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 12-05-2014, 11:06 AM   #1
Junior Member
 
Rogerm60's Avatar
 
Join Date: Oct 2014
Location: Columbus, TX
Posts: 17
Financial Question

Hello Folks,

I would like some advise on financing a used or new DP. What are current interest rates for someone with good credit? What is the required or typical down payment? Are there any lenders that will finance 100% of the costs? Thanks in advance for your reply's.
__________________

__________________
Rogerm60 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 12-05-2014, 11:12 AM   #2
Senior Member
 
lanerd's Avatar
 
Tiffin Owners Club
Join Date: Apr 2009
Location: Home in warm Sou Calif for the winter.
Posts: 1,399
Quote:
Originally Posted by Rogerm60 View Post
Hello Folks,

I would like some advise on financing a used or new DP. What are current interest rates for someone with good credit? What is the required or typical down payment? Are there any lenders that will finance 100% of the costs? Thanks in advance for your reply's.
When we got ours two years ago, we researched many financial institutions and found BofA with the lowest (3.75%). We put 10% down. I'm sure having a credit rating of around 800 helps a lot.

If you are a Costco member, check with them as they use Essex (Bank of the West) and usually have very good interest rates.

Good luck

Ron
__________________

__________________
Ron, Sandie and Lilly
2013 Tiffin Phaeton 42LH 400 ISL | 2011 GMC Terrain SLT-2
Roadmaster All Terrain | US Gear Unified Brake System | Pressure Pro
lanerd is offline   Reply With Quote
Old 12-05-2014, 03:35 PM   #3
Senior Member
 
Join Date: Apr 2013
Posts: 271
Goodsam.com has a financial services link on their page. They post rates for new and used rv's. I assume those rates are for those with excellent credit
__________________
jdoran1973 is offline   Reply With Quote
Old 12-05-2014, 04:05 PM   #4
Senior Member
 
StevieG's Avatar
 
Fleetwood Owners Club
Join Date: Jan 2013
Location: Milton, NY
Posts: 915
New, used, and over 10 years old are usually in 3 different categories. New typically has the best rates, lowest down payment requirement and longest term. I doubt you will find 100% financing, but I could be wrong especially if a dealer has factory financing. Used less than 10 years will be a decent rate, require a little more down, and a shorter term than new. Over 10 is a little harder to find financing, but still doable. Of course all are subject to credit. The better the credit score, the better terms you will be offered. Also income, full timing (or not), and overall personal financial strength are considered by the underwriter in addition to the collateral and credit. If you change any one of the factors, you get a different result.
__________________
Steve & Beth - Milton, New York
2006 Monaco Knight 38 PDQ
Ready Brute Elite-2016 Ram 1500 Quad Cab 4x4
StevieG is offline   Reply With Quote
Old 12-05-2014, 04:13 PM   #5
Senior Member
 
road dogs's Avatar
 
Join Date: Jan 2013
Location: 7S5
Posts: 571
I also got a good rate from BofA, around 3.5%, even though I had never banked with them. I understand they no longer finance RVs though. It had been over 8 years since I had financed anything.
__________________
2004.5 GMC SLT CCLB, Ride Rites, Turbo brake, EFI Live
2012 Arctic Fox 29 5T 5th Airborne, B&W, Prodigy
Papillon navigators Lily, Buddy and Willow
road dogs is offline   Reply With Quote
Old 12-05-2014, 04:20 PM   #6
Senior Member
 
Hogbus's Avatar
 
Fleetwood Owners Club
Join Date: Jun 2014
Location: Lakeway,tx
Posts: 239
I have used Essexcredit.com for a large boat and my coach. Good rates and terms, good service and quick turn around. JD
__________________
Jeff & Steph
2010 Discovery 40x Spartan Cummins ISB
2015 Wrangler Sahara Unlimited
Hogbus is offline   Reply With Quote
Old 12-05-2014, 05:18 PM   #7
Member
 
Join Date: May 2014
Location: Mosheim, Tn.
Posts: 42
don't forget credit unions if you are a member.
__________________
Garymac is offline   Reply With Quote
Old 12-05-2014, 11:29 PM   #8
Senior Member
 
Fleetwood Owners Club
Join Date: Nov 2010
Location: Plymouth, MI
Posts: 177
Quote:
Originally Posted by road dogs View Post
I also got a good rate from BofA, around 3.5%, even though I had never banked with them. I understand they no longer finance RVs though. It had been over 8 years since I had financed anything.
BofA financed ours just this past September. However, they matched a rate we were given by a different bank.
__________________
2015 Providence 42M, Cummins 450 ISL 9L), Allison 6-spd transmission, Freightliner chassis. Towing - 2017 Jeep Patriot (manual trans) with Air Force 1 brake system.
Save
Save
Fencebuster is offline   Reply With Quote
Old 12-06-2014, 06:54 AM   #9
Senior Member
 
Lovin2Camp's Avatar
 
Join Date: Oct 2012
Posts: 392
Another vote for BofA!
Our initial loan was with them, and when rates fell they matched the lowest rate I found and waved the usual fee to refinance!
Great customer service!👍
__________________
Lovin2Camp is offline   Reply With Quote
Old 12-06-2014, 07:06 AM   #10
paz
Senior Member
 
paz's Avatar
 
Join Date: May 2005
Location: Full-timers - Home is where we park it.
Posts: 4,716
Quote:
Originally Posted by Rogerm60 View Post
Hello Folks,

I would like some advise on financing a used or new DP. What are current interest rates for someone with good credit? What is the required or typical down payment? Are there any lenders that will finance 100% of the costs? Thanks in advance for your reply's.
I can't speak to current interest rates. However, regarding down payment, be aware that RVs depreciate very rapidly. For that reason, I don't think anyone will finance 100%.

Also, if you put anything less than 20% down you may end up being upside down on the loan the moment you drive the RV off the lot. If you're planning to keep the RV a long time, this may not matter; but it could come back to bite you if you decide to trade after only a few years.
__________________
2015 DRV Tradition 375KPS
2015 Chevy Duramax 3500HD LTZ Dually
Full-timers...Home is where we park it.
Check out our blog: Living Our Dream
paz is offline   Reply With Quote
Old 12-06-2014, 10:04 AM   #11
Senior Member
 
Join Date: Jul 2012
Posts: 238
We were bank of the west and with our new purchase we went with BofA in June. I like the fact that I can see interest and principle amounts thru the BofA website. Bank of the west does not do this, just get a basic statement at the end of the year, there online site is worthless if you want to know where you are at.
__________________
2014 Journey 34B
zman-az is offline   Reply With Quote
Old 12-06-2014, 03:55 PM   #12
Junior Member
 
Join Date: Aug 2014
Posts: 11
Quote:
Originally Posted by paz View Post
I can't speak to current interest rates. However, regarding down payment, be aware that RVs depreciate very rapidly. For that reason, I don't think anyone will finance 100%.

Also, if you put anything less than 20% down you may end up being upside down on the loan the moment you drive the RV off the lot. If you're planning to keep the RV a long time, this may not matter; but it could come back to bite you if you decide to trade after only a few years.
For what it's worth, we were able to finance 100% on 2 coachs 2 years in a row. (Our first Class C, and then this summer the upgrade to a Class A) That said, you are absolutely right about initial depreciation; even with what I felt was a very solid deal on our first rig, we took a big hit on the trade.
__________________
EricBurns is offline   Reply With Quote
Old 12-06-2014, 04:16 PM   #13
Senior Member
 
Join Date: Nov 2014
Posts: 159
We use our local small bank. They are a bit higher on interest and charge small fees where sometimes the big banks don't but it is well worth the good working relationship we have.
They know us and know we are financially responsible.
We just financed our used motorhome at 4.75 which is what I was quoted from a dealer.
Basically no questions asked. Called them up told them what we were looking at and how much we needed and we picked up the check that afternoon.

I always try to advise people to find that small bank in their area and start to develop a relationship. They appreciate you and your business.
__________________
Up North is offline   Reply With Quote
Old 12-06-2014, 04:33 PM   #14
Registered User
 
Join Date: Mar 2014
Posts: 647
Finance 100% of the cost? You must be playfully joking or had a couple of glasses of wine before you asked.

The value of an rv drops like a rock the moment you sign the papers and continues on downward. An rv practically leaks money.

It's so bad that some of the comparative cost analysis of rving vs staying in a hotel completely leave out depreciation and interest as a consideration to get the numbers to work...as if the analysis was even relevant.
__________________

__________________
RodgerS 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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Question about Atwood water heaters corne73 RV Systems & Appliances 21 04-02-2014 08:28 AM
TV F150 tire question RyRo70 Trailer Towing and Tow Vehicles Discussion 24 04-01-2014 11:05 PM
Solar Power - Generator - Inverter Question Rossi6998 Boondocking 7 03-09-2014 01:06 PM
A question about access to fuel. UAV Full-Timers 15 03-08-2014 04:26 PM

» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 08:56 AM.


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