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Old 06-19-2014, 12:04 PM   #15
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I'll keep looking just the same and hope for the best. I'm in no rush so I won't settle until I get a reasonable rate. Thanks for the insight.
keep shopping around for sure, but make sure that lenders are not continually running your credit. Every inquiry shows up on your credit report and comes with a small ding. Underwriters see all the inquiries and wonder why... and then their minds go to a dark place.

I think you have a very good story and are close enough score wise to get a good rate. Good luck and let us know how you eventually make out.
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Old 06-19-2014, 01:25 PM   #16
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Where have you applied? Policies differ at different lenders, and those that specialize in RV loans are frequently different than what car o r home lending specialists offer.

And give the dealer a chance - he often has access to preferred financing though his floor plan lender. Pre-approval is a convenience, but doesn't get you anything extra during price negotiation, so make your deal and see what he can do. Meanwhile, do your own shopping so you have a comparative rate in mind.

RV lending specialists include Essex Credit, Excel Credit, US West Bank, Good Sam/Camping World, Wells Fargo Bank, & Bank of the West.

A broker like RV Financing Direct can probably find something for you as well.
RV Loan, RV Financing with the Lowest RV Loan Interest Rates, RV Loan Application Online.

As for the comparison to car rates, well, others have commented on that. You won't get car rates on a house or a motorcycle loan either. Each type gets evaluated for risk on their own merits.
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Old 06-19-2014, 01:36 PM   #17
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Please explain this credit score thing, the DW & I have not borrowed money for the 30 years we been married, paid cash for everything including our hone, the Foretravel,, autos etc. they wanted to finance it, I said no, they said my score was 826, what is that ? Assuming not good as not any debt ? Simpler to just pay for it.
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Old 06-19-2014, 02:30 PM   #18
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I copied this from Camping World's Website. I think it's misleading. This is where I got the idea in my head that the rates were similar to auto loan rates. Just proves the dealers are going to say anything. I bought myself a book, Full Time in an RV by Will Imanse. Hoping that sets me straight.


Remember, RV loan rates are usually tied to automobile interest rates, so when auto loans are low and reasonable, RV loan rates should follow suit. If you have good credit, you should be able to negotiate better RV loan rates with your dealer or bank. RV loans are available from most banks, credit unions, and dealerships, but there are specific RV financers that specialize in motorhome and other recreational vehicle loans. Check out these specialty lenders to see if they can offer better RV loan rates than your local bank or dealer.

RV financing isn't really that much different than financing a home or car. Today, many companies specialize in RV financing, and they make it easy for you to begin the financing process. They offer online loan applications that let you qualify for RV financing almost instantly, so you'll know what you can afford before you visit the dealership.

In addition, RV financing can go as high as $250,000 for 20 years without an income check if you have good to excellent credit. Older RVs can be financed as well, so you don't always have to buy a brand new motorhome to qualify for good RV financing. If you have questions about RV financing, call an RV financing company and find out just what services they offer. You may be surprised at the results!
I'm having a good time here getting all your feedback. It is very helpful to hear from all of you.
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Old 06-19-2014, 03:58 PM   #19
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We just completed the process two months ago. I did a lot of research. Most places were 4.99% or higher. My credit union had a great rate, but their max term was five years. I was looking for 10. Our dealer's lender (Bank of the West) was offering 4.49%. I joined Costco to get their 3.99%. When I told our dealer that I would not be needing their financing, they asked if it would be ok to see if BotW would match the rate I would be getting from Costco (Essex). I said, ok, no problem. BotW came back matching my Costco rate. I ended up going through the dealer and BotW as all that they needed was my driver's license. Using Costco, I would have needed half a day to collect all the necessary verification paperwork. I guess the major point of all my wordiness is that there are not that many places willing to loan even at 3.99% unless you are looking at terms of five years or less. Take your time and do your research and they are out there.

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Old 06-19-2014, 06:50 PM   #20
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Whatever you do, don't go around getting credit checks done at multiple institutions. It's okay to talk to them and tell them your score and get hypothetical rates just to get a ballpark idea of what they will offer you. Here is why you don't want multiple checks. Every time you have credit check for a big ticket item like an RV, it reduces your rating. Don't ever give a dealer your SSN unless you want them to run a credit check. There are dealers out there that will try to get your information and run a credit check without your knowledge just to see if you can afford what you are looking at. If they find you can very well afford it, they may put a lot of pressure on you to make a deal. Run away from those dealers.

If you have any ties to the military, look at USAA. Bank of the West and Essex are good and they are also the same company. The rates that you can look up on the Camping World website are BotW.

Good luck on your search.
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Old 06-19-2014, 10:03 PM   #21
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Please explain this credit score thing, the DW & I have not borrowed money for the 30 years we been married, paid cash for everything including our hone, the Foretravel,, autos etc. they wanted to finance it, I said no, they said my score was 826, what is that ? Assuming not good as not any debt ? Simpler to just pay for it.
826 is an excellent score. Trying to explain how the repositories score is almost impossible, even for credit veterans. What ever you are doing, keep doing it!
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Old 06-20-2014, 07:23 AM   #22
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Don't know if it's still this way, but 20 years ago, the finance companies the dealers used provided a "kick back" to the dealer. Credit life policies were REALLY lucrative! All done on a hush hush basis.

Point being, it's no surprise to hear that a dealer's finance company matched a retail rate.....
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Old 06-20-2014, 11:03 AM   #23
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I say thanks to all the input, once again..hey, I'm not going to make any knee jerk moves when it comes to this purchase...and my research continues and I am already ahead by signing on to this forum. You have all helped. I had a couple of sales persons tell me that they get a cut from the finance rate from the lending institution...I've also been aware that every time they check my credit I get dinged...and yes, one pulled it without my knowledge or maybe by giving my ss# they assumed it was all-right to do. The dealers I've spoken to so far won't do much for me in the way of a quote until they can run the credit check and then I guess they realize I can afford it and they are deciding my budget for me. I think I may go out of state and look around a bit. Seems like these guys I've spoken to are schiesters.
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Old 06-20-2014, 04:35 PM   #24
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I'm with Genset, wait till you can pay cash. DW & I have been living that way for the last 4 years and it's great. Also keeps us from being over extended.
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Old 06-21-2014, 04:07 AM   #25
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Frankly, I do not get any joy out of paying someone for the privlidge of borrowing money. Seems it comes down to WANTS vs NEEDS, the needs are taken care of first, the wants happen as we can afford them. In our case my DW & I have a system, I bring in the loot, give it all to her, never ask what, why or where, hell I have no idea of the cost of anything like electric bill, just a general idea of taxes, VISA statement, it is zero each month.
Our rule is to never buy anything but the best, why the Foretravel, not fancy but very solid (Our opinion)
Do what makes you happy, we sure do, zero debt is a great feeling.
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Old 09-02-2014, 09:58 PM   #26
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Thumbs down Bank of the West

I have a loan through Bank of the West. Rates are good but customer service is poor. If I want to check my loan to see how much is applied to the principal and how much is applied to interest each month I am charged $10 for each report. Online accounting only shows the payment and date made not interest and principal. Seems if I want a report they have to pull my file and photocopy it. They do not have this info available on computer so the customer can view it. More likely, it's a way to generate more fees.

I like to track my loan because I've found mistakes in the past with other loans at other financial institutions. With Bank of the West this is difficult and is not free.
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Old 09-03-2014, 12:13 AM   #27
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Quote:
Originally Posted by ahicks View Post
Don't know if it's still this way, but 20 years ago, the finance companies the dealers used provided a "kick back" to the dealer. Credit life policies were REALLY lucrative! All done on a hush hush basis.

Point being, it's no surprise to hear that a dealer's finance company matched a retail rate.....

Yes the dealers get what is called reserve. In most cases the dealer is allowed to mark up the rate if they so choose and the bank pays them a portion of the difference. Keep in mind, if the loan is payed off early, the lending institution charges the dealer back part of that reserve payment. Many banks are going to a flat fee payed to the dealer and it usually depends on the loan amount as to how much it is. Due to a new government regulation many banks are going to a flat fee payed to the dealer and the dealer not being allowed to mark up the rate. Credit life policies are pretty much a thing of the past. They are available but rarely sold. None of this is hush hush.
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Old 09-03-2014, 01:08 AM   #28
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To get credit now days you have to prove you don't need it!
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