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Old 10-06-2016, 08:37 PM   #1
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Financing question

So, I went into my local credit union where I have been a member for 30+ years. I have financed several vehicles through them and overall they are very good to deal with. However, I don't know if the lady I spoke to about RV financing knew what she was talking about or not. I would like to here your opinion on the conversation.

Told here I was just inquiring about financing options for a travel trailer or 5th wheel. She immediately though Motor home and said ohh year the kind with the Diesel engines? This sent up a red flag. I told her, no, the type where you hitch it to your truck and tow it around. Not drive it around like a bus. She then proceeded to tell me that to get an "auto type" load it would have to be a motorhome/coach type RV and have a VIN #. Other wise a loan on a TT or 5er would be a personal load, thus having a higher rate. TT and 5ers do have VIN #s, right?

This does not seem right to me. Never have taken out a loan other than a home or truck/car. Is a TT/5er/RV loan specific to these type of vehicles or are they typically an auto load with longer terms.

Lastly, and national in scope banking institutions you would recommend to look at or even a reputable online institution? I have one auto loan through US Bank and saw a few recommendations on another thread I searched out.

What say you? Thanks.

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Old 10-06-2016, 09:14 PM   #2
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I'd just call back and talk to someone else, or I'd call Jim Pena at Essex Credit

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Old 10-06-2016, 09:24 PM   #3
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Another recommendation for Essex Credit. We financed our's through them over the phone and fax machine. They also had the lowest interest rates.


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Old 10-13-2016, 08:37 PM   #4
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Good Sam is advertising 3.89% in their add in Trailer Life, November Edition.
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Old 10-13-2016, 10:03 PM   #5
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Auto loans ( vehicles with motors ) have always been lower interest rate than other property loans because motorizes vehicles are easier to reposes when you default. Try Bank of the West if you have good credit.
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Old 10-19-2016, 11:42 PM   #6
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I was once an auto financing specialist--servicing car and truck dealerships.

Credit unions are very low on APR to those with automobiles. But on RV's, they're more middle of the road due to RV's having larger amounts financed and longer terms than cars. RV's don't have a good outlet to liquidate repo units vs. automobiles having established auto auctions to sell units through.

Any responsible financial institution will charge higher rates on RV's (and boats) than automobiles because repossession ratios are higher and they take larger losses across the board.

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