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Old 06-08-2014, 07:32 AM   #1
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A Question About Financing

When it comes to RV financing, in particular for a Class A, how does it work? I'm talking in terms of number of years. I see ads for 10, 12, 20 year loans, but what RV's qualify for those terms? Is it just new RV's minus X amount of years old? Is it any RV?

For example - let's say a 2000 Winnie Adventurer listed for $25,000. Am I likely to get a 10-12 year loan or something less?

I know book to market value, loan to value, down payment, income, credit score, etc all comes into play, but I'm talking just about the number of repayment years.

I also know full timing is a factor as well - not talking that kind of RV'ing but rather just weekending and few weeks per summer.

Thanks in advance,
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Old 06-08-2014, 07:55 AM   #2
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Usually has to do with the amount financed as well as model year. Extended terms are usually reserved for larger loan amounts on new or newer units. I would not expect a bank to offer a 10 or 15 year term on 25k. Different banks will have different parameters so shop around for what best suits your needs.
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Old 06-08-2014, 08:26 AM   #3
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You'll have a very hard time finding a long term loan on $25 K loan. Most lending institutions that specialize in RV loans limit the model year to 8 years from the manufacturer of said Class A. Some even 5 yrs. Essex may be of help?
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Old 06-08-2014, 08:30 AM   #4
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We just purchased a 2002 40' diesel. The price was $49000. We added the extended warranty which added to the price somewhat. What we learned was that $50000 seemed to be a magic number for longer term finance. We took a 15 year loan without problem thinking we would at least double up on payments to keep amount lower that we are paying on interest overall, but have lower payments if something changed in our situation. We got a pretty good interest rate, but of course credit rating and other things play a factor in that. Of course, it does depend on the financial institution. Shop early.
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Old 06-09-2014, 02:44 AM   #5
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As Clayobx says, check out Essex Credit. They are part of Bank of the West. Also, if you have any military ties, look at USAA. Their rates and terms are great and they do not stipulate the age of the coach.
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Old 06-09-2014, 07:17 PM   #6
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You might consider joining a credit union. They often finance RVs at reasonable rates and are easy to deal with in my experience.
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Old 06-09-2014, 07:30 PM   #7
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There are plenty of threads on this site that you can look up and get a wealth of information. I purchased my Class A when it was just under 10 years old. I applied trough Good Sam and they referred it to Essex Credit. Although Essex offers long term financing, they did not offer it on my mh, even though I was putting down a substantial down payment and have a fico score over 800... I searched a little more and was able to find 15 year financing @ 4.99%. In the end, the loan amount, LTV, age of the mh, credit score, debt to income ratios, and personal net worth will make the deal go very easily or not... No matter who you apply to.
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Old 06-11-2014, 04:41 PM   #8
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I actually belong to two C.U.'s and I am a veteran. Never thought about USAA. Thanks for the tip on that one.
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Old 06-12-2014, 09:11 AM   #9
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Originally Posted by bluegrassrv View Post
As Clayobx says, check out Essex Credit. They are part of Bank of the West. Also, if you have any military ties, look at USAA. Their rates and terms are great and they do not stipulate the age of the coach.
I used USAA and had alot of trouble proving the value of the my RV. They were willing to finance my RV for 10 years, but I was able to get a MUCH MUCH better deal through my local military Credit Union (Eglin Federal Credit Union). I initially financed through USAA, but ended up refinancing after a year through EFCU.

EFCU didn't give me any problems with the book value. USAA wanted to argue over every single option on the trailer to the point that I had to go back to the original dealer and get an invoice before they would agree to the book value.

USAA seems to have really gone down hill over the past few years. Their interest rates have always been higher than my CU. To the point that I've refinanced or sold every vehicle I had a loan on through USAA. Switched insurance to Geico, way cheaper, although USAA's customer service has always been stellar.

Still have homeowners insurance with USAA, they seem to not be beat on those rates.
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Old 06-12-2014, 09:26 AM   #10
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If you're looking for a longer term loan, a home equity line of credit might work.
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Old 06-12-2014, 12:07 PM   #11
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If you are full time USAA will not finance any RV's, at least that is what they told Thom when we asked about maybe getting a new or newer one then the 21 yr old one have now. They asked for our address and since we live full time they stopped at that question and would not even think about it.

My CU on the other hand did not care about the age of the RV just that they wanted to make sure that it was a certain percentage within mid NADA range. Since we bought it at below low NADA they were quite happy to loan us money for what was a 18 yr old coach at the time. Of course they also wanted to make sure we could pay for it with a credit and job check but that's normal with just about any large loan.
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Old 06-14-2014, 08:49 AM   #12
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I finacved a 2003 Beaver a couple of months ago with USAA. Zero down, 15 years, 4.25%. After extended warranty, taxes and title/license fees it was 97K. NADA retail was what they used it was about 120K at the time. Hope this helps.
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