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Old 06-17-2008, 02:34 PM   #1
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We have found the pre-owned MH we want to buy and now are looking at financing options. We found an online company with a pretty good rate. Am I allowed to specifically name and ask for feedback concerning this company and its validity/respectability as an rv financing institution? I really need some help here before we proceed?

Is there any online company I should be wary of?

Thanks,
Mercedes Hall
Bon Wier, TX
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Old 06-17-2008, 02:34 PM   #2
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We have found the pre-owned MH we want to buy and now are looking at financing options. We found an online company with a pretty good rate. Am I allowed to specifically name and ask for feedback concerning this company and its validity/respectability as an rv financing institution? I really need some help here before we proceed?

Is there any online company I should be wary of?

Thanks,
Mercedes Hall
Bon Wier, TX
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Old 06-17-2008, 02:43 PM   #3
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Am I allowed to specifically name and ask for feedback concerning this company and its validity/respectability as an rv financing institution? </div></BLOCKQUOTE>

Yes, you may ask about a company by name.
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Old 06-17-2008, 04:02 PM   #4
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I specifically want to know about eRVLoans.com. They are based in Ft. Lauderdale, but I could not find information about them on Southeast Florida's BBB site.

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Mercedes
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Old 06-17-2008, 05:47 PM   #5
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I would be careful regarding a on-line type loan company that comes without references from the BBB. There are to many well known and reputable RV loan companies available.

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Old 06-17-2008, 06:03 PM   #6
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Are you buying from a dealer? Usually they have financial deals. Are you a member of FMCA? IF so, they have a lot of adds in their mag to finance MHs. Bank of the West has financed two of our MHs and they beat all others in rate. We went thru a dealer for the financing. I would stay clear of any company that is not lic in your state to do business or finance thru a company in your state lic to do business. s/Toby
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Old 06-18-2008, 05:04 AM   #7
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You might want to get a rate quote from Bank of the West, I've used them in the past and was thoroughly satisfied with them.
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Old 06-18-2008, 05:08 AM   #8
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don't forget that when you finance through a dealer that they are making additional profits to place that loan with whoever! they are not getting you financing just be the good guys.
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Old 06-18-2008, 05:08 AM   #9
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FWIW, another approach is to re-finance your home, if you have sufficient equity. We talked at length with our financial adviser and that was the best thing for us. We paid cash for the MH. The result is that we don't have to make long term payments on a depreciating asset., got the "loan" at a better rate, and we are free to sell the MH at any time without issues. Just an option.
Joe
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Old 06-18-2008, 05:25 AM   #10
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Thanks for your input. I think I will bypass that particular institution. We are buying from an individual.
BTW - a person cannot join FMCA unless they own at least 1/3 interest in a motorhome (at least that is what the membership app stated). I was able to join Good Sam, though.
Again, thank you for your help.

Mercedes Hall
Bon Wier, TX
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Old 06-18-2008, 07:36 AM   #11
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I used them for my coach. They were very professional and placed my loan with BOA at a very good rate. They walk you through the entire process. Since I was buying a private owner rig they handled the payoff and title issues. I would definitely recommend them.
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Old 06-18-2008, 07:51 AM   #12
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I to recomend cking out Bank of the West. We have had two MH loans with them. They are top notch in every way.
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