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Old 06-15-2013, 11:02 AM   #1
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Financing

I'm looking at buying an RV possibly this fall. I'm researching financing right now and have inquired with my credit union. I'm wondering what organizations others have used for financing and what your experience was with them? We are also considering full timing and I understand that financers often frown at that. Any full timers out there with advice?

Also, what kind of down payment should I expect?

Thanks for your time.

Bobbi
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Old 06-15-2013, 11:09 AM   #2
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It somewhat depends on if you are purchasing new or used.
I'm financed with USAA Federal Savings Bank. They wanted me to put a minimum of 10% down on a new TT, although I put more than that down as I had sold another unit at the time. My local credit union offered similar terms, but since I run my insurance through USAA as well I got a slight discount.
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Old 06-15-2013, 01:53 PM   #3
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Check around!!!!!! We recently purchased a 2009 Diplomat, and attempted to use the credit union that we have used for over 40 years. They wanted 25% down and if we financed it for 240 months; there was a balloon payment due at 180 months of $70,000. I attempted to work with them but no deal. We ended up using the dealer source which ended up real good and our payments are lower then they were for our old MH.
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Old 06-15-2013, 02:23 PM   #4
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Try Bank of the West. We got a 240 month loan with 5% down at 4.99%. If you are going full time, get the loan locked in before you sell the stick&brick.
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Old 06-15-2013, 02:37 PM   #5
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We are full timers. We financed with USAA with nothinng down. It depends on your credit rating and what the purchase price is compaired to its market value.
If you are thinking of selling the S&B, finance the RV before you sell. It will be very difficult to do so without a permanent address.
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Old 06-15-2013, 02:57 PM   #6
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When we bought our new Phaeton, we did put a good bit down, because we wanted to, plus we were positive on our trade which we put towards the Phaeton also. We got 3.99% on the financing. I believe rates have already crept up since we bought. It will ALL depend on the strength of your credit and ratings.

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Old 06-15-2013, 04:36 PM   #7
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Lots of variables on the rate you will be offered. Expect some amount of a down payment. Shop around which is pretty easy on the Internet. My loan is thru USAA and only took a few days before I had acheck in hand.

One caution with barrowing to buy a coach. Pay it down as fast as possible or at least stay a head of the depreciation curve so you are never underwater. Also while the bank owns the coach make sure your insurance is enough to at least pay off the note if something should happen.
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Old 06-15-2013, 05:26 PM   #8
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As others here have said, make your deal before full timing is on the table. You will be severely limited in choices otherwise. The Financial Reform Act as in so many other legislative solutions, there were unintended consequences that made loans on RVs for full timers a lot tougher and most lenders just chose not to continue in that market.
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Old 06-16-2013, 04:08 AM   #9
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Just purchased new MH, 3.75 percent, 240 months, B of A, us bank had 4 percent but mhsrv.com found the 3.75, without even asking them to, we agreed on the phone to the 4, but it was a pleasant surprise. Now that is customer support in every aspect.
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Old 06-17-2013, 06:30 PM   #10
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Hi

I refinaced with a small CU in town here and got a 4.5 % on my 2003 motor home. 21 K balance. This included .5 % discount if I opened up a checking account and made an automatic direct depost. My credit score was 816.
One can get a better rate on a 5yr. or newer rig.

Sometimes a dealer can get extended terms for the their customers thru a lender. You may pay a slightly higher rate going thru them but they spent alot of time trying to get one approved and at the right terms.

In my case I had the dealer find me a lender that afternoon when I was waiting for the MH to be prepaired as I wasn't exactly sure what rate I could get back home They spent 2hrs. doing that. At times a dealer may make .5% on that loan for a certain amount of time. That helps pay for their time and paper work especially if one has marginal credit.

After 6 months I went thru my local CU at a lower rate as stated above. My CU paid off the other CU that the dealer obatained.
Best wishes.
PS: If one has the big bucks, the above may not mean much
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Old 06-18-2013, 09:11 AM   #11
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I've done two RV loans through Bank of the West in the past few years and thought I got a good deal both times (4.99 @ 15 yrs), but on the purchase of our new Thor Daybreak in April, B of A came in with the best offer of 2.99 @ 20 yrs.
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Old 06-18-2013, 07:00 PM   #12
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Quote:
Originally Posted by mustang652 View Post
.... B of A came in with the best offer of 2.99 @ 20 yrs.
Oops, the fickle finger of fate got me on a typo. Got to thinking about it, so checked my contract and it's a 3.99 for 20 years. Any way, it was lower than Bank of the West offered.
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Old 06-18-2013, 07:13 PM   #13
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Quote:
Originally Posted by Sweetbriar View Post
One caution with barrowing to buy a coach. Pay it down as fast as possible or at least stay a head of the depreciation curve so you are never underwater. Also while the bank owns the coach make sure your insurance is enough to at least pay off the note if something should happen.
If you plan on keeping the rig it doesn't matter.
If you have the right insurance it doesn't matter either.

Last month we were negotiating on a new Dutch Star, they got down to 2.49% and my wife REFUSED the deal!!
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