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Old 04-14-2005, 07:24 AM   #1
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We are considering upgrading to a larger coach and exploring the financing rates. Has anyone found good rates on motorhomes?
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Old 04-14-2005, 07:24 AM   #2
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We are considering upgrading to a larger coach and exploring the financing rates. Has anyone found good rates on motorhomes?
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Old 04-17-2005, 04:57 PM   #3
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Shop around online for good rtes from the companies that specialize in RVs. A web search will turn up several and they are all easy to deal with when it comes to making arrangements to pay the dealer. And many dealers will meet or beat a rate you already have from another source because they want the commision on the financing contract.
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Old 04-18-2005, 08:12 AM   #4
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If you can find out which branch/div of your bank deals with RV loans (perhaps through your dealer), chances are that the manager of your personal branch will be able to access the same rates, terms and conditions. Remember to try and make the loan conditional on the value of the unit, so that you dont tie up your assetts or limit your ability to get credit.This will also protect your assets in the event of a personal financial disaster because the lien will only be on the unit itself. The Loan should be open and not subject to any penalties if you increase payments or pay it off early.

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Old 04-20-2005, 01:45 PM   #5
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We ended up going with the dealer. We found two places with lower rates but one had a prepayment penalty and the other one ended up approving us for $10,000 less than requested based on the fact that the bank appraise the new coach at $50,000 less than the value. They used the NADA which they don't normally do on a new coach. They said that since there were no 2005's in the guide yet (I wonder why) they just used a base price on a 2004, added a percentage for the new model year and a percentage for options (which all were actually standard on the coach). Even stripped to standard options the coach is valued at more than they are placing the value. Sooooo, if anyone is considering financing with Customer One (you can find them on many the RV Trading websites - DON"T do it unless you don't plan on fiancing the true value of the coach you are buying!!!!

When I told the dealer what happened he almost hit the roof. He could not believe that they were using an NADA guide to value a new coach.
So we ended up going with the dealer who is getting us a rate close to what they were offering and far less hassles.
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Old 05-01-2005, 12:12 PM   #6
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Hi Alan: Do you have access to a credit line? Or can you set up a credit line with your bank? On a credit line you can negotiate the interest rate, if it is a secured line of credit the rate is usually lower because you are offering an asset to secure the loan. This is different than getting a loan for a car or motorhome from a bank or thru a dealer which is usually at a higher rate. For example, if you have equity in your home you can set-up a line of credit using your home as the security (collateral) so the loan is on the house, not the motorhome. Just offering another perspective that is often overlooked.
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Old 05-01-2005, 03:52 PM   #7
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If you have access to a Credit Union, they will usually have very good rates. And no prepayment penalty. In fact, you can pay as much as you like each month, often through a payroll deduction.
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Old 05-02-2005, 05:13 AM   #8
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When dealing with your dealer usually they will have their bank meet any rate you can get They are interested in getting that sale, they have relations with the bank they are putting large amounts of money through, the bank wants the business from good credit scores. Bank of America met the 4.5% for me being offered by on line companies and I'm dealing with a local/national bank which has advantages, in my case when Newmar bought back my coach 10 months later they handled the finance paper work and the interest rate stayed the same and no charges for the service, try and get that from a company 1000 miles away
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Old 05-02-2005, 05:54 AM   #9
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We tried that and it didn't work. We have several accounts in Bank of America, including our motorhome (the one we traded) and our business accounts. We talked to the local branches AND the national and they were not matching anyone's rate. As a matter of fact they weren't even close. They said they have changed their focus on competitive rates to home and equity loans. You are lucky with the 4.5% rate because that doesn't exist anymore either. The lowest available now is about 5.75% and that's hard to come by as well.
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Old 05-03-2005, 04:18 AM   #10
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I'm not sure the type of buying power you have with Bank of America but I feel sure that a dealer that puts through several sales on motorhomes has the buying power to request the rate and will be listened to more then the average customer. I would have never have got the rate I did if it wouldn't been for my high volume dealer (Financing Millions in sales per year) requesting the matching of the rate. If you never ask and push you'll never get it
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Old 05-03-2005, 05:56 AM   #11
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You can ask and push but if it's not available you aren't going to get it. The dealer we bought from is a high volume dealer, perhaps not as high as some, but they sell lots of motorhomes so they do get competitive rates. They got us a pretty competitive rate but the rate you were talking about doesn't exist anymore, they have gone up in the last few months and it's just not there to be had by anyone. There were some lower rates out there but they came with strings attached.
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