Looked into Refinance of RV and disappointed

[dehaile]

Well after reading horrible reviews of "Bad Sam, Bessex credit and or Bank of the Best ) swap the (B) for the real name... 🙂 I still tried using their service. I was originally drawn to their website by their advertised low interest rates. My current rate is 6.5 and they were advertising high 4's. I was approved for a good rate on the loan but for almost $20k less than what I currently owe on the RV. I looked up the loan value of my trailer and I owe much less than the loan value. I sent an email inquiring on why the loan amount offered was so low and after 5 days I never received a response. I called the bank and started talking with someone and asked them how they determined the loan value of my trailer. I was told that their underwriters come up with the numbers and that it is not up for negotiating. I told the person that there must be some sort of mistake as NADA shows a much different amount. I asked if they could see if they made a mistake in the value and was told "we don't make mistakes!!" Wow! This was the rudest person I have ever spoken with in my life.

Does anyone know of a national bank (non local credit union) that has a good reputation for refinancing RVs with good rates?

[dedmiston]

I see that someone from Good Sam has reached out to the OP. Let's close this thread, at least for now, and see how it's resolved.

OP - Send me a private message if you would like me to reopen the discussion later on.

[dedmiston]

time2roll wrote:
I would start making 2x or 3x payments and be done with it.

And split those into bi-weekly or weekly payments, to chop the sharp corners off the graph of your interest payments.

[time2roll]

I would start making 2x or 3x payments and be done with it.

[Robyn_Barnes]

Hello Dehaile,
I apologize for the trouble you had on your refi request. For RV, the collateral value is established using NADA wholesale value (without adds) including mileage adjustment (+/-); multiplied by 110%. I'd be happy to address your concerns about the value of your RV with our partner to ensure it was calculated accurately. Please send me a PM with your contact information at your convenience.

Sincerely,
Robyn Barnes

[Lwiddis]

Twenty thousand less than you owe on the RV?

[arhayes]

Old-Biscuit wrote:
When one is looking into refinancing an RV Loan then maybe it is time to sell that RV before another mistake is made.

Ditto! A refi probably doesn't make sense. If you believe you can sell it for a decent price, you might be better off buying new. You can probably get a rate in the 4's.

[toedtoes]

Old-Biscuit wrote:
When one is looking into refinancing an RV Loan then maybe it is time to sell that RV before another mistake is made.

Good point.

[Old-Biscuit]

When one is looking into refinancing an RV Loan then maybe it is time to sell that RV before another mistake is made.

[toedtoes]

That's the problem with financing an RV. The NADA numbers are not based on real sales prices and the loan companies are not going to finance based on NADA.

You might try doing a home equity loan if you must (I personally don't finance against my home in any way) or stick with what you've got since it was "good enough" for you when you took it out.

[DownTheAvenue]

A 6.5% rate on a RV is, frankly, not a bad rate. RV loans typically will be 3 to 4 points higher higher than a non-subsidized automobile loan given the same borrower.

[Dirtclods]

Do you own a home?