financing an 06 Mobile Suites

pauls^lady · 06-21-2006, 08:04 PM

I do all my banking - personal and business with a particular CA bank. I requested information on obtaining a loan for an 06 Mobile Suites RS3. The term was 12 years and the rate was 9.25 - 10.25%! Can this be right? Is there a better place to check rates if one has good credit?

Pamela

rverdlm · 06-21-2006, 08:45 PM

We got our loan through our dealer at under 6%. Talk to your dealer and see what they can do. Also search the I-net.

PeterW · 06-21-2006, 08:56 PM

Here's a link to a website advertising "as low as" 6.75% for a 3 year loan. I haven't used them so I can't say good or bad about them.

https://www.fun-loan.com/rv_applicat...protection.net

Dave, I know you've had your MS for a while...did you just get financing or was it over a year ago? 6% is a great rate today, as rates have been going up pretty steadily in the past year or so.

rdunk · 06-21-2006, 11:05 PM

Try Bank of America!

funke1 · 06-21-2006, 11:19 PM

State Farm Bank offers a 15 year loan--last I checked 7.25%

Soon pullin a 07 Elite Suite--now pullin a 00 MountainAire

osiebosie · 06-22-2006, 07:44 AM

I do MAJOR banking with U S Bank, so they refinanced our MS at 6% for six years. But that was in February of this year, and rates have gone up some. We were originally financed through the dealer, but this was a much better rate. And it'll be paid for in six years, rather than 15. I would be glad to give you my loan officer's name and number if you wish to email me at temple1017@aol.com.

Sharon

dave007 · 06-22-2006, 08:57 AM

Just financed a Suite at 6.99 for 15 years from US Bank. Of course I plan on paying it off much sooner than that, but it keeps the payment low when I'm in a crunch...

What I didn't realize was how these banks will negotiate. If you go to them with a cheaper rate, most likely they will match or beat it... I would do some shopping around...

impumalanga · 06-22-2006, 09:13 AM

Look in other directions when searching for financing....

as parents of Marines, we were eligible to open a savings account ($5 minimum balance) with a credit union for the military, within 24 hours we have a check. Our dealer offered an excellent rate, but we were able to beat it.

Good luck and congrats on your new Suite!

hitchup · 06-22-2006, 09:33 AM

As anything, it depends on your credit score, what % you'll be charged. We also went through a Credit Union (on both RV's) & got our loan for 15 years. But we also put 10% down. That kept the payments lower, so we can pay off sooner if we want to save even more $'s.

There are plenty of places that offer loans that you can apply for online. So shop around & get the best rate. It also depends on your state of residence.

akline · 06-22-2006, 03:39 PM

We went through our local credit union and got 5.5% for 5 years. We got this rate the end of May. I had checked with a few on line places and at that time they were around 6.9% for 15 years. Be sure to make sure there is no prepayment penalty, some of the lower ones had that stipulation rvbanker.com was one.

bettyj · 06-22-2006, 03:42 PM

Try Bank of the West

rverdlm · 06-22-2006, 09:58 PM

Peter, that was mid July '06. Actually my point was that a good dealer can beat most if he tries. At that time the best I could find was 6.5% and most were at 7% even though they all advertised around 5%. Our credit was perfect, but that low rate was only if you were 30 years old, had a house, and make $300K. I'm sure you get my point. Doing it through the dealer was also so easy. We walked into the office at 3:15 and at 4 the RV was parked in the RV park next to our old unit and ready for moving. What a deal!!!

PeterW · 06-22-2006, 11:48 PM

Dave, good point. Sometimes too many of us think the dealer's financing arm is there to rake us over the coals...some do offer good terms. Like many other things financial, just compare apples to apples and go from there.

CampingCaptain · 06-23-2006, 10:00 AM

Thought I'd list our plans in case it might help someone else who may be in our situation. We plan to basically pay cash for our MS and TV. As we will be retiring in 07, we plan to take out a revolving line of credit based on the value of our house (which is nearly paid off). You need to do this before you stop working as more than likely your income will drop when you retire and the amount of money the banks will advance to you is based on debt to income. There is no charge for a revolving line of credit until you actually use it.

Next summer, we plan to tour several RV factories to help us make our final decision. There will have to be a major eye opener to get us to change our minds on a MS. Anway, after we get back home, we plan to order our 5W and TV and then put the house up for sale. We will already have access to most of the proceeds from the sale since we will have applied for the line of credit. This will allow us to make the best deal possible as cash does still talk in this country. Then when the house sells, we'll pay off the balance of the line of credit, bank/invest the balance and go full-time at that point. We can't wait.

Anyway, that is our plan. Anyone have any thoughts, for or against?

akline · 06-23-2006, 05:02 PM

Camping Captain-the only downside that I have seen on equity loans is that the rates seem to be higher and some places charge to initially get the loan, ie. closing costs. I had looked into lines of credit but at the time my bank was quoting around 7.5% and I would have to pay for an appraisal and closing costs. That is why I joined a credit union.

You may have a better bank source, if you can get a good rate with no closing and no prepayment penalty-go for it!

Anne

CampingCaptain · 06-23-2006, 05:15 PM

Quote:

Originally Posted by akline

You may have a better bank source, if you can get a good rate with no closing and no prepayment penalty-go for it!

Anne

Anne,
I guess it does help to have a wife who works for the bank. One of the few benefits they have left.

guardrail22 · 11-11-2007, 07:48 PM

I still have 6 yrs to work but we are doing it now. The truck is an F450, the trailer is a Carriage 36XTRM5.

Finaincing should be getting cheaper becasue the rates are more closely tied to the rates being lowered by the fed to ward off the recession.

I'm going to shop it with M&T, BoA, BOTW, Essex etc. M&T has done two for us but they originally refused our current unit unitl I reminded them we were a customer. Cust service is largely a forgoten art.