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Old 07-21-2016, 03:38 PM   #1
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Motor Coach Financing

Brand New User. First Post. Who is the best company to finance a new motor coach? What do I need to watch out for when financing. Thank you in advance!

S
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Old 07-21-2016, 03:41 PM   #2
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Brand New User. First Post. Who is the best company to finance a new motor coach? What do I need to watch out for when financing. Thank you in advance!

S

If you don't have a trusted lender then I suggest a RV loan originator like Essex. They have a good reputation.
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Old 07-21-2016, 03:55 PM   #3
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If you are looking to finance a new motorhome, be careful that you don't find yourself upside down on the loan in a couple years. I would not finance a new motorhome with anyone unless I could put put at least 25% down on a price that is 22-27% below MSRP. In other words don't finance more than 55-60% of the MSRP price. Any new coach will depreciate more than you can imagine in the first two years. Essex has been financing RV's for several years. Three years ago, I financed 50% of our new coach MSRP price at a local Credit Union @ 1.8% interest. I paid it off in 18 months, but could have gotten a 20 year loan. Good luck and be careful not to take on a loan amount that leaves you with no equity after a few years.
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Old 07-21-2016, 04:05 PM   #4
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A month ago, I financed my used Newmar with USAA. I use them for
everything and they are a GREAT company.
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Old 07-21-2016, 05:32 PM   #5
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Stay away from GE Finance. They are a major PITA to contact and get a straight story, and when it comes time to pay off your loan, it just about takes an act of Congress to get it done. You can't find the right person to talk to, you can't find the location of "their center that does that", and the right hand doesn't even know there's a left hand, let alone what it's doing. Save yourself a lot of grief, look elsewhere.
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Old 07-21-2016, 05:37 PM   #6
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I financed mine through my local credit union. I got such a great rate that it made more sense to finance with them than to pay cash.
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Old 07-21-2016, 05:40 PM   #7
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Essex Credit has treated me VERY kindly on more than 3 occasions.
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Old 07-21-2016, 05:44 PM   #8
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Never finance thru the selling dealer. They will add in all kinds of what they say are non-negotiable charges/fees. Money is cheap still and lenders want your business, shop around. A home equity loan may work it some cases. Second home to IRS helps as well.
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Old 07-21-2016, 05:48 PM   #9
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A month ago, I financed my used Newmar with USAA. I use them for
everything and they are a GREAT company.
Been with USAA for 48 yrs. Had MH's insured with them till we replaced ours last yr. Won't insure hi end MHs any more...sorry !
They will finance, but won't insure same..!
Not really complaining as The Hartford beat they're rates we had been pay for yrs.
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Old 07-21-2016, 06:03 PM   #10
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X3 for USAA.

Very easy to deal with using email and electronic signatures for all of the required paperwork. Overnigted me the check when all was said and done
I think they will finance up to 100% of $100K, or less, and 80% of book value above that. Now they send you to Progressive for insurance which I found to be very expensive.

Good luck. It's only money!
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Old 07-21-2016, 09:00 PM   #11
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Vvbcheck with Alliant Credit Union. They specialize in RV
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Old 07-22-2016, 07:07 AM   #12
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Essex is the underwriter but Bank of the West is the lending institution. Very good and easy to deal with. Sometimes it depends on the length of the loan you want as to which institution is better. Credit Unions tend to have the lowest rates but are restricted by regulations on the length of the loan(144 months I believe.) Since the MH has a bathroom and kitchen it qualifies as a vacation home and the interest is deductible on your fed. tax return. Here in NJ one is subject to sales tax when you buy it and an annual MV registration fee. Sometimes if you get pre-approved from a lending institution before you start talking to sales folks you can negotiate a better deal for yourself. Also know your credit score. The higher the score the more leverage you have. Also the higher the score the lower the interest rate. Good Luck.
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Old 07-22-2016, 07:28 AM   #13
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Been with USAA for 48 yrs. Had MH's insured with them till we replaced ours last yr. Won't insure hi end MHs any more...sorry !
They will finance, but won't insure same..!
Not really complaining as The Hartford beat they're rates we had been pay for yrs.
I was directed to Progressive for insurance, they work with USAA. I will have to check with other companies. I assume you use Hartford for RV only?

Thanks,
Russ
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Old 07-22-2016, 07:52 AM   #14
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Brand New User. First Post. Who is the best company to finance a new motor coach? What do I need to watch out for when financing. Thank you in advance!

S
The one that gives you the best rate. Shop around. Compare APRs as this will highlight fees the lender may be charging.
I shopped and went to 5 lenders and took the best deal. Mine happened to be BofA on 2 class A purchases. Easy to deal with (even when I privately sold the RV).
Let us know what you find out and decide.
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