought a new 2018 Windstar 29M and got 5.25 interest rate with a 817 credit score and financed through THE BANK OF THE WEST (never heard of them). Just wondering if anyone has ever refinanced and got a better rate?
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Old 07-08-2017, 10:02 PM   #2
Kev
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Interest Rate

I have a 815 credit score and just bought a 2018 Windsport got an interest rate of 3.5%.
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Old 07-08-2017, 10:20 PM   #3
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Is the only option for financing what the dealer offers or is it possible to go direct to any banks for RV financing?
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Old 07-08-2017, 10:37 PM   #4
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With your credit score you should have gotten a MUCH better rate. You can arrange financing on you own prior to purchasing. Bank of the West finances a lot of RVs but they are one of the higher interest rates. Interest rate on our coach was 3.5% last year and we have a cr over 800. And yes, you can refinance but it may end up costing more money in the long run, do the math first.

Congratulations on your new coach and welcome to the forum!!!
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Old 07-08-2017, 10:52 PM   #5
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out of curiosity, did both of you guys (3.5% and 5.25%) finance for the same length of time? Most loan types have higher interest rates the longer you finance.
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Old 07-08-2017, 11:29 PM   #6
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Financing

If you have a credit union available, go! We made our own arrangements with our local credit union. They gave us a great rate, for 60 months.
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Old 07-09-2017, 01:15 AM   #7
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We used good Sam who used bank of the West for a 4.7 for 20 yrs. On 50k.
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Old 07-09-2017, 01:36 AM   #8
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We used US Bank last year, 2.99% for 30 years...

Had to go 30 years to get that rate.

Have to keep the loan for two years, then no penalty payoff
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Old 07-09-2017, 03:02 AM   #9
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We had an interest rate like a RBC 5yr mortgage of 2.55%. It was great for about 7 months. Then the real estate went through the roof in our area so we cashed in and sold our house. To bad I had to pay the loan with a penalty. I bought a smaller place and getting ready to do some RVing.
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Old 07-09-2017, 03:21 AM   #10
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Quote:
Originally Posted by Mo_Mike View Post
We used US Bank last year, 2.99% for 30 years...

Had to go 30 years to get that rate.

Have to keep the loan for two years, then no penalty payoff
30 years on an RV?
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Old 07-09-2017, 11:51 AM   #11
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I have CR of over 800, went to my bank, Wells Fargo, they said the rate would be 10% (which I never would have taken) but they turned me down for the loan, even though I was putting around 35% down payment. Went to the dealer, in about 5 minutes they hooked me up with Bank Of America for 4%
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Old 07-09-2017, 08:29 PM   #12
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Originally Posted by tnedator View Post
30 years on an RV?
Yeah, I couldn't believe it either, but that was the only way to get under 3%.

Actually went through the dealer to get it. Have been a US BANK customer or over 30 years, but, going direct they couldn't touch it.

Figure I can pay more principal, or pay it off after two years and it wouldn't make any difference.

I didn't even take a 30 year mortgage out on my house.
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Old 07-09-2017, 09:31 PM   #13
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With a a simple inerest loan the faster you pay off the loan the lower interest will be.
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Old 07-09-2017, 10:19 PM   #14
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Interest Rate

Quote:
Originally Posted by Mo_Mike View Post
We used US Bank last year, 2.99% for 30 years...



Had to go 30 years to get that rate.



Have to keep the loan for two years, then no penalty payoff


They have a penalty for early payoff ?
My loan was through Bank of America for about 75 grand( in feb of this yr) and I now owe about 18 grand.
My rate for 20 yrs was 3.5% and my credit score was 842.
I look to pay this loan off this yr. I hate owing money.

How much would your penalty be ?
I've seen nothing about it in my paperwork.
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