RV Financing

[Blueknight]

Hi All,

We’re looking at buying our first RV soon. We’re looking at a private party sale and will need to get financing for it.

Does anyone have recommendations on where to look? Is there an age limit from most lenders? Will most finance a 10 year old RV, around $30,000?

Thanks

Yaniv

[Isaac-1]

This topic comes up from time to time, in general the national lenders seem to have a 10-12 year age cut off, though many people have had success financing units older than this through local banks and credit unions (mostly with credit unions). So if you are a member of a local credit union, ask them about financing, and if you are not and are eligible to join one, consider doing so while you shop.

[Blueknight]

I called my CU today. Their cut off is 6 years, kind of crazy, but what can I do? LOL.

[BillJinOR]

Lenders are still pretty tight and years old is important When I was looking a CU was not real flexible on age or loan length, others have found that not to be true. CU/local bank will more likely only lend for a short period only 5 years or so? but for small amounts like 30-50 grand. Many of the Banks I talked to some years ago suggested a Heloc as a better cheaper source. Especially for loans under 100 G Most of the Big "RV" lenders seem to want the 100 200 300 etc thousand loans not the small ones and the interest rates on those loans are lower and of course are the long term 15 year+ loans
Thats One of the few advantages of many Dealers is they have relationships with Banks /Lenders and can find those Loans that for you walking in off the street arent available. Of course The dealer takes his pound in price. the PVT sale has to deal with a more "cash" customer esp if the rv is older.

[89sandman]

My current unit I bought this year is 14 years old, financed through my credit union at 3% interest. If it's over 10 years old they will only do a 10 year loan. Doesn't hurt to have a very high credit score

[Changeup]

Similar story here. My primary local bank wouldn't touch anything over 6yrs old. My old credit union said the same, but a friend at the bank called around and found some quite reasonable rates and policies at another CU I'd never dealt with. Their rate on 10+yr old cars is down at 2.6%. Floored me.

I guess the lesson is to ask everyone.

[sequoyausa]

We bought a 2005 Infinity '35 in August and it is financed for 10 years. We put a hunk of money down on it first and financed the rest. The dealer suggested Aliant Credit union and we got a great deal until they upped the interest rate at the last minute, Very frustrating, but we really loved the MH so proceeded with the loan.

[Pirate_Jerry]

We couldn't find anyone local that would lend us on the 16 year old coach we wanted to buy so we tapped our home equity loan. 5 or 6% if I recall correctly. Not the cheapest option but lots a flexibility to buy whatever we wanted.

[bluepill]

In 2011 we got a home equity line of credit with no fees and 3%APR from our credit union. We gave the reason for the loan as "Home Improvements", but were under no contractual obligation to use the money for that.

[Mr_D]

In 2015 we financed our '09 Magna for 20 years. At the time my late wife was 67 and I was 68. Yep, even the finance agent for the dealer said our age was a factor and complicated matters. We ended up paying $50,000 more cash down to do the deal. In return we got a ¼% off the rate. Still cheaper to finance than take money out of the annuity to pay the rig off.

[magaliasram]

Just an fyi if you have veterans status you can check out USAA we had less than perfect credit applied for 19000 over the phone. Loan was approve in 20 minutes over the phone the coach was 13 years old with 190000 miles showing they said I could have went another $20000.00 anyway it was a 10 year loan.

[1CoolZ71]

US Bank does RVs 12 years or newer with less than 100k miles for around 5% depending on your credit.
I got my money in 2 days on the last coach I bought.

[Isaac-1]

I financed mine through a local bank, though it is a short term loan (4 years), and I have a substantial history with the bank.

[marjoa]

Originally Posted by Blueknight

We’re looking at buying our first RV soon.

6 -10 years old shouldn't b a problem with most lending institutions. 10 years old they might want u in the boat with a little more down payment. Maybe not. 30K isn't a lot of money so my guess is shouldn't b a problem. However, most analysis r saying next year they're expecting the economy go "boom" next year with 4 FED rate increases, so the sooner the better 4 u. Winter time should also b a good time to strike a good deal.

BTW...here's another thread I made recently to another person wanting to buy a 10 year old coach that has other information that you MAY or MAY not find useful:
It may look good over all, but there are so many things to check closely when looking at any used MH. Any MH going on 10 years old or older—is now entering a stage of it's life where other important things need a closer eye. Like all the rubber components, belts & hoses, all fluids will probably need to be changed out, not only because of built up condensation, but it will give you a good base line for future maintenance, generator hours, can the generator handle a full load for extended periods of time and has it been exercised monthly and PM regularly, brakes, roof condition and seams. A/C units are probably original and may need replacement soon, state of the awnings and slide covers, condition of slide seals and do the slides work properly, does in have a hard wired surge protector, are there maintenance records and if so verify the work that has been done by actually looking.

I'm of the opinion that cosmetic stuff isn't really a priority, because I can always update that stuff. It's like buying a regular S&B house. As long as the foundation is good, I can update or fix all the bling stuff. So I would definitely have the MH inspected (about $400) and also include a little more money by having the inspector (or yourself) pull 3 fluid samples and sending them off to a lab. It's like a blood work. It will tell you a lot of what going on inside the engine, tranny & cooling system.

One last thing I just thought of. If this Mh has been sitting outside a lot without being under cover, a real close look at the condition of the outside fiberglass is in order. If it is experiencing oxidation, it will need to be fully compounded, polished and waxed. If if is experiencing crazing or delamination, I'd stay away from it.

I could go on, but this is how I'd approach and consider buying an older coach.

And yes as others have said, these older engines are known for spitting out the back plugs. And yes, get it professionally inspected.