RV Loans and Extended Warranty 101

[Jireh Financial]

This is my first post on RVForums.com. My company is in the loan and service contract business. If we can help in anyway, please let me know. We do also offer loan services if you are in need. We work with lenders that do have different appetites' for the type of buyer. Also, buyers are often traveling across state lines to purchase and that can add wrinkles.
Let me know if we can help.
Thank you,
Ken

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[Jireh Financial]

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Thank you all for the contacts and notes so far.
Let us know how we can help.
Thank you,
Ken

 

["EZ"]

Just curious, are banks pushing people to re-fi their RV loans like they are with their home loans? Or are banks scared of the RV loan risk?
I just did a re-fi on my house and brought the rate down to 2.5%. My RV loan was done several years ago at about 6.5% for a used 2006 Class A 40' DP. I have spent close to $20,000 remodeling it so it looks almost new. I'd be interested in doing a re-fi on the RV if the rates are favorable. Can you give us an estimate of what current rates are like for a used DP if the owner has an 800 FICO score?

 

[Jireh Financial]

Just curious, are banks pushing people to re-fi their RV loans like they are with their home loans? Or are banks scared of the RV loan risk?
I just did a re-fi on my house and brought the rate down to 2.5%. My RV loan was done several years ago at about 6.5% for a used 2006 Class A 40' DP. I have spent close to $20,000 remodeling it so it looks almost new. I'd be interested in doing a re-fi on the RV if the rates are favorable. Can you give us an estimate of what current rates are like for a used DP if the owner has an 800 FICO score?

Good afternoon. Nothing happening in the RV or Marine industry pushing for refinance business. They are writing plenty of loans on fresh sales and that is good. MY THEORY is that lenders are getting enough fresh business they are not looking for refinance. Sometimes getting the title or lien release when the old loan is paid off can take a while. We have made payoffs on person to person loans before and waited 30 - 45 days to get the release. It also requires being listed as the loss payee on the insurance policy and they need that done before a contract will fund. We miss it as a company. About 5 - 6 years ago, my old company would do 35 - 50 refinance deals each fall and winter.
With all that being said, there are a couple options but nothing like a home rate. RV and marine will always be higher than home and auto. I see your rate in the note. The other question is balance owed. Reason is because one of the lenders we work with has a minimum of $75,000 on refinance. If you would rather let me know in a PM that would be fine. Rate will be determined mostly by score and you will pay a slight bump based on age.
Depending on where the balance comes in, there might be a couple options but limited.
Let me know how we can help.
Thank you,
Ken

 

["EZ"]

Good afternoon. Nothing happening in the RV or Marine industry pushing for refinance business. They are writing plenty of loans on fresh sales and that is good. MY THEORY is that lenders are getting enough fresh business they are not looking for refinance. Sometimes getting the title or lien release when the old loan is paid off can take a while. We have made payoffs on person to person loans before and waited 30 - 45 days to get the release. It also requires being listed as the loss payee on the insurance policy and they need that done before a contract will fund. We miss it as a company. About 5 - 6 years ago, my old company would do 35 - 50 refinance deals each fall and winter.
With all that being said, there are a couple options but nothing like a home rate. RV and marine will always be higher than home and auto. I see your rate in the note. The other question is balance owed. Reason is because one of the lenders we work with has a minimum of $75,000 on refinance. If you would rather let me know in a PM that would be fine. Rate will be determined mostly by score and you will pay a slight bump based on age.
Depending on where the balance comes in, there might be a couple options but limited.
Let me know how we can help.
Thank you,
Ken

Thanks for the response and the information. It was about what I expected. I owe about $50k on our coach, so I wouldn't make the minimum. I'm thinking of paying the coach off with some of my re-fi money from the house. I pulled $100k out of the house because at 2.5% there was a lot of things I could do with that money rather than let it sit there.

 

[Jireh Financial]

The current rate you have is not horrible based on what the used market would be. The home rates are very good right now. As a sign of my age our first mortgage was at 12.5% variable and we were glad to get that. The way rates have been for the last few years, it makes paying cash for things questionable. It is not difficult to outperform those numbers by leaving investments alone (that is an opinion thing).
Thank you for the back and forth. Let me know if we can help with anything.
Ken

 

[Jireh Financial]

Good morning,
We just signed up with an RV specific lender. There guys don't even do boat loans. They are not new, just new for us. They specifically want tow behind RV business. The motorhome side may turn on down the line but as of now, tow behind.
Rates are still basically stable.
Let us know if we can help.
Thank you,
Ken