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03-15-2022, 03:49 PM
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#1
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Montana Master
Join Date: May 2020
Location: UPLAND
Posts: 1,257
M.O.C. #26190
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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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2019 Keystone Montana 3560RL, 2020 Chevy 2500 HD, Firestone airbags, Air Lift wireless compressor, Curt gooseneck, 20K Reese Goosebox, TST-507, USMC combat vet & retired LEO. Robert, Anika, Breanna, Dylan (daughter-in-law Stephanie). & our Great Pyrenees Layla
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03-15-2022, 04:06 PM
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#2
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Montana Master
Join Date: Oct 2018
Location: Anderson
Posts: 2,615
M.O.C. #22835
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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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History is not about the past, it's an explanation of the present.
2019 Montana High Country 375FL
2014 Chevy Silverado Duramax, 6.6L Dually
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03-15-2022, 10:41 PM
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#3
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Montana Master
Join Date: Jun 2018
Location: Carson City
Posts: 2,017
M.O.C. #21963
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Try a local rv dealership. They have many sources for financing.
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2016 3160, Legacy, Sailuns, Splendide 2100 xc vented, 1 1/2" axle lift blocks, disk brakes. 2014 Ram 3500 SRW SWB 4X4 6.7 Aisin Mega Cab, EBC slotted disks and brakes, Titan fuel tank.
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03-16-2022, 04:05 AM
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#4
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Montana Master
Join Date: Oct 2019
Location: Jacksonville
Posts: 2,150
M.O.C. #25165
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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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Robert & Diana McNeal
2019 Montana Legacy 3791RD 20th Anniversary Edition
2014 F350 4x4 6.7L SRW
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03-16-2022, 06:54 AM
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#5
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Seasoned Camper
Join Date: Jun 2021
Location: Texas Hill country
Posts: 75
M.O.C. #28894
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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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03-16-2022, 08:30 AM
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#6
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Montana Master
Join Date: Jun 2018
Location: Carson City
Posts: 2,017
M.O.C. #21963
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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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2016 3160, Legacy, Sailuns, Splendide 2100 xc vented, 1 1/2" axle lift blocks, disk brakes. 2014 Ram 3500 SRW SWB 4X4 6.7 Aisin Mega Cab, EBC slotted disks and brakes, Titan fuel tank.
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03-16-2022, 10:45 AM
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#7
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Montana Master
Join Date: May 2020
Location: UPLAND
Posts: 1,257
M.O.C. #26190
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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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2019 Keystone Montana 3560RL, 2020 Chevy 2500 HD, Firestone airbags, Air Lift wireless compressor, Curt gooseneck, 20K Reese Goosebox, TST-507, USMC combat vet & retired LEO. Robert, Anika, Breanna, Dylan (daughter-in-law Stephanie). & our Great Pyrenees Layla
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03-16-2022, 11:30 AM
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#8
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Montana Master
Join Date: May 2020
Location: UPLAND
Posts: 1,257
M.O.C. #26190
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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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2019 Keystone Montana 3560RL, 2020 Chevy 2500 HD, Firestone airbags, Air Lift wireless compressor, Curt gooseneck, 20K Reese Goosebox, TST-507, USMC combat vet & retired LEO. Robert, Anika, Breanna, Dylan (daughter-in-law Stephanie). & our Great Pyrenees Layla
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03-16-2022, 01:49 PM
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#9
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Montana Master
Join Date: Oct 2004
Location: Salem
Posts: 7,566
M.O.C. #2283
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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.
Lynwood
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03-21-2022, 11:24 AM
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#10
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Montana Master
Join Date: Jan 2018
Location: Northville, NY
Posts: 807
M.O.C. #21158
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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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Jim B
2017 Lariat F-350 FX4, CC, SB, 6.7 PSD 4WD
2018 MONTY 3731FL, at our private winter site in GA
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09-28-2022, 06:57 AM
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#11
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Montana Master
Join Date: May 2020
Location: UPLAND
Posts: 1,257
M.O.C. #26190
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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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2019 Keystone Montana 3560RL, 2020 Chevy 2500 HD, Firestone airbags, Air Lift wireless compressor, Curt gooseneck, 20K Reese Goosebox, TST-507, USMC combat vet & retired LEO. Robert, Anika, Breanna, Dylan (daughter-in-law Stephanie). & our Great Pyrenees Layla
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01-10-2023, 01:32 PM
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#12
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Montana Master
Join Date: Jan 2022
Location: Shingle Springs
Posts: 2,265
M.O.C. #30417
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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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Tony & Donna
2022 Montana HC, 295RL, Solar Flex 400, Onan 3600 LPG, 2K inverter, 200AH Lithium. 2020 GMC Denali 2500 6.6 Duramax, Demco 21K Auto Slide
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01-10-2023, 02:31 PM
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#13
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Montana Master
Join Date: Oct 2004
Location: Salem
Posts: 7,566
M.O.C. #2283
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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
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01-10-2023, 03:40 PM
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#14
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Montana Master
Join Date: Jan 2018
Location: Northville, NY
Posts: 807
M.O.C. #21158
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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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Jim B
2017 Lariat F-350 FX4, CC, SB, 6.7 PSD 4WD
2018 MONTY 3731FL, at our private winter site in GA
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01-10-2023, 04:32 PM
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#15
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Montana Master
Join Date: Oct 2006
Location: McKinney
Posts: 7,186
M.O.C. #6433
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Quote:
Originally Posted by mlh
…………
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
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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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Bill & Patricia
Riley, our Golden
2007 3075RL (recently sold, currently without)
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01-10-2023, 07:03 PM
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#16
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Montana Master
Join Date: Oct 2004
Location: Salem
Posts: 7,566
M.O.C. #2283
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Quote:
Originally Posted by DebNJim B
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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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.
Lynwood
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01-10-2023, 08:16 PM
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#17
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Montana Master
Join Date: Oct 2006
Location: McKinney
Posts: 7,186
M.O.C. #6433
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Quote:
Originally Posted by mlh
………
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.
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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.
__________________
Bill & Patricia
Riley, our Golden
2007 3075RL (recently sold, currently without)
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01-11-2023, 04:06 PM
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#18
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Montana Master
Join Date: Apr 2006
Location: Mesa az
Posts: 2,961
M.O.C. #5651
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Quote:
Originally Posted by mlh
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
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Lynwood, are you sure that F150 will pull a Montana?
__________________
Tom and Gail
2013 Mountaineer 362
2012 Silverado 2500
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01-11-2023, 04:37 PM
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#19
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Montana Master
Join Date: Oct 2004
Location: Salem
Posts: 7,566
M.O.C. #2283
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Quote:
Originally Posted by twindman
Lynwood, are you sure that F150 will pull a Montana?
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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.
Lynwood
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01-11-2023, 04:42 PM
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#20
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Montana Master
Join Date: Oct 2004
Location: Salem
Posts: 7,566
M.O.C. #2283
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Quote:
Originally Posted by BB_TX
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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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?
Lynwood
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