RV Loan Interest Rates in 2021

[EA37TS]

You might check USBank RV and Marine.

[Pete'sMH]

Originally Posted by sportcoupe

Has anyone used Good Sam for RV loans? Positive experience?

Good Sam just brokers the loan to available lenders. They do the same with insurance. They hooked me up with Bank of the West once and someone else another time. I just used my HELOC for my current coach. (Hope to have it paid off next winter. YIPPEE!)

[sportcoupe]

Sounds like Good Sam is a middle man and has to take a cut of some sort?

[DonkeyFluffer]

Originally Posted by sportcoupe

Anyone considering USAA, they capped their maximum loan amount to $35,000 for a RV new or used. I called and was informed it changed after Covid. It is on their website at the very bottom in fine print.

I thought that didn't sound right so I checked and it's the opposite, they require a MINIMUM of $35,000.

From the USAA website:

"Financing for 180-month terms on Boat and RV loans requires financed amount of $35,000 or greater and approved credit. Maximum loan amounts apply and are subject to change without notice."

I've always financed through USAA

[Jimbo56]

I did mine with a HELOC at 3.5%.

[sportcoupe]

Originally Posted by DonkeyFluffer

I thought that didn't sound right so I checked and it's the opposite, they require a MINIMUM of $35,000.

From the USAA website:

"Financing for 180-month terms on Boat and RV loans requires financed amount of $35,000 or greater and approved credit. Maximum loan amounts apply and are subject to change without notice."

I've always financed through USAA

From their RV Rates page at the bottom, it doesn't state minimum or maximum. I am sure it's minimum but their rep on the phone ASSURED me their max RV loan is $35k now....period.



"Financing for 12- to 72-month terms requires financed amount of $5,000 or greater and approved credit. Financing for 84- and 120-month terms requires financed amount of $10,000 or greater and approved credit. Financing for 180-month terms requires financed amount of $35,000 and approved credit."



Source:
https://www.usaa.com/inet/wc/bank_lo...kredirect=true

[DonkeyFluffer]

I'll call them later. I spoke to them when I paid off my previous motorhome last month and asked about a $200k RV loan later this year when my newly ordered Accolade arrives and was given the usual " longtime valuable customer" comments with no mention that $200k was beyond their limits

If you think about it, WHO in their right mind would finance $35,000 for 180 months? Ridiculous.

[sportcoupe]

I agree, total silliness.

So researching RV Loan companies, I found Alliant Credit Union to be best recommended. Currently 4.24% up to 240 months. Easy preapproval and application process. I was approved same day (today), all I need is to accept the RV when it arrives and provide Alliant the final numbers. I did choose 120 months. It will be paid off before that but I wanted a decently low monthly payment if I had a job change.

[DonkeyFluffer]

That is a really good rate

[txc2936@yahoo.com]

Yes Good Sam is the only way to go.... Call them now... 3.83% on mine

[awcorson1]

Originally Posted by sportcoupe

Has anyone used Good Sam for RV loans? Positive experience?

Good Sam uses Bank of the West. I used them to buy a used Thor ACE @ 4.8%. They had the very best rate last year and was able to everything online and over the phone.

[Bob Nodine]

Originally Posted by awcorson1

Good Sam uses Bank of the West. I used them to buy a used Thor ACE @ 4.8%. They had the very best rate last year and was able to everything online and over the phone.

I think Bank of the West carries a huge percentage of all the RV's financed in the US. We once had a Bank of the West loan and saw an advertisement for a much lower rate with a different company. Guess what. We applied to that company and got approved. They paid off the Bank of the West loan and issued us the new loan. When we got the paperwork is was still with Bank of the West only at a lower rate. Saved us $200 a month.

[cgeace29.3]

We used U S bank last year thru dealer best rates at the time the only thing I didn’t like was they have an early payoff fee if I decided to refinance with another bank or I wanted to pay off the loan early
My navy federal credit union does not do R V loans to risky as many folks loose interest in R V after a few years and default sticking them with the R V

[Roark]

Originally Posted by sportcoupe

My 2022 Vegas came offline last week. Thor states up to 22 days for delivery to my dealer. Time to start looking at financing this adventure. I have a decent down payment and will finance the balance.

Being a veteran, I am eligible for USAA. Their RV rates are currently 5.25% up to 180 months. Decent but not great.

My dealer initially proposed around 11% when we did the numbers and locked in my sale price back in very early March 2021. They did not run my credit at all of course, just took a deposit. I'm not going to entertain their financing.

I found some CU's online with great rates but I don't live in Oregon, etc.... some have very strict joining rules. I'm in Georgia.



Anyone have suggestions for finding great RV loan rates?

and then, my CU offered 1.49% for up to seven years I think it was, but only for new and used cras, not RV's. What they would do however was allow me to refinance my 2004 Tundra P/U, which was long ago paid off, so then unencumbered. Seems kinda whacky, but I took a $12,000 loan at 1.49% from my C/U on the already paid off truck and then used the proceeds to retire the USAA RV loan. My CU (FFFCU of Md.) is of course unavailable to you, being in Georgia, but I'm sure if my little CU is offering money that cheap, somebody in the Peach State ought'a be doing so as well, and CU's these days are practically open to almost anybody.



So yeah, my advice would be to go that route, or how about this; do a cash-out refi w/ your VA home loan certificate. I think I was quoted 2-1/8 or so, plus the minuscule interest is tax deductible, whereas your RV loan typically ain't. I'm not suggesting that anyone finance a hole in the pavement, like an RV, for 30 years, but then again, it's all money that ultimately comes from the same pot, so my attitude is that if ya have to borrow, get as much as ya can at a fixed rate for as long as ya can, at below the rate of REAL inflation.



Hell, if ya get it cheap enough it almost doesn't make sense to retire it early. I mean it isn't as if any political party is ever going to seriously attempt to pay down or pay off our national debt, that's all a giant joke - and that drives REAL inflation (pay no attention to that clap trap that the gov't posts, 'cuz it too is total rosy tripe to keep the serfs from freaking). And at this point, let's get real - the math says that would be impossible anyway. Even the most ridiculous growth claims could never make a dent, so the GDP growth necessary to do so is simply not a real number of this world. That means the money that your fixed rate loan requires every month will continue to lose real purchasing power in perpetuity, and might only buy you a slice of bread in ten years. Not exactly inter-war Germany, but it ain't the Gilded Age either...



RV's are enough of a superfluous expense (not investments), why make them worse by borrowing money at anything but dirt cheap rates if you're gonna buy one in spite of that.

Not really a question.

[Patruck]

I know many people are not comfortable with or in a position to use the equity in your home to pay for a MH. I used a equity line of credit at 2.25% as opposed to 5.25% with Bank of American.

[cgeace29.3]

Keep in mind R V loans are like auto loans- simple interest
Home loans are compound interest
That 3.5 % home loan will compute to a bit more
Use an online interest calculator to check the difference
Be shure to consider length of loan a $50,000 loan for 180 months at 5% means you actually paid $100,000 for that M H

[Elite Washington]

Originally Posted by cgeace29.3

Keep in mind R V loans are like auto loans- simple interest
Home loans are compound interest
That 3.5 % home loan will compute to a bit more
Use an online interest calculator to check the difference
Be shure to consider length of loan a $50,000 loan for 180 months at 5% means you actually paid $100,000 for that M H

Meh from the banker it’s closer to 68k total that the loan will cost you. So 50k loan about 18k in interest just saying

Simple Interest is just a 40 day accrual, think internet only helocs or credit cards. So if you only pay interest only you can pay significantly more over time. Compound interest ia just what Nantes typically call front loaded. You pay the interest of the contact. When you pay extra to principal it takes interest off the back end so you get less payments. It will not take off interest from the next payment owed.

[Elite Washington]

Originally Posted by Patruck

I know many people are not comfortable with or in a position to use the equity in your home to pay for a MH. I used a equity line of credit at 2.25% as opposed to 5.25% with Bank of American.

Equity loans are a great way to pay for a Moho if you are comfortable with added debt back into your home. At 2.5% that is a great option and really the best thing to do. Just keep in mind with the tax laws that changed a few years ago you will not be able to write off the interest because it’s not for home improvement. That shouldn’t be a big deal but people used to look at it that way in the past.

[Kcass]

We used Southeast Financial and it was quick. Great response time. Looks like current rate is 3.99.

[sportcoupe]

People, great responses. I will update once the RV arrives at dealer and the outcome.

Also, when you say what great rate you got, also include the monthly terms. It make a huge difference. I have seen 1.x% but it's at 36 months, LOL.