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Old 10-04-2013, 10:32 AM   #1
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Smile Looking for good lender

Hello again friends, I am narrowing down my search for my full time MH...I am also looking for a good lender and this was mentioned on a prior post..any suggestions on a good lender? Thanks again for all the information as am collecting as I continue my search..I will buy next year or sooner if the right coach comes along...looking at a 2000 Monterey Beaver in excellent condition...but not many miles, which worries me a little. Is there going to be a problem with an older coach in about 7 years or does it all depend on how I maintain it.
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Old 10-04-2013, 11:58 AM   #2
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Quote:
Originally Posted by Coopers Mom View Post
Hello again friends, I am narrowing down my search for my full time MH...I am also looking for a good lender and this was mentioned on a prior post..any suggestions on a good lender? Thanks again for all the information as am collecting as I continue my search..I will buy next year or sooner if the right coach comes along...looking at a 2000 Monterey Beaver in excellent condition...but not many miles, which worries me a little. Is there going to be a problem with an older coach in about 7 years or does it all depend on how I maintain it.
One caveat. When discussing with lenders do not disclose your plan to full time. Many, even most will not do business with you. A few big dealers have worked out deals with certain lenders but you must buy from one of those dealers.
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Old 10-04-2013, 12:38 PM   #3
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Thanks Steve, I will remember that, although I plan on it being paid off before I go full time....
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Old 10-05-2013, 12:26 AM   #4
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Try bank of America. They lend on motor homes.

I have used wells fargo bank for tractor purchases and rental house purchases. I got so fed up with some of the policies of wells fargo that I decided to restructure all of my rental property loans. On a couple of them I took enough cash out of my equity to pay off all the wells fargo loans I have. For people that are interested wells fargo refused to drop the PMI insurance on the loans even though I was well below the ratio that they were allowed to charge it.
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Old 10-05-2013, 02:02 AM   #5
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Few banks will lend on a motorhome over 10 years old. Try your local credit union.
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Old 10-05-2013, 07:03 AM   #6
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Try Good Sam at https://www.goodsamrvloans.com/
Their FAQ's say they will lend on MH's up to 10 years old.
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Old 10-05-2013, 07:35 AM   #7
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I've used B of A twice on new rigs no problems.
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Old 10-05-2013, 10:43 AM   #8
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Indeed, ten years is the cut off for the majority of lenders. You may have to deal with a local that knows you and your credit history. Wish you luck!
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Old 10-05-2013, 10:48 AM   #9
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I also used my credit union. Better rates and longer terms.
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Old 10-05-2013, 10:56 AM   #10
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Try China, they have loaned the USA so much money, they pretty much own us. Motorhome should be no problem for them. They also build most ever part on the motor homes also and every thing else we buy. That's why they own us!
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Old 10-05-2013, 11:02 AM   #11
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I don't like B of A, but the only thing I have financed or mortgaged in the last 12 years is our new 5th wheel and they had the best interest rates at the time, 3.7%. I put about 20% down to obtain that.
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Old 10-05-2013, 07:29 PM   #12
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TD Bank has very nice rates on RV Loans.

http://www.tdbank.com/personal/recvehicle.html
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Old 10-05-2013, 07:38 PM   #13
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M&T Bank had rates in the low 4's. Check them out. Very fast response.
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Old 10-05-2013, 08:39 PM   #14
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Some of the Lowest rates in the country if you have great credit. Penfed.org I know they are currently 6.15%
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