Refinancing

[JosephC]

I am looking for any guidance on specific sources where I may go to refinance a motorhome loan with a current 4.5% interest rate. Thank you!

[ducksface]

If your 4.5% payment now, due to where you are in the payment schedule, comes to $500 interest and $1,000 principle for 82 more months:
(this is dependant on your simple interest vs rule of 78's type loan, automotive vs home loan/line of credit vs if you put it kn a credit card.)

Do not sign up for a 100 month loan with $3 principal and $1,000 interest payments to start even at 1.1%.

So many people really really really screw themselves with a refi.

Desperation to save the $ per month does however, hold great value. If the $ savings keeps you afloat, do what needs to be done to stay afloat and damn the financial logic(other than the float).


Without knowing your credit score, your debt ratio, your balance versus your equity, your reasoning to refi other than interest rate, NO ONE can do anything for you other than randomly name an institution they've dealt with or would hope to.

When you called the institution you're currently with and asked about a refi what did they tell you? They know you best.

[Mr Sunshine]

FMCA lists a few finance companies. Here are the ones they list:
bestrate-loans.com
voyagercredit.com
actionservices-mt.com
destinationfinancial.com
excelcredit.com
newcoast.com

Good luck!

[cdowd34@gmail.com]

We refinanced with Bank of the West in August.....give them a try!

[GTM41261]

Well My two cents worth. Don't refinance just start making an extra $50 to 100.00 a month or more payment. While it maybe painful at first there is nothing better than saying it's paid for.

[Bob Denman]

Originally Posted by cdowd34@gmail.com

We refinanced with Bank of the West in August.....give them a try!

We did the same thing last Fall.
We're done to 3.89% now

[The_Breeze]

Originally Posted by JosephC

I am looking for any guidance on specific sources where I may go to refinance a motorhome loan with a current 4.5% interest rate. Thank you!

As Duck alluded, it all depends on where you are in your loan and what the cost of closing out the loans might be. There's a lot of 'ifs'.

Assuming no early payoff penalty, if it's brand new and above 7.5%, it could be worth it in interest to refi. If your halfway through it and a majority of your payment is now going to toward principle, it may not be and it makes more sense to pay the additional suggested above.

There's a way to calculate it. If I have time to look for it again, I'll post it here. In the mean time you may be able to find it with Google, something along the lines of 'should I refinance'.

Let us know how you make out.

[The Elf]

We recently refinanced with Bank of the West through Good Sam. 4.59% was the lowest interest rate we could get anywhere.

[lucita white]

5 months ago I refinanced with Bank of the West and reduced my loan from 20 yrs to 12 by raising my pmt by only $30/mo. I could have kept the same pmt but it would have reduced my loan to 15 yrs.rather than 12. Zero closing costs. I received an invitation in the mail and researched it. Everything done by email and snail mail. It took less than two weeks to complete the loan. I don't recall the two interest rates.

[philj]

The banks are as crooked as anyone or anything out there. I am refinancing my shore home, or should I say getting ready to do so... the Fed dropped the interest rate to negative, but due to the huge increase of people refinancing, the banks are raising the home mortgage rates... so what this amounts to is the bank borrowing money at negative rates to fund the loan and making a ton on the interest the borrower pays!!! My opinion is that with the economy in the tank, it isn't going anywhere any time soon... wait for the banks to get through the back load of current applications... Then the interest rate will drop...