|
10-06-2016, 08:37 PM
|
#1
|
Senior Member
Join Date: Jul 2015
Posts: 278
|
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.
|
|
|
|
Join the #1 RV Forum Today - It's Totally Free!
iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!
|
10-06-2016, 09:14 PM
|
#2
|
Senior Member
Fleetwood Owners Club Outdoors RV Owners Club
Join Date: Nov 2013
Location: Houston, Texas
Posts: 4,580
|
I'd just call back and talk to someone else, or I'd call Jim Pena at Essex Credit
__________________
RVM#78 - -USAF- F-15 Eagle Radar Vet
'5 Fleetwood Revolution- '15 Airstream Intl Sig. 27FB
Jay, Andrea, Stella '14 Ram 3500 Aisin '18 ORV F30RLS
|
|
|
10-06-2016, 09:24 PM
|
#3
|
Senior Member
Tiffin Owners Club Workhorse Chassis Owner
Join Date: Oct 2009
Location: Warner Robins, GA
Posts: 2,613
|
Another recommendation for Essex Credit. We financed our's through them over the phone and fax machine. They also had the lowest interest rates.
www.essexcredit.com
Jon
__________________
Jon & Sue Francis (Retired U.S.A.F.)
Lil Girl-Rescued, Abby Rescued, Peaches Rescued
06 Allegro 35TSA Workhorse Chassis
2013 Chevy Spark Dinghy
|
|
|
10-13-2016, 08:37 PM
|
#4
|
Senior Member
Join Date: Mar 2016
Posts: 1,756
|
Good Sam is advertising 3.89% in their add in Trailer Life, November Edition.
|
|
|
10-13-2016, 10:03 PM
|
#5
|
Senior Member
Monaco Owners Club Workhorse Chassis Owner
Join Date: Aug 2006
Location: MotherLoad foothills approx.60 m.s east of Sacramento
Posts: 1,281
|
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.
__________________
Full time since Nov 2012 RVM#41 Gary and Marian Hill 2001 Monaco Dynasty Jack 38' 370 hp ....If it ain't broke I can still fix it.
Like putting shoes on an octopuss, so are the days of our lives....
|
|
|
10-19-2016, 11:42 PM
|
#6
|
Senior Member
Join Date: May 2014
Location: Huntsville, AL/Helen, GA
Posts: 1,566
|
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.
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Discussions |
|
|
|
|
|
|
|
|
|
|
|
|
|