Community Forums

Michael Preyer · 09-23-2016, 10:53 PM

I am very interested in recent experiences with any of the above RV Loan companies. I am ready to apply for pre-approval and don't want to rack up too many inquiries. Therefore, I want to apply with only one or two of the most positive options. I have already checked my two local credit unions and neither has decent rates or terms on RV's.

I am looking to buy either a new or late model used gas motorhome. My two favorites are Coachmen Mirada 35BH Bunkhouse and Thor Miramar 34.3 Bunkhouse. I will put down 10% and will end up with a loan of about $100,000. I have a mediocre FICO (not FAKO) of 723.

The loan company that intrigues (and confuses) me the most is Bank of the West which is apparently the same as Essex and also loans on behalf of Good Sam. I have read HORRIBLE things about them, but I also read some recent posts in IRV2 (May-June 2016) saying they were fast and easy. Are there any recent experiences that you would like to share?

Another company that intrigues me is Lightstream. I read a post recently that they don't want to be lienholder on the RV. I find that very hard to believe.

I am not military, so cannot use USAA.

I've read quite a few recommendations for Ally.

Your current feedback would be very welcome on any of these or their competitors.

Oh - I just thought of another question - has anyone used LendingTree to find the best financing? If so, do each of the associated lenders run individual inquiries?

Cover Dog · 09-24-2016, 07:53 AM

2 1/2 years ago we purchased our first RV, a fifth wheel. To get an additional discount the dealer was offering we had to use Ally and stay with them at least one year. IIRC the dealer set up 15yr payments.

After the year was up I called Ally to re-finance with a shorter payoff time. I did not know but they are a store front bank (no actual banks) just an office in the USA and CS in the Philippines. I was told to re-finance I have to go through the dealer. I paid it off the next week, then this past April bought a MH and it is through Bank of the West. So far so good.

Good APR, both my wife and I have mid 800 credit ratings. Only I financed the MH.

Michael Preyer · 09-24-2016, 12:56 PM

Quote:

Originally Posted by Cover Dog

...this past April bought a MH and it is through Bank of the West. So far so good...

Thanks! Awesome reply. Maybe the past troubles with Bank of the West are being resolved. Can anyone else reading this provide further current feedback on Bank of the West or a close competitor?

Gary RVRoamer · 09-24-2016, 02:01 PM

I think you find the rate and term you want and go with it. They are all good at initiating a loan, especially through a dealer, but not so easy to talk with if you need to refinance or make other changes later. Future trade-ins aren't a problem, though, since that is just a early payoff as far as the lender is concerned.

Various federal consumer protection statutes have pretty much done away with the old credit abuses for most types of loans. You can always get a straight-forward statement of APR, term and payments, and you can generally always pay off early without penalty. It's wise to check the specific terms, though, before signing on the dotted line.

Some lender have left the retail market and only finance through their dealer services arm, so you can't just apply online.

As you have seen, Essex is a captive broker that rights exclusively with Bank of theWest

Michael Preyer · 09-24-2016, 02:23 PM

Quote:

Originally Posted by Gary RVRoamer

I think you find the rate and term you want and go with it. They are all good at initiating a loan, especially through a dealer, but not so easy to talk with if you need to refinance or make other changes later. Future trade-ins aren't a problem, though, since that is just a early payoff as far as the lender is concerned.

Various federal consumer protection statutes have pretty much done away with the old credit abuses for most types of loans. You can always get a straight-forward statement of APR, term and payments, and you can generally always pay off early without penalty. It's wise to check the specific terms, though, before signing on the dotted line.

Some lender have left the retail market and only finance through their dealer services arm, so you can't just apply online.

As you have seen, Essex is a captive broker that rights exclusively with Bank of theWest

Thanks for the very thoughtful answer. I think I'll give Essex (B of the W) a shot. I don't mind financing through a dealer. I just want to be armed with information on my personal finance situation before I go to the dealer.

If I think of it in the future (and I'm usually pretty good about this), I will eventually respond back with my decision and my results. It may help someone else down the line.

Pigman1 · 09-24-2016, 02:49 PM

Stay away from GE Finance. We had a loan transferred to them and their service was terrible. Couldn't get a breakdown of interest/principal on payments and they had different addresses in different states if you wanted to send in an additional payment on the principal. Finally when I got sick of fighting with them and it took almost 6 months to get the loan closed after final payoff. Run--- don't walk, away from these clowns.

Michael Preyer · 09-24-2016, 02:53 PM

Quote:

Originally Posted by Pigman1

Stay away from GE Finance. We had a loan transferred to them and their service was terrible. Couldn't get a breakdown of interest/principal on payments and they had different addresses in different states if you wanted to send in an additional payment on the principal. Finally when I got sick of fighting with them and it took almost 6 months to get the loan closed after final payoff. Run--- don't walk, away from these clowns.

I think I used GE Finanace about 30 years ago as a younger man to buy a TV that had 90-days same as cash. It seemed like a good idea at the time. I tried to pay it off just before the 90-day limit and they made it difficult to do so because they wanted the interest. Back then, everything had to be done in person, by mail or by phone. They were really tough to deal with.

Honwing · 09-24-2016, 05:26 PM

Currently with Bank of the West for the second time. Very happy with their service.

Mr_D · 09-24-2016, 05:33 PM

The thing we ran into last year when buying the Magna was our age. Yep, not legal to do but even the finance guy agreed that it was a factor. Did get one OK but really didn't need it as we could have paid cash, but we make more on the interest than the loan interest costs although now that the DW has died I'm rethinking that and may pay it off along with the stick house.

Michael Preyer · 09-24-2016, 05:44 PM

Quote:

Originally Posted by Honwing

Currently with Bank of the West for the second time. Very happy with their service.

That's awesome! Less than 30-minutes ago, I sent my online application through their Essex.

Michael Preyer · 09-24-2016, 05:57 PM

Quote:

Originally Posted by Mr_D

The thing we ran into last year when buying the Magna was our age. Yep, not legal to do but even the finance guy agreed that it was a factor. Did get one OK but really didn't need it as we could have paid cash, but we make more on the interest than the loan interest costs although now that the DW has died I'm rethinking that and may pay it off along with the stick house.

That's a shame about the age-discrimination. They know you can't prove it, so they do it even though it's illegal. Also, I am sincerely saddened for you on the loss of your wife.

Gary RVRoamer · 09-25-2016, 11:02 AM

Quote:

The thing we ran into last year when buying the Magna was our age. Yep, not legal to do but even the finance guy agreed that it was a factor.

Age IS a legitimate factor in financial risk assessment, with life insurance being an obvious example. Granting a 20 year loan to a 70-year-old is probably another, since the government's own actuarial tables show that he would probably not live long enough to pay it off. The line between "age discrimination" and statistical risk assessment gets foggy when it comes to this sort of thing. As long as the lender can show a factual basis for denying the loan, it's probably not age discrimination.

RichR · 09-25-2016, 12:20 PM

I'm with Bank of the West and have nothing bad to say, I was approved quickly and whole process was very good. Would do it with them again.

Michael Preyer · 09-25-2016, 04:27 PM

Quote:

Originally Posted by Gary RVRoamer

Age IS a legitimate factor in financial risk assessment, with life insurance being an obvious example. Granting a 20 year loan to a 70-year-old is probably another, since the government's own actuarial tables show that he would probably not live long enough to pay it off. The line between "age discrimination" and statistical risk assessment gets foggy when it comes to this sort of thing. As long as the lender can show a factual basis for denying the loan, it's probably not age discrimination.

Ouch! That's a pretty darn good point! I hate it when truth hurts!