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Refinancing?

Yahoo Message Number: 3342
Would love to hear more from folks who have recently refinanced their rigs: what % for how long? What companies, etc...thanks.
Jan McNeill

2001 Intrigue 11320

Re: Refinancing?

Reply #1 –
Yahoo Message Number: 3343
Hi.

Just in the process with Destination in Montana. 5.95% at 15 yrs. No bad I think.

TJ

Re: Refinancing?

Reply #2 –
Yahoo Message Number: 3344
Just re-fied through RV Credit Direct at 6.08%. You could pick your length of finance period but it doesn´t save any $$ if you keep the length at 20 years or so. At minimum, you should finance for the length of time you have left on your current loan of if you can afford it, go to a shorter payoff period.
Don
'02 Intrigue #11427

Re: Refinancing?

Reply #3 –
Yahoo Message Number: 3349
Hi Jan, I have been wondering about refinacing also.
Unfortunately when folks respond with just a % rate it only tells part of the story.
Someone with coach value $200K and an existing outstanding loan balance of $100K may be able to refi at a low rate for fifteen years.
On the other hand, someone with a coach value$200K and an existing loan balance of $180K may not be able to do much at all as there is little equity in the coach for the bank to use as collateral.
The only other way to do it is to find a credit union or maybe a bank where you can pledge other assets against the outstanding loan in case of default.
If you want to maintain the tax write off on your motor home payments, it will have to be used as your first or second home or funded by taking an equity line of credit on your existing first home (if you have one).
There may be some other ingenious financial tools out there but remember, it doesn't always pencil out if you are having to pay "points" or other loan fees just to get the lower rate.
I am not trying to deter you from applying, just adding a little extra perspective.

Have a great Thanksgiving.

David and Karen,
2000 Intrigue 11062

Re: Refinancing?

Reply #4 –
Yahoo Message Number: 3350
Thanks for responding...yes, I was aware of all those ramifications (having been a Realtor for 10 years in my former life)...but I just was wanting to get a general feeling for what folks were finding at this moment in time. I had checked a few months ago and it wasn't worth the time, but now it sounds like it's worth pursuing. It sounds like folks are getting better than the 7.8% that we have on this, so it's worth trying.

Take care...Jan and Chris
Intrigue 11320

Re: Refinancing?

Reply #5 –
Yahoo Message Number: 3351
Jan,

Dimen Marine Financial Services had a deal at 6.2%, received an offer in the mail. Most of the RV financing companies don't seem to charge any points or upfront fees. For example when I went from Bank of America to my current lender, there were zero costs in switching.
Dimen wanted a 150. fee which seems reasonable enough to save a few hundred dollars each year in interest. FMCA magazine has ads from several of the more popular lenders to RV owners, you should be safe looking at one of those.
Ray

2000 Intrigue

Re: Refinancing?

Reply #6 –
Yahoo Message Number: 3354
Jan,

Once again, the best refinancing we have found is with RV Credit Direct. They are listed in FMCA. Current rate for a 20 year loan is 5.95% with a major bank. There are no fees or points and they use the coach as security for the loan. Interest is deductable as a second or first home. All paper work is done via Federal Express mail. We are doing our paper work on the 26th.

Bill G. 2001 Magna 5998

Re: Refinancing?

Reply #7 –
Yahoo Message Number: 3355
Hi Guys

I really do think it's worth trying. Zero points and a reduction in our rate from 7.9 to 5.9%. It was our choice to put additional cash into our coach and to shorten our terms simply to cut the total amount we would be paying for the coach at the end when all is said and done. But lowering the amount we wanted to finance and shortening the term was not necessary to the deal which we've applied for.
Hope this helps. I'm no financial guy. Just a doc planning to cut way back next month and looking to save in anyway possible.

Tom

Re: Refinancing?

Reply #8 –
Yahoo Message Number: 3356
When looking for financing for my rig, I checked some of the "on-line" companies. Some would not insure a full-timer and some would not allow me to take the rig to Mexico. And the rates were always higher than the web-site stated.

Ree

Re: Refinancing?

Reply #9 –
Yahoo Message Number: 3357
Thanks, Bill...after checking all the sources folks were mentioning, yours indeed was the best rate/terms. Sounds great to me! Big chunk of change difference from our current 7.8! Appreciate the referral..
Jan McNeill
Intrigue 11320