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Old 11-16-2012, 03:21 PM   #1
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Financing

I there, I am planning on buying my first RV ever and plan to live in it. We are looking at getting a class A by next fall. Does anyone have any advice in lending. We are mostly considering used rigs. Which lender has the best interest rate? How long is the typical loan for? What are things I should look for?

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Old 11-16-2012, 03:51 PM   #2
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Ally Bank will do 12 years on used RV's at now rate of 5.99. Of course newer the model longer the term and better rate
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Old 11-16-2012, 03:51 PM   #3
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You have to shop around for both financing and insurance - there can be huge variations from one buyer to the next, and from one provider to the next. The dealer will be one source - and don't be afraid to negotiate the rate with him. He can usually do better if he takes a lower commission from the lender. Then get some quotes of your own from places like Essex Credit, Good Sam, etc.

I've had good results with Bank Of America's RV loan dept, but their first offer wasn't always the best they can do. Bank of the West and Well Fargo are big in the RV finance business too. If they come in high, tell them you have a better offer and see what they will do.
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Old 11-16-2012, 04:21 PM   #4
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Now my curiosity is up. The OP's intent of financing was for full time use if I read correctly. I was perhaps under the wrong impression that Bank of America and others were not lending on full-time basis. I believe GS and Essex do but things may have changed.

The last I looked BoA's website said no on full time and Essex had a rate and term sheet posted for new, used and full-time. If you want to get an idea of posted rates and terms you can check the Essex site, but I have no experience with them. There is also a number to call for inquiry there and on other lending sites. I'm sure they will be happy to speak to you. If your intent is to go full-time you would probably want to be financed that way up front, rather than have to refinance down the road. Generally - and depending on the amount financed you can get up to 15 years on used. New can go longer but the shorter the better I always say.

Good luck.
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Old 11-16-2012, 04:26 PM   #5
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I'm too stale on rates and lenders info but I'll second the comment about being full time complicating matters. If you already own a stick house you might consider buying the coach before selling the house to avoid the challenges some folks have been reporting on lately.

Best of luck.

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Old 11-16-2012, 04:47 PM   #6
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Ally gave us the best rates.
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Old 11-16-2012, 04:59 PM   #7
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My recent (Oct 2012) experience FWIW. 2006 HR Scepter 42DSQ with my TT as a trade in

USAA would only loan up to 80% (5.5% for 240 mos) but I could not get a straight answer on 80% of what (NADA value?, MH price?, Purchase Order final #?).

The dealer contacted Essex and they hooked me up. 240mos/4.62% (my TT made up their 15% down requirement) and rolled in the taxes, title etc. into the loan. Several days later they called to appologize saying they won't do 240mos for a 2006 (only 2008 and newer).

The dealer contacted Bank of America. BoA offered me: 240mos/4.43% included taxes and title fee and their charges ($395). The dealer has the check and my coach is in transit to me (AZ to VA).
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Old 11-16-2012, 05:24 PM   #8
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Take care on USAA rate quotes...if you say you are full timing, they will terminate the quote innediately (at least as of two months ago). Talked to them on the phone and they indicated they don't "...have the disclosure statements..." to accommodate a loan to someone who states they will be full time living in the coach

They don't offer the best rates anyway.
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Old 11-16-2012, 05:32 PM   #9
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Quote:
Originally Posted by Playtime III
My recent (Oct 2012) experience FWIW. 2006 HR Scepter 42DSQ with my TT as a trade in

USAA would only loan up to 80% (5.5% for 240 mos) but I could not get a straight answer on 80% of what (NADA value?, MH price?, Purchase Order final #?).

The dealer contacted Essex and they hooked me up. 240mos/4.62% (my TT made up their 15% down requirement) and rolled in the taxes, title etc. into the loan. Several days later they called to appologize saying they won't do 240mos for a 2006 (only 2008 and newer).

The dealer contacted Bank of America. BoA offered me: 240mos/4.43% included taxes and title fee and their charges ($395). The dealer has the check and my coach is in transit to me (AZ to VA).
So was the loan for full-time use?
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Old 11-16-2012, 06:40 PM   #10
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I tried financing with Good Sam and was declined credit for the first time in my life. They told me I did not have enough income. I guess both of our SSA deposits and rental income from our house was not sufficient. Net worth is evidently not even considered. Luckily we had applied for a home equity line of credit years ago...so we just used that. No questions asked, 3,25% interest only. Nowadays Good Sam keeps bothering me for both insurance and service contracts, Go to hell....
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Old 11-17-2012, 11:36 AM   #11
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Thanks for all the advice everyone, this is good information on lending companies and who to research.
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Old 11-17-2012, 04:08 PM   #12
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I think you will find Bank of the West, Essex, Good Sam are one in the same. Also you may want to consider buying before you go full time.


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Old 11-17-2012, 04:55 PM   #13
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Is there any problem with those companies that don't do FT up front if you go FT after purchase?
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Old 11-17-2012, 05:24 PM   #14
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Quote:
Originally Posted by Sky_Boss
Is there any problem with those companies that don't do FT up front if you go FT after purchase?
Would calling the loan be considered a problem? No firsthand experience but I believe that the terms would give them the option if they were inclined to push it. Given they state they do not make loans for full time use, suspect it would be a problem and they would be within their right.
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