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Old 11-01-2018, 10:38 AM   #1
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Financing Experience

Just thought I would share my experience in case someone is looking for financing. After online research, phone calls to banks, credit unions, brokers and my dealer finance manager and all without giving them my social security number, I just couldnít find anything that compared to Good Sams published rates.

Even calling Bank of the west directly they could not compete with Good Sam even though Bank of the west is who your loan ends up with when financing through Good Sam. I was skeptical because of so many bad reviews about Good Sam customer service and nightmare stories of people being hung out to dry when they thought they were approved.

Anyway, I applied online on Oct 26th, filled out the application completely, even the optional sections (a good complete application goes a long ways, leaves nothing to question) it took about 15 minutes to complete. I hit submit and within 10 minutes I had an email saying I was approved. The rate on the approval email was the published rate on the site which was 5.39% on a 15 yr term. I didnít have to provide any income or asset documentation. They only wanted a copy of the purchase contract, copy of the MSO, proof of insurance and a copy of my drivers license all to be emailed to them once I had it. My dealer emailed me a copy of the MSO and purchase contract, I got my insurance and sent it to Good Sam on Saturday Oct 27th. They emailed me the following Monday saying loan docs would be overnighted with specific instructions. Got the docs on Tuesday morning went and had them notarized, Fed Exed them back overnight with the pre paid envelope provided. Got an email yesterday afternoon saying check was cut and overnighted. Fed ex knocked on my door 30 mins ago and I have my check in hand. Whole process took 5 business days and I never spoke to one person at Good Sam, all communication was email. They even knocked off $200.00 of the processing fee. The website shows $449.00, the loan doc paperwork only had a charge of $250.00. To be fair I have excellent credit, low debt to income and I put 50% down on my class A. All in all in was smooth as silk.

I know some people on this forum will say I got 2%, 3%, 4%, etc. I say BS! You may have got that rate in the past but that rate doesnít exist in November 2018. Good luck all.
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Old 11-01-2018, 10:55 AM   #2
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Sounds like a good experience. With a 50% down it should be pretty trouble free.
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Old 11-01-2018, 01:14 PM   #3
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5.4% is about right in today's financial environment. Sounds like you did well. Congrats
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Old 11-01-2018, 02:54 PM   #4
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Originally Posted by Triple H View Post
Just thought I would share my experience in case someone is looking for financing. After online research, phone calls to banks, credit unions, brokers and my dealer finance manager and all without giving them my social security number, I just couldnít find anything that compared to Good Sams published rates.

Even calling Bank of the west directly they could not compete with Good Sam even though Bank of the west is who your loan ends up with when financing through Good Sam. I was skeptical because of so many bad reviews about Good Sam customer service and nightmare stories of people being hung out to dry when they thought they were approved.

Anyway, I applied online on Oct 26th, filled out the application completely, even the optional sections (a good complete application goes a long ways, leaves nothing to question) it took about 15 minutes to complete. I hit submit and within 10 minutes I had an email saying I was approved. The rate on the approval email was the published rate on the site which was 5.39% on a 15 yr term. I didnít have to provide any income or asset documentation. They only wanted a copy of the purchase contract, copy of the MSO, proof of insurance and a copy of my drivers license all to be emailed to them once I had it. My dealer emailed me a copy of the MSO and purchase contract, I got my insurance and sent it to Good Sam on Saturday Oct 27th. They emailed me the following Monday saying loan docs would be overnighted with specific instructions. Got the docs on Tuesday morning went and had them notarized, Fed Exed them back overnight with the pre paid envelope provided. Got an email yesterday afternoon saying check was cut and overnighted. Fed ex knocked on my door 30 mins ago and I have my check in hand. Whole process took 5 business days and I never spoke to one person at Good Sam, all communication was email. They even knocked off $200.00 of the processing fee. The website shows $449.00, the loan doc paperwork only had a charge of $250.00. To be fair I have excellent credit, low debt to income and I put 50% down on my class A. All in all in was smooth as silk.

I know some people on this forum will say I got 2%, 3%, 4%, etc. I say BS! You may have got that rate in the past but that rate doesnít exist in November 2018. Good luck all.
Congratulations that's a smooth deal . Now the dumb question, what's MSO?
I'm thinking M=Manufacturer?
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Old 11-01-2018, 07:11 PM   #5
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Smooth transaction,
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Old 11-01-2018, 07:34 PM   #6
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MSO= Manufacturer's Statement of Origin
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Old 11-02-2018, 05:34 AM   #7
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When I bought my MH in 2016 I went to my bank first, Wells Fargo. They said their rate for MH's was 10%. I should have just walked out then, but I was curious if the rate would go down once they saw my application. I was putting 45% down, credit rating of over 800, and no debts. They got back with me around 5 days later and told me I don't qualify since I was retired and my income wasn't enough. So I went to the dealer, they got on the phone with their finance person and within 5 minutes I had the loan at 4% (remember, was 2016). Now whenever I'm at my bank and they ask me if I'm interested in a loan, I just laugh.
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Old 11-02-2018, 07:28 AM   #8
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Originally Posted by Triple H View Post
I know some people on this forum will say I got 2%, 3%, 4%, etc. I say BS! You may have got that rate in the past but that rate doesn’t exist in November 2018. Good luck all.
so tell me ..... what was your actual loan amount? that matters too. and do they have a 20yr option?


------just looked on their site and they can do 5.59% on 20yr loans. not bad
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Old 11-02-2018, 07:38 AM   #9
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Ive got USAA and Navy Fed and I always check with them because they are usually awesome for motorcycles, car, boats, etc etc ....

Navy Fed will do an RV but they call it a "collateral loan" not a specific RV loan. So the rates are like 7-8%.

But USAA does have RV specific loans. They do everything over the phone and dont need any documentation. Assuming you have excellent credit .... FWIW, they have POSTED rates today Nov2 2018 for 4.99% for 20yr on rv loans on $100,000 or more. just sayin
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Old 11-02-2018, 08:40 AM   #10
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Originally Posted by repsolracer2 View Post
Ive got USAA and Navy Fed and I always check with them because they are usually awesome for motorcycles, car, boats, etc etc ....

Navy Fed will do an RV but they call it a "collateral loan" not a specific RV loan. So the rates are like 7-8%.

But USAA does have RV specific loans. They do everything over the phone and dont need any documentation. Assuming you have excellent credit .... FWIW, they have POSTED rates today Nov2 2018 for 4.99% for 20yr on rv loans on $100,000 or more. just sayin

Well Iím not a USAA member a canít be and I didnít finance 100k, so whatís your point?
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Old 11-02-2018, 08:52 AM   #11
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Well I’m not a USAA member a can’t be and I didn’t finance 100k, so what’s your point?
No need for the hostility ... you obviously posted up your ‘financing experience’ to help inform other people and help the community w this subject. So I was just letting people know my experience as well to further your mission of helping fellow RVers.

And I asked the amount you financed not to be nosey but just to put your experience in context. Because many times people go to look at financing and they see a rate like 5.59% and they get excited just to find out that it’s only 5.59% for amounts of $50k or less and only for 10yrs, 15yrs etc etc. whatever the case may be.

So all I’m saying is sometimes it helps to post up specifics. Because a loan percentage rate is only as good as the terms and amount of money being financed.

It sounds like you spent a lot of time researching and looking for good rates. So just wanted to know the full info about good sams actual terms and the amount they are willing to finance etc
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Old 11-02-2018, 08:54 AM   #12
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Originally Posted by repsolracer2 View Post
Ive got USAA and Navy Fed and I always check with them because they are usually awesome for motorcycles, car, boats, etc etc ....

Navy Fed will do an RV but they call it a "collateral loan" not a specific RV loan. So the rates are like 7-8%.

But USAA does have RV specific loans. They do everything over the phone and dont need any documentation. Assuming you have excellent credit .... FWIW, they have POSTED rates today Nov2 2018 for 4.99% for 20yr on rv loans on $100,000 or more. just sayin
No origination fees or anything
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Old 11-02-2018, 09:05 AM   #13
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No need for the hostility ... you obviously posted up your Ďfinancing experienceí to help inform other people and help the community w this subject. So I was just letting people know my experience as well to further your mission of helping fellow RVers.

And I asked the amount you financed not to be nosey but just to put your experience in context. Because many times people go to look at financing and they see a rate like 5.59% and they get excited just to find out that itís only 5.59% for amounts of $50k or less and only for 10yrs, 15yrs etc etc. whatever the case may be.

So all Iím saying is sometimes it helps to post up specifics. Because a loan percentage rate is only as good as the terms and amount of money being financed.

It sounds like you spent a lot of time researching and looking for good rates. So just wanted to know the full info about good sams actual terms and the amount they are willing to finance etc
Clearly you have internet access, follow the link for answers to your questions.
https://www.goodsamrvloans.com/rates/
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Old 11-02-2018, 10:26 AM   #14
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Sometimes interest rates will go down slightly for longer term loans. The lender will make much more $$$$ with the extra years over a 1 point rate drop.

Shopping for rate alone is not a good idea.
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