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Old 02-23-2016, 09:41 AM   #15
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Just about to finalize a deal on a 2010 coach. With high 700-low 800 credit score we are getting 5.15 on a 240 month contract with 10% down. Arranged through LaMesa RV. Seems reasonable. We jumped once we decided to sell our condo.
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Old 02-23-2016, 12:30 PM   #16
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I used this as leverage when I spoke to the dealer...

with an 800+ credit score you should get a good rate:
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Old 02-23-2016, 06:34 PM   #17
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I have financed through Selco community credit union. Anyone can become a member for RV and other loans. They beat my credit union, bank and another credit union I had in the past.

Selco.org. It looks like current rates are 4.25% but I got a better deal last year and they will also extend terms and often lower by 0.25 for direct deposit or funds transfer from your other checking account of you don't have them. I don't know what all states they loan to at this time.

Autos are 1.99%
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Old 02-24-2016, 09:01 AM   #18
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Looks like you have to live in Oregon to join Selco
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Old 02-24-2016, 12:32 PM   #19
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Keep in mind that if you work the loan through the RV dealership, they will often buy down your rate to make the deal work for you.
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Old 02-24-2016, 01:09 PM   #20
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For comparison Good Sam is advertising mid 3's to low 4's depending on amount and term. Higher rates are offered for lower amounts below $25k.
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Old 03-03-2016, 04:52 PM   #21
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USAA

Has anyone had any experience with financing through USAA? We too were tentatively approved back in the fall when we placed our order but will need to reapply this month. USAA seemed to have competitive rates and I wondered if anyone had any feedback.
Thanks!
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Old 04-30-2016, 05:59 AM   #22
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Quote:
Originally Posted by Wbonsell View Post
Just about to finalize a deal on a 2010 coach. With high 700-low 800 credit score we are getting 5.15 on a 240 month contract with 10% down. Arranged through LaMesa RV. Seems reasonable. We jumped once we decided to sell our condo.
That's a fixed rate for 240 months - 20 years? I'd take it. The rate might seem high to those looking at adjustable rate loans or 60-month terms, but those are entirely different than a lender committing to a 20 year fixed rate when interest rates can only rise or stay the same. Seems risky for them, fine for you.

What is their loan-to-value ratio? 80% or something different?
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Old 04-30-2016, 06:17 AM   #23
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Terms of Financing

Say, folks. When we're talking about loans to pay for an RV, how about this short-course in lending/borrowing:

1. What a loan officer needs to know is 1.) the purpose of the loan, and 2.) the source of repayment (i.e., income from my job), and 3.) the collateral (if any) in the event of a default caused by a failure in 2.) above.

2. When a loan officer goes to a loan committee (if necessary), he will "pitch" it based on 1. above, then propose a loan amount (which may be limited by a loan-to-value ratio or some other formula), an amortization term (perhaps with a required payoff in 5 years), an interest rate (fixed or variable), and loan fees, if any (expressed as a percentage - or point - of the loan amount) payable when the documents are executed. Oh. AND the collateral -- the RV, the house, any other real estate or securities or negotiable assets and/or firstborn male children.

When we're talking about financing RVs, it WILL be helpful to cite all the facts listed in #2. above. After a 40 year career in the finance arena, I believe a failure to list all the pertinent terms of a loan will render the information virtually useless. "I'll always accept your terms if I can set the rest of the terms."
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Old 04-30-2016, 06:43 AM   #24
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We used USAA last April to finance our 2015 DP. They require 20% down with a rate of 4.25%. You'll get a .25% discount for setting up auto pay. They were easy to deal with, loan approval was quick. Our dealer, as most I'm sure, did not want to work with them. They dragged their feet providing the necessary docs to finalize the loan.
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Old 04-30-2016, 06:50 AM   #25
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how many years for the interest rate

Quote:
Originally Posted by matt.brown View Post
We used USAA last April to finance our 2015 DP. They require 20% down with a rate of 4.25%. You'll get a .25% discount for setting up auto pay. They were easy to deal with, loan approval was quick. Our dealer, as most I'm sure, did not want to work with them. They dragged their feet providing the necessary docs to finalize the loan.
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Old 05-16-2016, 04:38 PM   #26
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We saw the low 4% range for 800 plus credit for 15 years and 10% down.
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Old 05-16-2016, 09:27 PM   #27
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Within the last month we financed 100k, put down 60k and took the loan for 180 months. Rate was 3.99 and it was with Bank of The West. Dealer shopped several lenders, had BoA giving the best rate, but by the time the MH came in they were higher then Bank of The West.
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Old 05-24-2016, 12:19 AM   #28
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Financing a 2000 DP with mid 700 credit score. Was able to secure financing with our Credit Union with zero down 3.9% for 10 yrs. Very happy with that!
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