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06-08-2014, 07:32 AM
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#1
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Member
Join Date: Jan 2013
Posts: 73
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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,
Jim
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06-08-2014, 07:55 AM
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#2
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Senior Member
Fleetwood Owners Club Ford Super Duty Owner
Join Date: Oct 2013
Location: northern IL
Posts: 2,557
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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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2014 Fleetwood Bounder 35k
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06-08-2014, 08:26 AM
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#3
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Senior Member
Fleetwood Owners Club
Join Date: Dec 2011
Location: Willow Lakes RV & Golf Resort, FL
Posts: 3,158
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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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Clay & Pebble
2012 Providence 42 M. Spartan Chassis, 450 ISL
Ford Edge toad, RM All Terrane, TST TPMS, SMI Air Force One, RVM95....
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06-08-2014, 08:30 AM
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#4
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Senior Member
Monaco Owners Club
Join Date: Mar 2014
Location: Mount Joy, PA
Posts: 124
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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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06-09-2014, 02:44 AM
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#5
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Senior Member
Join Date: Sep 2013
Location: Leland, NC
Posts: 166
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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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2018 GMC Sierra 3500 Denali Dually
2021 Coachman Freedom Express 321FEDSLE Liberty Edition
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06-09-2014, 07:17 PM
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#6
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Senior Member
Join Date: Dec 2012
Location: Full Timing
Posts: 751
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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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Mike
2003 Alpine Coach 40MDTS - 400HP Cummins ISL
Can Am Spyder Roadster
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06-09-2014, 07:30 PM
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#7
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Senior Member
Fleetwood Owners Club
Join Date: Jan 2013
Location: Milton, NY
Posts: 923
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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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Steve & Beth - Milton, New York
2009 Monaco Diplomat 41 SKQ
2016 Ram 1500 Quad Cab 4x4
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06-11-2014, 04:41 PM
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#8
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Member
Join Date: Jan 2013
Posts: 73
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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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06-12-2014, 09:11 AM
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#9
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Member
Join Date: Apr 2013
Location: NWFL
Posts: 68
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Quote:
Originally Posted by bluegrassrv
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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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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2011 F-350 DRW CC 6.7 pulling a 2017 WolfPack 325 Pack13
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06-12-2014, 09:26 AM
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#10
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Senior Member
Join Date: Dec 2013
Location: Plantation, Fl
Posts: 1,751
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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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2014 Itasca Spirit 31K
2016 Mazda CX5, on an Acme tow dolly, 4 trips 5800mi
Now 2017 RWD F 150 with a drive shaft disconnect
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06-12-2014, 12:07 PM
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#11
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Senior Member
Monaco Owners Club
Join Date: Jul 2011
Posts: 2,200
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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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Thom and Christine having fun in a 1993 Monaco Crown Royale Signature Series 40ft 300hp RV. Towing a Fiat 500 Abarth and a Harley.
Our blogged repairs and travels
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06-14-2014, 08:49 AM
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#12
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Senior Member
Monaco Owners Club
Join Date: Mar 2014
Posts: 916
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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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Jerry, "EWC (SW)" USN Retired
2003 Beaver Patriot Thunder 505 HP C-12 1550 TQ
Allison 4000MH Ram 4X4 towed
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