Go Back   iRV2 Forums > MOTORHOME FORUMS > Class A Motorhome Discussions
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 08-10-2012, 03:44 PM   #1
Junior Member
 
Join Date: Aug 2009
Posts: 23
RV Financing

We are in the market for a new RV and I did some research on lenders and chose a bank that operates in about 10 states or so.
Chose them because of terms 20 years on a 2004 coach want a nicer coach and lower payments (or so they say.. we will see.)
Filled out application
Brought in info on coach I was interested in
Turned in 2 years tax returns
pay stubs and more stuff!


It has been 10 days (working days) and nothing!! after about the 4th day I asked whats happening? well we need more info... so I gave them some of the above.. I HAD TO CALL!! really??

I asked well I only went to one bank to avoid credit dings etc...
How is my credit?? well your credit score is 826 and a DTI of 16%

Is the delay because I don't fit the mold of a normal diesel pusher purchaser 32!! I don't know I have a pusher now and its paid for and we have put about 2k miles a month on it and stay in it a average 8-10 nights a month!! drag racing.

Starting to get a little annoyed need to get a coach next week!!
__________________

__________________
skidworth is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 08-10-2012, 04:12 PM   #2
Senior Member
 
desobelman's Avatar
 
National RV Owners Club
Workhorse Chassis Owner
Join Date: Jun 2011
Location: Camarillo, CA
Posts: 247
Financing RV purchase

Try Essex Credit. www.essexcredit.com Ask for Dianne Smith. I financed a previous, used RV and got what was, at the time, a good interest rate.

Good Sam and FMCA also offer financing through third-party companies. If you are a member, you may get preferential treatment.

Good luck, and..............

Happy Trails!

Darryl
__________________

__________________
desobelman is offline   Reply With Quote
Old 08-10-2012, 04:13 PM   #3
Senior Member
 
desobelman's Avatar
 
National RV Owners Club
Workhorse Chassis Owner
Join Date: Jun 2011
Location: Camarillo, CA
Posts: 247
Sorry, forgot their phone number: 866-377-3948 X-5190
__________________
desobelman is offline   Reply With Quote
Old 08-10-2012, 04:20 PM   #4
Junior Member
 
Join Date: Aug 2009
Posts: 23
essex will only do 20 year for 2008 or newer and I dont want a 2008 or newer this price range is out of my budget or at least what I think I can spend and still play...
__________________
skidworth is offline   Reply With Quote
Old 08-10-2012, 07:22 PM   #5
Senior Member
 
Tha_Rooster's Avatar
 
Join Date: Aug 2008
Location: Georgia
Posts: 4,517
I would think the killer is a 20 year loan on a 8 year old coach ask your self in 10 years what that 18 year old coach going to be worth. Banks have change a lot since the big crash you use to be able to go in to your local bank and say I need some money they would say how much and hand it to you. Now it has to go before a board and they say yes or no.
__________________
2007 Fleetwood Revolution LE 40V
Tha_Rooster is offline   Reply With Quote
Old 08-10-2012, 11:06 PM   #6
Senior Member
 
Ford Super Duty Owner
Join Date: Apr 2012
Location: Austin, TX
Posts: 1,885
Quote:
Originally Posted by Tha_Rooster View Post
I would think the killer is a 20 year loan on a 8 year old coach ask your self in 10 years what that 18 year old coach going to be worth.
I'd say that this is a much better choice than buying a new RV, financing it for 20 and then selling it in 10...

I am surprised that banks will loan for a term that long on a coach that old though... :-)
__________________
cb1000rider is offline   Reply With Quote
Old 08-10-2012, 11:12 PM   #7
Junior Member
 
Meswj's Avatar
 
Join Date: Apr 2012
Posts: 28
Try a Credit Union.
__________________
Meswj is offline   Reply With Quote
Old 08-11-2012, 12:39 AM   #8
Senior Member
 
WeatherTodd's Avatar
 
Monaco Owners Club
Workhorse Chassis Owner
Join Date: Nov 2009
Location: FL
Posts: 1,153
dont know any institution that will loan a significant amount of $$ on an older coach. Older being 5+ years. Of course the attractive terms are on "newer" coaches with loads of depreciation to shed.
10yrs is the absolute max I can see anyone risking $$$$. And expect to pay 8-10% regardless of credit or assets.
__________________
WeatherTodd is offline   Reply With Quote
Old 08-11-2012, 08:28 AM   #9
Senior Member
 
jzick's Avatar
 
Join Date: Feb 2007
Location: Florida
Posts: 1,193
Quote:
It has been 10 days (working days) and nothing!! after about the 4th day I asked whats happening? well we need more info... so I gave them some of the above.. I HAD TO CALL!! really??
Would it not just make sense to ask the loan officer when you could expect to hear something? Perhaps a little sugar question like "don't want to be a pest, so can you tell me when I can call and get a status update". We sometimes do some business with a small rural bank. The loan committee meets once per month, except during the summer when they have difficulty getting a quorum. If you happen to apply right after a meeting, it is sometimes a long wait for an answer.
__________________
jzick is offline   Reply With Quote
Old 08-11-2012, 09:23 AM   #10
Senior Member
 
Join Date: Aug 2011
Location: Western New York
Posts: 516
In the process of shopping for my (soon to be mine!) 2011 Georgetown I found credit unions and banks (Keybank online) that would lend me the money I needed, however the interest rate was the deal killer. Dealer got me 4.99% from American West Bank from California, satified with that.
__________________
vincee is offline   Reply With Quote
Old 08-11-2012, 10:33 PM   #11
Senior Member
 
phil57's Avatar
 
Join Date: May 2012
Posts: 275
Thats why we ended up buying new. We have 800+ CR and could not find a lender that would do a loan for a 8 year old MH. Used of any year was 7-9 % and we did not want to part with the cash tied up in Investments. WE got new 20 year 5% down and 4.5 % interest . It just worked out better for us. I broke my rule of never financing toys and still worry about that but still thought that was for us the best deal.
__________________
phil57 is offline   Reply With Quote
Old 08-11-2012, 11:36 PM   #12
Junior Member
 
Newmar Owners Club
Freightliner Owners Club
Join Date: Mar 2012
Location: Full Time'n RV Livin'
Posts: 19
Bought my 2000 several months back. My credit union financed it for 10 years at 5.5%. No down payment because I got a really great price well below the low retail NADA.
__________________
2000 Newmar Dutch Star DSDP 3851
300 CAT, 6 sp Allison, Freightliner Chassis

2012 Jeep Wrangler Sport
RV2day is offline   Reply With Quote
Old 08-12-2012, 04:06 AM   #13
Junior Member
 
Join Date: May 2012
Posts: 1
I also purchased a 2000 motorhome with a 10 year loan at 5% interest from our local credit union. It was a simple process, the loan was completed in less than one hour.
__________________

__________________
sethbeebe is offline   Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 12:10 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.