RV Loan Interest Rates in 2021

sportcoupe · 06-28-2021, 11:21 AM

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?

Bob Denman · 06-28-2021, 11:42 AM

Check with Bank of The West.
I'm at 3.89%

**EA37TS** · 06-28-2021, 01:08 PM

Look around. Rates are going up so you may not get what someone else has received.

Bob Denman · 06-28-2021, 01:12 PM

https://www.thorforums.com/forums/at...1&d=1624885959

Porkchop · 06-28-2021, 01:20 PM

Liberty Federal in Nebraska currently has 1.9% on auto and rv loans.

Pete'sMH · 06-28-2021, 01:43 PM

Quote:

Originally Posted by Porkchop

Liberty Federal in Nebraska currently has 1.9% on auto and rv loans.

Wow. I’d jump on that if I needed a loan!

sportcoupe · 06-28-2021, 01:51 PM

Quote:

Originally Posted by Bob Denman

Check with Bank of The West.
I'm at 3.89%

From their website:

1. Fill out application
Submit a loan application online or call 1-866-377-3948, TTY 1-800-659-5495.

2. Application Processing
You will be notified once the application is decisioned

3. Finish loan paperwork
Arrange appointment with your branch banker to close and fund your new loan

I don't have a branch near me so I can't complete step 3.

sportcoupe · 06-28-2021, 01:53 PM

Quote:

Originally Posted by Porkchop

Liberty Federal in Nebraska currently has 1.9% on auto and rv loans.

Not available to join unless you meet the following:

If you live, work, worship, or attend school in Lancaster or Seward County, you are automatically eligible. Those outside of Lancaster or Seward County are also welcome to join through a family member, participating employer or Select Employee Group.

Bob Denman · 06-28-2021, 02:24 PM

Quote:

Originally Posted by sportcoupe

From their website:

1. Fill out application
Submit a loan application online or call 1-866-377-3948, TTY 1-800-659-5495.

2. Application Processing
You will be notified once the application is decisioned

3. Finish loan paperwork
Arrange appointment with your branch banker to close and fund your new loan

I don't have a branch near me so I can't complete step 3.

Mine was handled over the phone and internet...

**EA37TS** · 06-28-2021, 09:10 PM

Quote:

Originally Posted by Porkchop

Liberty Federal in Nebraska currently has 1.9% on auto and rv loans.

For 24 months. Read the disclaimer and rates. For 72 months they are knocking on the 4 percent door.

djr · 06-29-2021, 06:56 AM

We got 4.5% from US Bank last year. Up to 240 months.

sportcoupe · 06-29-2021, 07:35 AM

Quote:

Originally Posted by EA37TS

For 24 months. Read the disclaimer and rates. For 72 months they are knocking on the 4 percent door.

Either way, you have to live in one of only two counties to be a member. That rules out 99% of us.

sportcoupe · 06-29-2021, 07:36 AM

Quote:

Originally Posted by djr

We got 4.5% from US Bank last year. Up to 240 months.

They are 5.25% up to 48 months now, USAA is 5.25% up to 180 months.

Porkchop · 06-29-2021, 02:53 PM

The 1.9% rate is for 48 months, and I qualify, so good for me. Why would you want to finance longer and pay more?

Bill

ducksface · 06-29-2021, 05:10 PM

Quote:

Originally Posted by Porkchop

The 1.9% rate is for 48 months, and I qualify, so good for me. Why would you want to finance longer and pay more?

Bill

There are hundreds, maybe thousands of reasons.
Mostly because as many people are on a tighter budget as there are people who would never consider the need to finance at all. While a high interest payment/long term seems distasteful to you, ANY interest/term is distasteful to others.

Op,

Go to usaa today and settle up about your qualification. From the 'veteran' mention and not 'an active account' mentioned, your wording leads me to guess you are not yet a member. I read it as you're not yet a member. Maybe, and I'm guessing, they might have a 90 day or so period of enrollment before a loan is available Just a guess by me...but If you aren't a member and do not know...you might not get that loan.

I'm going to guess if your vehicle arrives and your financing isn't in place, there are three or four people who will buy it out from under you on the day of arrival.
If usaa drags their feet or you don't qualify[the debt ratio, percentage of purchase pricr as down payment, and credit score isn't known by us]an 'option' contract might be available.
You finance with the dealer and reserve an option to pay it off in a designated time...often 10 days to 30 days. Dealers hear LOTS of stories about preapproved, grandma is going to die and leave me money, yadda yadda. An option allows them to deliver the vehicle, and you to deliver the buyout. If you fail, they send in the contract. They're protected if grandma doesn't die, and you have an rv, even if the terms aren't the best you THOUGHT you had available.

5.9 and no RV
6.0 and you own an RV.
It could boil down to that.

sportcoupe · 06-29-2021, 08:58 PM

@ducksface, yes I am a USAA member, have been for years. Qualifying for loan isn't an issue. Good reminder to others reading this about a possible waiting time. I have a deposit assuring me this RV with my local family dealership. They have three other 24.1's coming in that are unspoken for, no buyers or even deposits. One was ordered with mine in February.

I called all CU's local to me that I qualify for just by living in my county, none can beat USAA rate so far. My national bank doesn't beat USAA either.

USAA doesn't pre-qualify that I know of but I will call and see how far we can go without a physical RV at dealer.

sportcoupe · 06-29-2021, 09:30 PM

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.

sportcoupe · 06-29-2021, 09:37 PM

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

Scubawise · 06-29-2021, 10:22 PM

Bank of America got 4.25% up to 120 months

**EA37TS** · 06-29-2021, 10:37 PM

You might check USBank RV and Marine.

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