Best Bank to Refi our RV Loan

[OSH4007]

Hey everyone,

We are looking at the option of refinancing our RV loan. We are currently 5.74% and looking to see if there are better rates. Credit score is mid 700s, the RV is a 2020 Cyclone 4007....just looking for a better rate based if possible.

thanks
Mike

 

[SNOKING]

Hey everyone,

We are looking at the option of refinancing our RV loan. We are currently 5.74% and looking to see if there are better rates. Credit score is mid 700s, the RV is a 2020 Cyclone 4007....just looking for a better rate based if possible.

thanks
Mike

Credit Union!

 

[OSH4007]

Credit Union!

NOT BECU!! Terrible CU for any RV/Boat new or used. Any specific recommendations?

 

[BluegrassCamper]

We used a small local credit union and are at 4.5% if memory serves. I am not familiar with your lender but I suggest you check out your local credit unions. Like a teachers credit union or the like. They like to keep the $$ in the community and will support a local borrower better. (And with your credit score you should be able to do better than 5.74%)


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[JohnDar]

Shop a local credit union. On many types of loans, their rates are much better than any finance company or bank. If you have an account, it’s easy to set up automatic payments so you’re never late.


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[SNOKING]

Shop a local credit union. On many types of loans, their rates are much better than any finance company or bank. If you have an account, it’s easy to set up automatic payments so you’re never late.


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They can do an ACH transfer from any account at another financial company.

 

[NP_Chief]

I am also for the credit union idea. The dealer we bought from recommended a credit union when we bought our trailer and we ended up re-financing our tow vehicle with them. They also financed the house we just bought and the I have never stepped foot in a branch.

 

[OSH4007]

Ok so Im seeing a theme here.....Local CU. Ill reach out to a couple in the area and see what rates are out there. We bought last June when rates were a little higher so with rates across the board dropping I was hoping to get a much better rate. I guess 1% lower is better but I assumed I would see rates in the mid 3s based on our current economy and a fed rate of 0%.

Thanks again for all your advice.

 

[NYSUPstater]

Banks? What are they??? FWIW, I've done business w/ my CU for past (crap CRS moment) I don't know, but it's been at least 20-30 years and have always gotten a great rate, best terms and if ever a problem, speak directly to someone local and if need be can always work something out if in a bind. Try that w/ a bank. Oh, rates, top notch, but believe a lot has to do w/ credit score.

 

[jnbhobe]

Yes to checking credit unions, The last loan I got was a commercial home loan at 3.75% for 15 yrs. And that was 3 yrs ago

 

[zolman]

It's not my Credit Union for RV loans. I do a lot of business with them but not RV loans. They are almost 50% higher on RV but lower on everything else.

Has anyone used Good Sam?

 

[JohnDar]

Banks? What are they??? FWIW, I've done business w/ my CU for past (crap CRS moment) I don't know, but it's been at least 20-30 years and have always gotten a great rate, best terms and if ever a problem, speak directly to someone local and if need be can always work something out if in a bind. Try that w/ a bank. Oh, rates, top notch, but believe a lot has to do w/ credit score.

I switched from a bank to a credit union a few years back when the bank started charging me a monthly fee for not using my ATM/Debit card often enough each month. I refuse to have a debit card associated with our accounts. A regular credit union ATM card is good at thousands of credit union ATM's across the country...without a fee.

 

[avvidclif]

When I bought mine the Teacher Credit Union wanted over 8% for a boat, motorcycle, or rv. They were getting 3% on vehicles. I told the dealer I wanted 4.5% or less and he got it thru Bank of America.

 

[jleavitt11]

Be sure to check the online lenders. A quick google search will show you the rates.

 

[kristaevans]

I agree with the people on this forum suggesting Credit Union for loaning your RV. It’s one of the safest ways to take out loans, make deposits, and have other financial services. Their rates are usually reasonable, but it also depends on your credit card score, income, and how many years you want to take out the loan. I also like Tide Bank, but it’s usually used for business accounts and loans. The bank has an accessible app with many features for monitoring your balance, scheduling payments, and categorizing transactions. I found out about this bank on https://www.referandsave.co.uk/tide/, where I got a referral code for a signup bonus.