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Fredzo's avatar
Fredzo
Explorer
Jun 26, 2013

Wow! Essex came through!

My credit union had a "sale" on used RV/re-fi loans at 6.25% last week, and I just re-fi'd at Essex for 4.85%!

When I bought the RV two years ago, the best used rate at my CU was 8.5%.

It took two days, and no tooth-pulling to get it done, and my fees, including overnight shipping of the paperwork, were less than $400. They offered to roll this into the loan, but I declined. I cut my loan term in half, and have lower payments.

Woo-Hoo!

Thank you, Danielle! Mo' Money for fuel!
Seeking Advice

7 Replies

  • The_Texan's avatar
    The_Texan
    Explorer
    Jun 28, 2013
    I am glad you could get the refi and are right side up. However, my OP stands as we are seeing that all around here and friends are reporting the same in many other locales.....They say history always repeats itself and this is proving very true in the finance world.
  • Fredzo's avatar
    Fredzo
    Explorer
    Jun 28, 2013
    mich800 wrote:
    Wow, one person refi's and it is Armageddon.


    LOL! My thoughts exactly. I didn't mention that I'm very "right side up" in the MoHo, and will now stay that way until the end. BTW, those costs included overnight Fed-Exing, DMV fees, etc.
  • B_s_Bunch's avatar
    B_s_Bunch
    Explorer
    Jun 27, 2013
    Thats is my opinion. If a person really needs a loan God forbid. BUT a person that has money and really dont need it the sky is the limit and at the cheap rates. Sometimes you just cant win. But hey it is just my thoughts. Larry
  • The_Texan's avatar
    The_Texan
    Explorer
    Jun 26, 2013
    The trouble is, all banks are going back to what they did just a few short years ago and the results will be the same all over again. They are no longer requiring 20% down, and in some cases willing to loan 110% of high retail. The bubble will start to increase and in just a few short years....BOOM...it will all come tumbling down.
  • I_am_still_wayn's avatar
    I_am_still_wayn
    Explorer
    Jun 26, 2013
    Fredzo wrote:
    My credit union had a "sale" on used RV/re-fi loans at 6.25% last week, and I just re-fi'd at Essex for 4.85%!

    When I bought the RV two years ago, the best used rate at my CU was 8.5%.

    It took two days, and no tooth-pulling to get it done, and my fees, including overnight shipping of the paperwork, were less than $400. They offered to roll this into the loan, but I declined. I cut my loan term in half, and have lower payments.

    Woo-Hoo!

    Thank you, Danielle! Mo' Money for fuel!


    Remember, when you add those $400 in closing costs into your interest costs, the stated interest rate rises. If you pay the loan off early, the effective interest rate will be higher still. That still doesn't change the fact you now have a lower payment with a shorter term.

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