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Old 03-15-2022, 03:49 PM   #1
432bartman
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Montana Finance improvement?

Looking to refinance my Montana at a lower rate? Anybody have any suggestions? Bank of the West, who I have used before, is offering rates in the 4% range, but their website to start the initial loan app has been down for over two weeks, and all I get is lip service from them.
 
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Old 03-15-2022, 04:06 PM   #2
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Before doing so, do an amortization based on your current loan and interest rate, and the time remaining on the life of your loan. Now, add up the total amount you will pay. You have a 2019 model, You probably have a 15 year loan. amortize the remaining 13 years and add up the total amount you are paying.

Now do the same thing over the life of a new loan. I bet, the new loan, with a lower interest payment will result in more money out of your pocket over the life of a new 15 year loan than what you are paying now.

If you can get a lower interest rate, finance the remaining balance for a shorter time period than the 13 years, then yes, refinancing might be an answer.

But remember, the lower the monthly payment stretched over a longer period of time, the more interest you are paying. Your monthly payment may be lower than your current payment, but you'll be paying a lot more interest over the life of the new loan.

This is how credit cards work. Your monthly payment amount might be $75, but if you check carefully, if you pay only the $75, you'll find out, only $5.00 actually goes to principle (if that much, you'd be lucky).

If anything, double up on your current payments and get the dang loan paid off. The faster you pay it off, the more money you save in interest.
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Old 03-15-2022, 10:41 PM   #3
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Try a local rv dealership. They have many sources for financing.
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Old 03-16-2022, 04:05 AM   #4
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You might try a local credit union, or something like Navy Federal. Being a marine, you can join and get a better interest rate there than most banks and other lenders.
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Old 03-16-2022, 06:54 AM   #5
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On our first TT a 2014 28RLS we financed it for 12 yrs. Payed 38k for it & after making monthly payments for 5 yrs & 5000.00 Downpayment still owed 28k . I agree with Dutchman Sport . Our 2021 295RL HC was bought with cash .
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Old 03-16-2022, 08:30 AM   #6
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Then there is the strategy to use someone elses (bank) money at a low interest rate to lower ones monthly overhead costs. Take the cash and invest in something that appreciates instead of depreciates. Then write off the interest on taxes as a second home.
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Old 03-16-2022, 10:45 AM   #7
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Well, I finally got into the Bank of the West/Essex RV/Boat refinance app. Fingers are crossed and we submitted for a 7 year loan at hopefully a 4.24%. My payment will go up but I want that sucker paid off. Thank you for the replies and if this doesn't work, I'll be looking at everyone's suggestion.
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Old 03-16-2022, 11:30 AM   #8
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Just got good news this morning........we're approved for 7 years at a 4.99%. Hallelujah.
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Old 03-16-2022, 01:49 PM   #9
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At 4 or 5% you are probably better to finance it rather than use your money to pay cash. Invested you will almost always make more than that.
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Old 03-21-2022, 11:24 AM   #10
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I was with Bank O the West for our 5er, 20 years at 5.75%. We also had a small HECL @ 5.25%. I had been paying extra on the 5er because 20 years keeps you under water.
Went with Rocket Mortgage and got 2.99% and rolled them together with the payment slightly lower than what I was paying on the 5er and all will be paid off in 8 yrs. Total savings over the life of both loans was about 9K if we go full term. We are paying extra on this one so will not go full term which will increase savings. Should be done in 5 yrs.
We will then call Dave Ransey and yell "I'm debt free".
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Old 09-28-2022, 06:57 AM   #11
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I went with Bank of the West. Their website is truly horrible and you can't walk into a branch to start the loan process, it has to be done online. Eventually I did get it and knocked my loan down to a 7 year at 4.49%. Not sure what the current rate is today with how everything else is going.
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Old 01-10-2023, 01:32 PM   #12
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Good luck finding a good interest rate today! Folsom Lake RV told me that they typically sell 40 units a month. Closed December with 7 sales! Reason? Interest rates. Even with 800 credit score and 20% down you're at 8.99%
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Old 01-10-2023, 02:31 PM   #13
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At 9% it’s a buyer’s market if you can afford to pay cash and will probably get better.
I would like to buy a new F150. So today I ask the sales manager how long will it take to get a Lariat. He said he ordered one in August it hasn’t got a build date yet. The high end you might get one in a year.
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Old 01-10-2023, 03:40 PM   #14
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If you're going half ton there is a reliable alternative.
Our SIL bought a Toyota this past summer and it only took 6 weeks. They have their own chip plant and there is no shortage.
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Old 01-10-2023, 04:32 PM   #15
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…………
I would like to buy a new F150. So today I ask the sales manager how long will it take to get a Lariat. He said he ordered one in August it hasn’t got a build date yet. The high end you might get one in a year.
Lynwood
Wow. I thought it would get better rather than worse. I ordered an F150 King Ranch loaded July 30, 2021 and got it December 30, 2021. 6 months. Right in the midst of the chip shortage and nothing on the lots. And in mid October they had to reissue my order as they finished the 2021 build orders and started the 2022 build orders. That caused my order to start over at that point. I actually thought I had ordered a 2022 anyway as new models used to come out end of July. But I got a year newer 2022 for the original price quoted, so I guess I came out slightly better.
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Old 01-10-2023, 07:03 PM   #16
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If you're going half ton there is a reliable alternative.
Our SIL bought a Toyota this past summer and it only took 6 weeks. They have their own chip plant and there is no shortage.

Thanks. I’m sure the Tundra is a reliable vehicle but it would be really hard for me to give up my 2.7 engine. It gets 23 MPG in the summer around town. Of course I drive it like I stole it, very easy so no one would notice. The 2.7 is I my opinion after having drove 2 of them since 2015 the finest engine I have ever had in a vehicle. I just like the truck it fits. 325 HP out of 164 cubic inches. They don’t make them like they used to, thank goodness.
I’m not normally brand loyal, being in business 40+ years has taught me that. I would consider the 2.7 Chevy and I will go check them out. 440 pound feet of torque out of a 2.7 nice.
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Old 01-10-2023, 08:16 PM   #17
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………
I just like the truck it fits. 325 HP out of 164 cubic inches. They don’t make them like they used to, thank goodness.
………
For sure. My ‘62 Chevy Impala put out 250 hp from 327 c.i. sucking gas from a 4 barrel. And a 2 speed Powerglide auto transmission. Seemed pretty darn good …….. at the time.
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Old 01-11-2023, 04:06 PM   #18
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At 9% it’s a buyer’s market if you can afford to pay cash and will probably get better.
I would like to buy a new F150. So today I ask the sales manager how long will it take to get a Lariat. He said he ordered one in August it hasn’t got a build date yet. The high end you might get one in a year.
Lynwood
Lynwood, are you sure that F150 will pull a Montana?
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Old 01-11-2023, 04:37 PM   #19
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Lynwood, are you sure that F150 will pull a Montana?

Nope. But I have 2008 tuned with over 600 HP and 1100 torque that probably will. The little 2.7 with a standard tow package is rated to tow 7700 pounds. It might with someone else driving it but not me.
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Old 01-11-2023, 04:42 PM   #20
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For sure. My ‘62 Chevy Impala put out 250 hp from 327 c.i. sucking gas from a 4 barrel. And a 2 speed Powerglide auto transmission. Seemed pretty darn good …….. at the time.
My brother had a 63 Impala 327 300 4 speed. What a great engine. I would love to have a classic Corvette with a 327 300 but what would I do with it?
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