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...
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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.
