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Old 03-07-2013, 05:35 PM   #1
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Angry Financing

I'm so ready to lose it right now.

Somebody in the industry has got to do something about the financing problem. Right now I'm finding it very difficult to locate a company that will finance anything over 2005 without absolutely insane interest rates or ridiculously short terms. There are millions of dollars worth of really good equipment that is almost impossible to purchase. We're trying to purchase a 2004 Dynasty for a rather large sum that will probably now be out of reach with either a really high interest rate or too short a term or both, just because some idiot out there thinks it's not a good deal anymore probably based on some antiquated table.

But they will do older boats.

Anyone have any ideas on lenders? I'm running out of ideas......
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Old 03-07-2013, 05:55 PM   #2
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Our dealer is checking with Alliant Credit Union. There are many hoops, but they might be able to help. Have an A rating with BBB.

Have you checked with Good Sam (I think they use Essex Credit)
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Old 03-07-2013, 05:58 PM   #3
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Is the rig on a dealer's lot or is it a private sale? If a dealer- will he write a loan for you? Do you have any investments you could liquidate? Just asking...
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Old 03-07-2013, 06:03 PM   #4
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Sorry to crowd this up again, but looking at your present rig...if it's the Allegro, it should bring a nice chunk of cash. If I were looking for a rig, I'd seriously consider it- maybe if you're in a position to do so you could sell it- THEN buy the Dynasty.
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Old 03-07-2013, 06:07 PM   #5
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Unhappy

I ran into that insanity as well, when I wanted to refinance my 2004 American Tradition to take advantage of lower rates. My loan is with BOA and they said "sure you can refinance, just fill out the online form", but when I got to the YEAR line, I had to select from a drop-down list that stopped at 2005. No way to enter 2004 or earlier. I contacted several people at BOA and they just shrugged their shoulders and said "Sorry". I reiterated that I wasn't looking for more money or more time, just the same loan at the current interest rate . Same answer: "Sorry". I reminded them that this is my third RV loan with them, all paid as agreed, but still no joy. That was November 2012, so it's probably up to 2006 now.

I think what it boils down to is that bank loan staff have shown they can't be trusted to make rational decisions, so arbitrary rules have been substituted.
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Old 03-07-2013, 06:07 PM   #6
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I believe the Bank of America has a 5 year rule for long terms.
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Old 03-07-2013, 06:12 PM   #7
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Essex had no issues at all refinancing our '04 Country Coach and at a very acceptble rate. Pretty straight forward deal that took about 30 days to close and no grief.
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Old 03-07-2013, 06:18 PM   #8
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Voyager Credit worked a great deal for us
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Old 03-07-2013, 06:23 PM   #9
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Have you tried a credit union?
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Old 03-07-2013, 06:29 PM   #10
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Hi Steve, I started with Essex Credit and ran into the same problem so stay away from them. What Good Sam says they do, and what they actually offered me, had my blood boiling. I've been a banker over 30 years and never went through this with anybody else ever. In my case I just purchased a 2003 Fleetwood Discovery in December. After trying to speak "Banker" with Essex for hours I finally gave up and moved on... I ended up with 15 year term @ 4.99% through Newcoast Financial. They are in Tampa Florida and worked with Kyle. We did everything through the phone, e-mail, and overnight. They worked great with the dealer too on paying them directly and not too soon or as to make us wait. I couldn't have asked for a better experience. Their fee is $195 and also had to pay their Title company to file the lien, pay the sales tax, and register the coach. All in all went well and got a really good rate and 15 years.
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Old 03-07-2013, 06:38 PM   #11
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I had good luck with Bank of America......
they will up to 10 years depending on the amount
Model Year Restrictions

Maximum collateral age of 7 model years for loan amounts less than $150,000
Maximum collateral age of 10 model years for loan amounts equal to or greater than $150,000


With interest rates in the high 3 to low 4's.
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Old 03-07-2013, 06:51 PM   #12
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Bank Of America! Dont tell them your a NRA member if you are.
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Old 03-07-2013, 07:06 PM   #13
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Just a quick add-on...

If you're thinking of going full time, get your financing done before you do.

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Old 03-07-2013, 07:11 PM   #14
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Yep, we're all in the same boat....

I'll try to answer some of the questions here.

It's a dealer and they're offering to pay off our current rig. That's about 13k over wholesale. So you can see my problem.....

I've had it listed at one point an really didn't get much interest. I wasn't asking for much more than I needed to pay it off. FYI under 60k, well under.

Credit unions seem to have lost their minds and by the rates and terms, want nothing to do with RV's. Mine for example, 20% down 10yrs @ %10.

Good Sam, which should be doing something about this, is paired up with Bank of the West. Nothing older than 2005....

Costco, teamed up with Essex, awesome rates, nothing older than 2005..... I called to verify.

The best I've found so far is Excel in Florida, 4.6% @ 15years. Better, but still out of our comfort zone for monthly payment.

You look at all the really high-end stuff that is out there for sale, but older than 2005 and you have to scratch your head. How will anyone buy these things at these rates? You might as well go get a newer more expensive unit, it'll cost the same......

I don't know if this is helping me or making me angrier!
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