Refinancing an RV

[1SG]

I own a 2018 Allegro Bus that I purchased new just over a year ago. I purchased it right, 25% below MSRP, and have an interest rate of 5.75%. I am thinking that interest rates have come down recently so maybe I can refinance. My goal would be to lower my monthly payment.

Does anyone have experience in refinancing their RV?

Thanks

[ksg5000]

If it were me I would just pick up the phone and call my lender ... and then shop around? Also - with soft economy the rates may decline further and if your credit rating is good you maybe better off waiting a bit.

[scbwr]

As stated, no harm in seeing if another lender can give you a lower rate without a bunch of closing fees.

If that doesn't work, you can also save interest costs by increasing your monthly payment. Every little bit you add helps lower your principal balance which lowers your interest amount. Just make sure your lender applies any extra payment towards the principal. The lender on my motorhome purchase was taking my extra amount and applying it to the next payment. When I contacted them, they corrected the situation and adjusted my previous payment accordingly i.e. as payments towards principal.

[DownTheAvenue]

Call the lender who now has the loan on the RV. Ask what their current rate is. Then ask them to Lowery the rate or you will take the business elsewhere. Nothing to loose.

[imgoin4it]

I refinanced our motor home a number of years ago. Was approved with a local credit union until I learned I had to carry $500 deductible insurance. Walked away and refinance at same lower rate with my bank. Was easy. The bank took care of all the details. Shop around with all the poaaibilities.

[Lwiddis]

No harm in asking around.

[Devocamper]

We refinanced for a lower interest rate on a 1 1/2 year old fifth wheel back in 2009. We used the financial services that the good sams club offered at the time and the service was poor communication was awful and it took forever but we did get the lower interest rate same term which made a big difference back then not sure how difference you will see currently but good luck

[1SG]

Thanks for the replies. It is kinda what I was thinking. I will contact some RV loan specialist and see what's what.

Paul

[rk911]

Bumpyroad wrote:
I would guess that you would have more luck, refinancing your house, assuming you aren't full time, and using that cash to pay off RV.
bumpy

and/or any other debt you might have.

[time2roll]

Treasury rates are down but the retail refinance market is a bit jammed up due to the fluctuating market and sudden demand of refinancing. Seek out an RV lender with the rate and term you need and good luck.

The initial purchase loan is the easiest. Value has now dropped so the maximum loan amount may have dropped significantly.

Random google link to compare with other suggestions:
https://www.sefinancial.com/rvs-campers/

Need to call and ask what is available.

[Bumpyroad]

I would guess that you would have more luck, refinancing your house, assuming you aren't full time, and using that cash to pay off RV.
bumpy