Financing questions....

SMBnoob · 03-09-2010, 10:15 AM

Hi guys,
I'm just trying to get some info on financing and what I can expect to my monthly payment. Where did you get financed? Is there any place in particular that offers better rates? I've tried doing a search online for RV loans and a bunch of lenders came up that I've never heard of such as ervloans.com, rvfinancingdirect.com and rvfinancing.com. Are they legit? Am I safer sticking with the big banks? I do most of my banking with Navy Federal Credit Union but I also have an account with Wells Fargo. I've seen rates advertised anywhere from 6.25% to 9.75% online. For the sake of argument, if I was looking to get financed for 100k, what kind of payment would I be looking at? Where did you guys end up financing and what are some of the terms you guys got?

Thanks,
Allen

jage · 03-09-2010, 10:35 AM

In general I would guess the online financing for RVs is as bad or worse than online mortgage companies with hidden rates and fees and stuff. I would suggest going through your Navy Credit Union as you know them. There is already a bunch of info on the forum, however I don't think anyone has posted rates.

SMBnoob · 03-09-2010, 10:41 AM

I tried searching for topics but came up with nothing. Are there any magic words I should try using?

Thanks,
Allen

SMBnoob · 03-09-2010, 10:48 AM

Never mind, got it! It helps to find things when they're spelled right! Haha. Tons of pages now...

Thanks,
Allen

webbmac · 03-09-2010, 09:40 PM

If you're still looking for it, here are the payment amounts based on $100k financed (someone else can comment on likelihood) and the interest rates. I have assumed 6 year financing. There are probably some tools online so you can play with this, but I just did a quick Excel spreadsheet.

- At 6.25%, monthly payment = $1,669.12
- At 9.75%, monthly payment = $1,840.00

Also, just so you have it (I don't know if 10 year financing is available), here is the 10 year amortization:

- At 6.25%, monthly payment = $1,122.80
- At 9.75%, monthly payment = $1,307.70

Best-
Steve

dave_in_delaware · 03-16-2010, 01:27 PM

That lowest monthly payment is more than a mortgage payment on a 3-bedroom house for me... granted we're talking about 10 vs 30 years, but still. It still boils down to monthly payments.

saline · 03-16-2010, 01:35 PM

My lender equated it to $11 per thousand financed for the monthly payment.

So far we are down to $1050 a night in the van.

zaralps · 03-16-2010, 03:48 PM

If you need help seeing what how much your payment will be, I used bankrate.com. There's a calculator section there for autos...simply put in the amount financed, the years financed, and the rate and it will calculate your payment. When I checked around, the rates are very close to what you stated. I ended up with my bank (USAA) with 6.39% for 15 years. With about $50K financed it's about $432/mo. I highly suggest getting the original price sheet and walking the bank through the value.
Good luck
Jeff