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03-09-2010, 10:15 AM
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#1
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Member
Join Date: Feb 2010
Posts: 57
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Financing questions....
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
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03-09-2010, 10:35 AM
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#2
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Senior Member
Join Date: Apr 2007
Location: Parker, CO
Posts: 7,644
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Re: Financing questions....
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.
__________________
it was good to be back
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03-09-2010, 10:41 AM
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#3
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Member
Join Date: Feb 2010
Posts: 57
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Re: Financing questions....
I tried searching for topics but came up with nothing. Are there any magic words I should try using?
Thanks,
Allen
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03-09-2010, 10:48 AM
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#4
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Member
Join Date: Feb 2010
Posts: 57
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Re: Financing questions....
Never mind, got it! It helps to find things when they're spelled right! Haha. Tons of pages now...
Thanks,
Allen
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03-09-2010, 09:40 PM
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#5
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Senior Member
Join Date: Jul 2009
Posts: 412
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Re: Financing questions....
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
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03-16-2010, 01:27 PM
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#6
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Senior Member
Join Date: Apr 2008
Location: Gap, PA
Posts: 245
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Re: Financing questions....
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.
__________________
Dave
Homebuilt RV Project: Design Phase is 80% Complete! (but on hold until I win the lottery)
Ford E-350 EB w/ Cruiser Top, Flip-down "Gaucho" sofa/bed, custom cabinets, AGM batteries, solar panels, water heater, fresh/gray water tanks, sink, porta-potty....
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03-16-2010, 01:35 PM
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#7
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Senior Member
Join Date: Apr 2007
Location: Western Colorado
Posts: 1,228
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Re: Financing questions....
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.
__________________
Desert Solitaire
2003 7.3L EB 4x4
Timberline 4x4 conversion
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03-16-2010, 03:48 PM
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#8
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Member
Join Date: Jan 2009
Location: Denver, CO
Posts: 78
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Re: Financing questions....
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
__________________
2006 Red RB50 with SMB 4x4, 6.0 Diesel, PH Top, etc.
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