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Old 06-18-2013, 02:48 PM   #1
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Financing older RVs

I've talked to a few banks that offer RV financing, but most don't want to finance anything older than 10 years. Which probably explains why a lot of coaches 11-12 years old seem to be such good deals.

Does anyone have any lender recommendations, and are there any out there that will do financing on a slightly older coach? And if so, will those savings get eaten up by higher interest rates?

First time buying an RV, so any advice is welcome.
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Old 06-18-2013, 03:16 PM   #2
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Check with local Credit Unions.
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Old 06-18-2013, 03:19 PM   #3
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You have answered your own questions. Yes there are loans out there for older RV's at higher rates. You can look at getting a line of credit on your Home. Google RV Loans and you will find lots of eager lenders
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Old 06-18-2013, 03:59 PM   #4
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I'm not sure he will find a lot of eager lenders for a 10+ year old RV. BOA wouldn't even accept an application to re-finance my existing loan on my '04 - said it was too old. I tried to argue that they already had a loan and all I wanted to do was apply for the current rate, but it didn't make any difference. They couldn't change the terms unless I file an application and they would not accept the application (computer rejects it and sends an automatic denial letter).
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Old 06-18-2013, 04:13 PM   #5
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X2 on the credit unions. Nobody wanted to finance me, my credit score was just under the magical 720 number that the RV finance companies have as a minimum threshold.

However, the credit union did finance it, 12 years (in 2011) for a 2003 model coach with 44,000 miles on it. But my rate is not that attractive, at 9.5%. That's why I am making extra principle payments on it. But the book NADA was about 10,000 more than I borrowed, so that also helped, I think.

Good luck! Hope this helps!
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Old 06-18-2013, 04:26 PM   #6
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Quote:
Originally Posted by Gary RVRoamer View Post
I'm not sure he will find a lot of eager lenders for a 10+ year old RV. BOA wouldn't even accept an application to re-finance my existing loan on my '04 - said it was too old. I tried to argue that they already had a loan and all I wanted to do was apply for the current rate, but it didn't make any difference. They couldn't change the terms unless I file an application and they would not accept the application (computer rejects it and sends an automatic denial letter).
We had a similar situation with BofA a few years ago - we were recently retired and too young to be receiving SS so we were living off of our savings. We had a loan with BofA for our motorhome and wanted to refinance to lower our payments. We went to 2 different branches to try and talk to a loan officer but kept getting referred to their on-line loan processor. And of course we got rejected when we came to the question of income - ours was $0!

We finally found a branch who had a young guy willing to help us out. We explained that we wanted to refi, and that we had enough cash in our savings accounts to pay the entire loan off if we wanted, but we would rather not use up all our hard cash at once. Our credit scores were in the 860 range, but because we were living off of savings, and our income was $0 we didn't fit their boilerplate application form. He went to bat with their loan office somewhere in the South and we were able to get a loan that dropped the interest rate and our monthly payment in half.

Sometimes you just need to find the right human to help you...
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Old 06-18-2013, 05:14 PM   #7
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Quote:
Originally Posted by Gary RVRoamer View Post
I'm not sure he will find a lot of eager lenders for a 10+ year old RV. BOA wouldn't even accept an application to re-finance my existing loan on my '04 - said it was too old. I tried to argue that they already had a loan and all I wanted to do was apply for the current rate, but it didn't make any difference. They couldn't change the terms unless I file an application and they would not accept the application (computer rejects it and sends an automatic denial letter).
I was not talking about BOA or other big banks. Perhaps you should Google RV lenders and help yourself out. They are not loan sharks but the rates are not "EASY'
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Old 06-18-2013, 05:41 PM   #8
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Try Newcoast Financial out of Florida. I got a loan on a 10 year old rig for 15 years at 4.99% back in December. I put 30% down. Can't say what the rates are now, but talk to Kyle. The process was quick and easy. Good luck!
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Old 06-18-2013, 05:57 PM   #9
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The problem I had was financing a 7 year old high mileage RV. I got declined by my credit union and a couple other places. Then these guys helped me out:

RV financing, RV loans, recreational vehicle financing and refinancing, new and used RV travel trailer financing, low RV fixed, variable and adjustable loans, luxury motorcoach loans - Scott Financial Services
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Old 06-18-2013, 06:37 PM   #10
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My credit union financed an 18yr old coach for me. I don't remember the rate right now but I do know that it is under 5%. Their only requirement was the price had to be within a certain percentage of the middle NADA value. Another thing they are located in MI and we bought the coach in AZ. Did it in 2 days with no problems and the only reason it took 2 days was time difference on some parts.
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Old 06-19-2013, 03:21 PM   #11
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we had a credit union in colorado spring finance our 97 monaco, banks have forgot what customer service means, so i fired my bank and moved all of my business to the credit union.
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Old 06-27-2013, 04:21 PM   #12
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Anyone had any experience with Good Sam's RV loan program?
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