Financing question for newbie!

24wrxguy · 06-16-2011, 09:41 AM

Hello all. The wife and I are looking to purchase a 2011 Forest River Rockwood 2702SS. We love the tt and the layout of it. It fits our needs perfectly. My question is has anyone ever used inetrec.com for financing? They give you rates from several different lenders. Also, if anyone has any advice on a lender to use, that would be great. Thanks for any help. Love this site, has been very helpful in making our decision. Can't wait to get out there.

Damon

awarnes · 06-16-2011, 09:51 AM

JMHO but I'm leary of financing online. Too many horror stories. Have you tried your local bank or credit union or even the dealer that you are buying from. I haven't ever financed a RV, but have used both my credit union and dealer for car financing. Rates at the time were comparable.

Good Luck
Arnold

BobLB · 06-17-2011, 12:52 AM

i would have to agree. online financing sounds sketchy. from my experience credit unions are usually the best option and will be willing to lend the money than most banks.

Luckiest Dre · 06-17-2011, 09:35 AM

Take a look at Penfed. Pentagon Federal can be found online and you will not see a person.

Stogie · 06-17-2011, 09:58 AM

If you have to take out a loan take out a Home Equity loan, lower interest rates and it is deductable.

Craig P. · 06-17-2011, 11:00 AM

Try Essex Credit. They use Bank of the West (a very good bank). I recently re-financed my MH with them, no one could come close to their rates.

On the home equity loan suggestion; finance charges are deductible on an RV as a second home, as long as it's self contained (per my tax guy). I have taken the deduction every year on every RV that I've ever financed.

Craig

frankdamp · 06-17-2011, 12:32 PM

Go find a Credit Union or get a home equity loan. We did both (got a HE loan from our CU!). The horror stories you read about the big banks (USBank, Bank of America, etc.) are the stuff of nightmares. Their customer service departments seem to make it standard operating procedure to hassle customers immediately after they've signed on.

radams · 06-17-2011, 12:51 PM

Quote:

Originally Posted by Craig P.

Try Essex Credit. They use Bank of the West (a very good bank). I recently re-financed my MH with them, no one could come close to their rates.

On the home equity loan suggestion; finance charges are deductible on an RV as a second home, as long as it's self contained (per my tax guy). I have taken the deduction every year on every RV that I've ever financed.

Craig

x2 and even better if you go through Costco to deal with Essex. You'll get a better rate than just calling Essex. Just did this myself and even though I bank with Bank of the West they couldn't begin to touch the rate that I got with Costco/Essex. It really flummoxed the local bank branch manager.

Craig P. · 06-17-2011, 01:10 PM

Quote:

Originally Posted by radams

x2 and even better if you go through Costco to deal with Essex.

That's right, I forgot about that...

I used a discount code from MH Magazine. I found out later when I spoke to Essex, that it was the same rate discount as Costco.

jfran304 · 06-17-2011, 02:05 PM

X3 on Essex Credit. Depending on what you are buying you can get 15 to 20 years financing if you desire.

Jon

1ciderdog · 06-17-2011, 02:18 PM

When I financed mine I used good sam - it was the best I could find at that point in time. They say approval in an hour or something like that but approval does not mean providing the funds in that period of time. The approval was quick but the actual financing took several days. Enjoy your unit.
Bob

**Gary RVRoamer** · 06-18-2011, 01:23 PM

I've had three RV loans from BOA and never a hassle.

Shop around for rates and don't be afraid of the big online brokers (Essex Credit is one of them). And don't worry about getting the paperwork done remotely - they will handle everything, just like a dealer would. Then talk to the dealer about the rate you can get elsewhere - odds are good he can match it, so you can deal locally and get a prime rate too.

Some credit unions only have car loans and only offer limited times (60-72 months) Same with some banks. But others offer true RV loans, with long periods (e.g. 15 years) and good rates.

pdollar · 06-24-2011, 08:55 PM

I used my dealer to finance our motorcoach, just told them what we wanted and let them get the financing for us. Bank of the West had the best rate in Feb. 2011.