Current Interest Rates?

[Aero_Dave]

OK, I searched and it doesn't look like anyone has asked this question in a while. Seeing that I'm always looking to save money, where I can, what are the best interest rates right now? I haven't even made my 1st payment yet, but already looking for a better rate (why not). I currently have a 4.5% for 12 years. My credit rating is over 850+. Anyone find a better rate and if so, where?

Thanks,
Dave...

[Rustysocket]

Depending on principal you can get 3.99 from Good Sam

[Aero_Dave]

Originally Posted by Rustysocket

Depending on principal you can get 3.99 from Good Sam

Between $25,000-$49,999 their rates are 4.49%, so not any better.

Dave...

[maromeo]

When we were purchasing we got preapproved through Good Sam and brought the approval letter into the dealer and he was able to match the rate and term through a local bank. At the time Good Sam (Essex) had the lowest RV rates around, even our credit union.

Before we buy any larger purchase I go in prepared with price negotiations and the preapproved financing. Looking can become an emotional decision and then you regret some of the buying experience.

Don't forget you can write off the interest on your taxes as a second home (unless you already have one). Not all banks will send you a 1098 for the interest, you may have to call the bank or financial institute (like we have had to do for the past 2 years).

Hope this helps.

[rsday75]

4.49% seems to be about the best I could find searching around for 12-15 years.
Dealer was able to match that, so I guess that is the going rate for around $50K.

[CapeCodFlyer]

4.49% from Bank of America

[DocBrown]

We bought ours in 2013. Your quoted rate is pretty close to the terms we got. We put down a big down payment and have an excellent credit score also.

[Knauby]

Try Bank of the West. They beat my other offers by a quarter percent and were great to work with. They apparently finance a lot of RV's.

[mtnbikes]

Check your local credit union. They will offer the best rates. I financed my 2016 Whitehawk 28 DSBH for 6 years at 2.74%.

[wags999]

KOA also uses Essex but they waive some fees and throw in free KOA camping when you finance with them. Worth a look

[Seann45]

I get prime +2% my loan officer says she cannot even get that rate

[troutslayer]

You probably already know this but for those who don't...the interest paid on a $25,000 loan at 4.49% over 12 years is $20,548 (and some change) according to the BankRate calculator. Just some FYI.

[Buffalonian]

Originally Posted by mtnbikes

Check your local credit union. They will offer the best rates. I financed my 2016 Whitehawk 28 DSBH for 6 years at 2.74%.

I agree with mtnbikes... we're in the process of getting a home equity loan from SEFCU (credit union in NY). Sometimes (maybe always??) there are certain qualifications on who can join. For me, working in Buffalo did the trick. Not all credit unions will have fantastic rates on home equity loans, but SEFCU does. You can get 2.85% for 10 years if you have great credit and Combined Loan-To-Value of 50% or less (i.e. you're not borrowing more than 50% of your homes equity). If you're credit is not great or if your CLTV is higher than 50% you might still get a great rate, but it won't be the lowest.

SEFCU is a NY only credit union, but check out credit unions in your neck of the woods.

BTW, careful about making assumptions regarding your credit score... my FICO score was over 800 so I thought I was going to get their best rate. Unfortunately banks use different scoring methodologies depending on the type of loan. SEFCU uses Vantage (I think, but I can't remember for sure). Anyway, I had high balances on a couple of credit cards. I had the money to pay them off, but I was using the money for something else. I figured with my credit score I didn't have to worry about it, but their scoring model dinged me big time for the high balance (even though I had the money to pay them off). Plus I got dinged for not having a mortgage (can you believe that!? I paid it off 3 years ago and it negatively affected my score!). I ended up paying off my credit cards, waited until my wife's credit report reflected the changes (FYI, Discover card will push the changes to the credit bureaus ahead of schedule if you ask nice, one of my other cards would not) and then reapplied with my wife (my first application was just me, but once SEFCU runs your credit they won't do it again for 60 days). SEFCU takes the better of the two scores if you apply for a joint loan. You might want to ask your bank/credit union where they pull the credit report from and run it yourself before applying.

Hope this helps!

-Len

[dalebra]

Local Credit Union
6 Years
$30,000
3.74%

[rsday75]

Originally Posted by troutslayer

You probably already know this but for those who don't...the interest paid on a $25,000 loan at 4.49% over 12 years is $20,548 (and some change) according to the BankRate calculator. Just some FYI.

Yup.

I financed mine that long just in case some major life event comes up and makes funds tight.

Hope to pay off in 5-6 years.....

[RoWest]

My calculator shows the total interest expense as $7,382.53 with a total paid of $32,382.53 on a $25,000 loan for 12 years. Your interest expense calculation works for a 30 year mortgage.

[troutslayer]

Originally Posted by RoWest

My calculator shows the total interest expense as $7,382.53 with a total paid of $32,382.53 on a $25,000 loan for 12 years. Your interest expense calculation works for a 30 year mortgage.

My apologies!

[mtedelen]

4.25 with USAA (if you're eligible to join) on 15 years, 35k or more....

[tbwill]

Last March
Local Credit Union
$20,000
6 Years
1.90%

Currently the rate is 3.89%

Try your local credit union