Go Back   iRV2 Forums > iRV2.com COMMUNITY FORUMS > iRV2.com General Discussion
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 09-23-2016, 11:53 PM   #1
Junior Member
 
Join Date: Jul 2002
Location: Escondido, CA
Posts: 22
Question Decent RV Loan Companies? (Essex, Lightstream, Ally, Etc.)?

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?
__________________

__________________
Michael Preyer 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 09-24-2016, 08:53 AM   #2
Senior Member
 
Cover Dog's Avatar


 
Winnebago Owners Club
Join Date: Dec 2015
Location: Chardon, Ohio
Posts: 123
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.
__________________

__________________
Bill, Maura & Rosie the rescued "Boston Terrier"
2016 Winnebago Adventurer 38Q
2014 CR-V AWD w/Blue Ox & Ready Brute Elite
NRA Endowment Life Member, FMCA 455593 & WIT 170814
Cover Dog is offline   Reply With Quote
Old 09-24-2016, 01:56 PM   #3
Junior Member
 
Join Date: Jul 2002
Location: Escondido, CA
Posts: 22
Quote:
Originally Posted by Cover Dog View Post
...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?
__________________
Michael Preyer is offline   Reply With Quote
Old 09-24-2016, 03:01 PM   #4
Moderator Emeritus
 
Gary RVRoamer's Avatar


 
Join Date: Jan 2000
Location: Silver Springs, FL. USA
Posts: 16,803
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
__________________
Gary Brinck
Former owner of 2004 American Tradition
Home is in the Ocala Nat'l Forest near Ocala, FL
Gary RVRoamer is online now   Reply With Quote
Old 09-24-2016, 03:23 PM   #5
Junior Member
 
Join Date: Jul 2002
Location: Escondido, CA
Posts: 22
Quote:
Originally Posted by Gary RVRoamer View Post
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.
__________________
Michael Preyer is offline   Reply With Quote
Old 09-24-2016, 03:49 PM   #6
Senior Member
 
Pigman1's Avatar
 
Join Date: Sep 2011
Posts: 1,711
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.
__________________
Pigman
2013 Tiffin Allegro Bus 43QGP
2011 Chevy Silverado 1500 Toad
Pigman1 is offline   Reply With Quote
Old 09-24-2016, 03:53 PM   #7
Junior Member
 
Join Date: Jul 2002
Location: Escondido, CA
Posts: 22
Quote:
Originally Posted by Pigman1 View Post
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.
__________________
Michael Preyer is offline   Reply With Quote
Old 09-24-2016, 06:26 PM   #8
Member
 
Honwing's Avatar
 
Join Date: Aug 2014
Location: Woodland, Washington
Posts: 87
Currently with Bank of the West for the second time. Very happy with their service.
__________________
Honwing is offline   Reply With Quote
Old 09-24-2016, 06:33 PM   #9
Senior Member
 
Mr_D's Avatar
 
iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 23,329
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.
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft
Charter Good Sam Lifetime Member, FMCA, SKP
RV'ing since 1957, NRA Benefactor Life, towing '14 CR-V
Mr_D is offline   Reply With Quote
Old 09-24-2016, 06:44 PM   #10
Junior Member
 
Join Date: Jul 2002
Location: Escondido, CA
Posts: 22
Quote:
Originally Posted by Honwing View Post
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 is offline   Reply With Quote
Old 09-24-2016, 06:57 PM   #11
Junior Member
 
Join Date: Jul 2002
Location: Escondido, CA
Posts: 22
Quote:
Originally Posted by Mr_D View Post
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.
__________________
Michael Preyer is offline   Reply With Quote
Old 09-25-2016, 12:02 PM   #12
Moderator Emeritus
 
Gary RVRoamer's Avatar


 
Join Date: Jan 2000
Location: Silver Springs, FL. USA
Posts: 16,803
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.
__________________
Gary Brinck
Former owner of 2004 American Tradition
Home is in the Ocala Nat'l Forest near Ocala, FL
Gary RVRoamer is online now   Reply With Quote
Old 09-25-2016, 01:20 PM   #13
Senior Member
 
Join Date: Jan 2000
Location: Castle Rock Co USA
Posts: 310
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.
__________________
2011 Montana-3400RL
Towed by[B]'99 F-350 SD PSD DRW Lariat
RichR is offline   Reply With Quote
Old 09-25-2016, 05:27 PM   #14
Junior Member
 
Join Date: Jul 2002
Location: Escondido, CA
Posts: 22
Quote:
Originally Posted by Gary RVRoamer View Post
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!
__________________

__________________
Michael Preyer is offline   Reply With Quote
Reply

Tags
light, lights


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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Ally Financial and calcs edstep iRV2.com General Discussion 5 08-04-2016 09:13 AM
Tornado Ally Whitewolf 5th Wheel Discussion 5 05-29-2016 09:20 AM
Suntrust/ Lightstream octanefam iRV2.com General Discussion 1 05-16-2016 06:40 PM
ally Myrtle beach sal avitabile Workhorse and Chevrolet Chassis Motorhome Forum 3 10-25-2008 05:56 AM
Dead batteries, etc., etc. CHIPPYSGT Winnebago Industries Owner's Forum 11 02-27-2006 06:17 PM

» Virginia Campgrounds

Reviews provided by

Our Communities

Our communities encompass many different hobbies and interests, but each one is built on friendly, intelligent membership.

» More about our Communities

Automotive Communities

Our Automotive communities encompass many different makes and models. From U.S. domestics to European Saloons.

» More about our Automotive Communities

Marine Communities

Our Marine websites focus on Cruising and Sailing Vessels, including forums and the largest cruising Wiki project on the web today.

» More about our Marine Communities


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 09:22 AM.


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