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Old 10-27-2015, 05:26 PM   #29
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Financed our 2008 Winnebago 29R through Southeast Financial in June as a private party purchase; underwritten by First Internet Bank of Indiana. Both did a great job. Quick. Easy to work with. I'd do it with them all over again. With an 812 FICO, we were declined by Essex! A month later, they wanted our business.
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Old 10-28-2015, 07:41 AM   #30
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How does the financing process work if I buy through a private sale? I would figure it would be much easier if the seller had the title, but what if they still have a loan on the RV? Is 20% the normal down payment the banks are looking for?

Off topic, If I buy an RV from an individual out of state would I get a temporary tag from my state or the seller's state?
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Old 10-28-2015, 10:43 AM   #31
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How does the financing process work if I buy through a private sale? I would figure it would be much easier if the seller had the title, but what if they still have a loan on the RV? Is 20% the normal down payment the banks are looking for?

Off topic, If I buy an RV from an individual out of state would I get a temporary tag from my state or the seller's state?
FlaRider ... if you're purchasing from private party who still has a lienholder, the new lender will require that title be cleared with the former lender. In our case, the seller paid off the unit and Bank of the West (seller's lender) first told my lender they had not received payoff, then said the did, then declined again; it was a 'he said, she said', even at manager levels of B of W. Later learned this can be a tactic by some lenders to get the extra month's interest before they loose the contract. All it does is frustrate both seller and buyer while the bank gets a few extra $$. In CA, the DMV will give you only a temporary registration and operating permit until they receive verification of title and that can take extra time. With our lender, they did not require 20% down payment and were willing to make the deal with very little down; all depends on the age of the unit and purchase price vs. market value. Ask your lender about the best way to make the transaction. Be patient!
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Old 10-28-2015, 10:48 AM   #32
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Buying from a private party is a little more involved I went with Essex a division of Bank Of The West one thing that took a little time was that Essex had to send out an inspector to verify vin and condition of the coach. The seller had to come up with a check to cover the balance due so they sent a check I sent a check and Essex sent a check. Paper work was overnighted between us. Seller let me use their plates to get home on if not I was just going to use the plate off my old coach every state gives grace period to transfer plates.
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Old 10-28-2015, 01:36 PM   #33
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rvBud & McCrob,

Thank you for the info.

Marc
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Old 10-28-2015, 01:52 PM   #34
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Just found out that once the original financing contracts are signed there's no changing it. The only option would be to refinance. Delaware has no grace period. The dealership also gets a kickback. I was later told that you can negotiate with the dealership in regards to the finance rate. Good to know for the future.
According to the stories I've read there is NO grace period on a purchase made at the dealers on vehicles anywhere in the US. There is a 3 day rescission period on real estate under Federal Law and sales made in your home (door to door sales).
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Old 10-29-2015, 02:17 PM   #35
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I used SunTrust.com

Very fast - took less than 2 days to get approved.
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Old 10-29-2015, 08:12 PM   #36
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Hi everyone. I'm new to irv2. We've got a 21 foot camper which we're selling and we're buying a used Damon Daybreak 3276 class A. My whole family is excited to be able to stretch their legs. My question is I've signed the loan docs for M&T bank at the dealership for 5.9% but then found Essex is offering 4.85%. I haven't actually taken delivery of the Damon yet since its going through the shop for a once over at the dealership. Am I still able to switch finance companies? I know the dealership won't be to happy about that since they get a kickback from their lender. I'd appreciate any advice. Von
Congratulations on your new to you MH. I see you're in DE, I'm also there, north of Dover. We've had our unit for just over a year and we're enjoying it all the time.
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Old 11-16-2015, 07:43 AM   #37
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motorhome financing can be quite difficult-

150k or less is where the cut off is.. great credit usually is all you need

when you start looking at amounts higher than that then be prepared to show your life history and give your first born...
you better have great tax returns- a lot of cash in the bank you can prove- low debt to income- profit and loss statements.. and with all that its still a 50/50 chance...
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Old 11-16-2015, 08:17 AM   #38
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So here's a related question:

I know you can finance RV's over longer periods (10, 20 years) making the payment more workable for those of us without trust funds . However, then you run into the potential that depreciation accumulates faster than your principal payments, leaving you upside-down when you want to sell.

Anybody have a rule of thumb to follow on this? Any handy online calculators that would help to project a sustainable payment level where you're at least break-even at the end point? I guess you'd at least need some sort of depreciation estimator (% of value per year, I assume it's on some sort of curve).

I realize there are a number of variables in play here - just curious how others have approached the question.

I guess there are three lines of thought:
1. Pay off faster than depreciation so that you have trade value at sale
2. Pay off equal to depreciation (you're renting the rig from the bank) & sell at break even.
3. Pay off less than depreciation & have a balloon payment at the end to get out of it.
Oh, 4. <enter nefarious zone, proceed accordingly> (not recommended)
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Old 11-17-2015, 08:14 AM   #39
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take low nada book total (with no adds) minus 20% off that- thats a number that you want to be around all the time in owning your motorhome. thats the price its truly worth to the market... so try and buy your coach using this formula and you should at all times be at least to sell for pay off- bottom line- diesel pusher motorhomes are in no way a appreciating asset - its an expensive hobby--- know that going into the diesel pusher world and just know the money you put into theses rigs will never be seen again.. if that bothers you then this is not the hobby for you... lol
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Old 11-17-2015, 10:22 AM   #40
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I had much rather work with a credit union. We had our loan secured and cashiers check when we left for Texas to LOOK at the coach. We could have easily said no and torn up the check. Loan was done in about 30 minutes. Credit scores and credit history are NOT nearly as important to credit unions as they are to banks. That said, we have been doing business with this credit union for over 15 years. We do ALL our vehicle financing with them. Never had a hassle.
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Old 11-18-2015, 08:44 AM   #41
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I used Essex Credit. Good experience. Allows 15% down, 20 year term. 4% on a >$100k loan. On plane now to pick up the purchase and drive it 2,000 miles back home!
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Old 11-18-2015, 08:58 AM   #42
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I had much rather work with a credit union. We had our loan secured and cashiers check when we left for Texas to LOOK at the coach. We could have easily said no and torn up the check. Loan was done in about 30 minutes. Credit scores and credit history are NOT nearly as important to credit unions as they are to banks. That said, we have been doing business with this credit union for over 15 years. We do ALL our vehicle financing with them. Never had a hassle.
Our CU gave us a check good up to the loan amount we had approved. When we find an RV, we just fill it out and enter the information about the vehicle on the check. The best rate they have for RV's is currently 6% with 20% down for up to 15 years. We haven't found an RV yet, but I've seen much lower rates advertised at other places.
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