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01-14-2014, 05:43 PM
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#15
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Member
Join Date: Jan 2012
Posts: 41
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Our contract actually says it. We have applied to Essex. Faxed it in this afternoon and we should hear in a day or two. The lady at the dealership said very few banks will finance full timers anymore. I called the bank who did our last rv loan and they too said no. Best rate we got was 4.69 for twenty years. All the places that fund full timers have the same rate. We always go twenty years. Cannot see paying big payments, when I know we will never be in it twenty years. We are both 72 so who knows, plus we will trade it again in a few years
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01-14-2014, 07:48 PM
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#16
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Senior Member
Monaco Owners Club
Join Date: May 2013
Location: Pace FL 32571
Posts: 329
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info
Try credit unions there term and rates are not always the best. If you are retired military try a credit union around any base. check the internet for one...
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Bruce and Carolyn, Sissy the Boss
2005 Monaco Diplomat M-40PAQ
400ISL Cummins
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01-14-2014, 11:23 PM
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#17
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Senior Member
Join Date: Nov 2013
Location: PNW
Posts: 123
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You might try Bank of the West. When we purchased our motorhome two months ago their published rates started at 6.49% but we got 2.9% for 240 months. I don't know what their policy is regarding full timers.
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Damon and David
2014 Fleetwood Bounder 35K, F53
2005 Honda CR-V, Blue Ox Base Plate, Tow Bar, Patriot Brake
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01-14-2014, 11:38 PM
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#18
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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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Most state do not allow a dealer to keep deposits. Also If you read sun trusts rate sheet, the 3.99% was a three year adjustable rate.
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2014 Fleetwood Bounder 35k
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01-15-2014, 12:30 AM
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#19
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Moderator Emeritus
Join Date: Oct 2011
Location: In a lawnchair
Posts: 11,993
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Quote:
Originally Posted by roaming nana
The lady at the dealership said very few banks will finance full timers anymore.
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Nice of her to tell you that AFTER you put down the "non-refundable" deposit. Sorry you are having difficulty and I hope you can find reasonable financing for your new RV. Good luck!
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01-15-2014, 12:52 AM
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#20
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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Quote:
Originally Posted by roaming nana
Our contract actually says it. We have applied to Essex. Faxed it in this afternoon and we should hear in a day or two. The lady at the dealership said very few banks will finance full timers anymore. I called the bank who did our last rv loan and they too said no. Best rate we got was 4.69 for twenty years. All the places that fund full timers have the same rate. We always go twenty years. Cannot see paying big payments, when I know we will never be in it twenty years. We are both 72 so who knows, plus we will trade it again in a few years
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Your age may work against you too since they know you most probably won't live long enough to pay it off. We're 67 and 66 and will probably run into the same thing if we trade ours in.
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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01-15-2014, 09:32 PM
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#21
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Senior Member
Fleetwood Owners Club
Join Date: Jan 2013
Location: Milton, NY
Posts: 923
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Quote:
Originally Posted by Mr_D
Your age may work against you too since they know you most probably won't live long enough to pay it off. We're 67 and 66 and will probably run into the same thing if we trade ours in.
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The bank can't discriminate based on age. As for the deposit being non-refundable, I think a call to the state attorney General's office will get that resolved.
Assuming you don't want to "get out" out of the deal, 4.69% for 240 months is not a bad deal. Financing as much as possible for as long as possible is great for monthly payments, but not so great a few years from now when you owe more than the motorhome is worth.
Good luck! And remember... Dealers want to sell, banks want to lend... Believe it or not! So if you want the mh, then don't panic... It will work out!
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Steve & Beth - Milton, New York
2009 Monaco Diplomat 41 SKQ
2016 Ram 1500 Quad Cab 4x4
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01-15-2014, 09:36 PM
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#22
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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Quote:
Originally Posted by StevieG
The bank can't discriminate based on age. As for the deposit being non-refundable, I think a call to the state attorney General's office will get that resolved.
Assuming you don't want to "get out" out of the deal, 4.69% for 240 months is not a bad deal. Financing as much as possible for as long as possible is great for monthly payments, but not so great a few years from now when you owe more than the motorhome is worth.
Good luck! And remember... Dealers want to sell, banks want to lend... Believe it or not! So if you want the mh, then don't panic... It will work out!
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Not supposed to but........
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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01-16-2014, 05:40 AM
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#23
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Member
Join Date: Jan 2012
Posts: 41
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Just to clarify, we are only financing a very small portion. We got a good amount for our current coach ($185,00), and put down $50,000. Had to leave some for what may come up, but the balance is less than we've ever owed. We have been full timing for almost 11 years and have no intention of stopping. If we have to, then we will rent as we do not want to deal with owning anymore. We should know in the next few days if we got the loan with Essex. Will keep y'all informed. Thank you to all you have responded to this thread. P.S? We just heard that we got the loan. Thanks again. This group is the best.
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01-16-2014, 06:16 AM
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#24
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Senior Member
Newmar Owners Club
Join Date: Jul 2006
Location: Wellington, Florida
Posts: 13,599
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Congrats on closing your purchase.
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Gary
2005 Newmar KSDP 3910 + GMC ENVOY XUV 37K lbs Moving Down The Road
The Avatar Is Many Times Around The USA
Nobody Knows Your Coach Like Somebody Who Owns One Just Like Yours
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01-16-2014, 09:25 AM
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#25
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Senior Member
Fleetwood Owners Club
Join Date: Dec 2011
Location: Willow Lakes RV & Golf Resort, FL
Posts: 3,163
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Good news! Enjoy your new RV.
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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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01-16-2014, 04:28 PM
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#26
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Senior Member
Join Date: Jan 2014
Posts: 104
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Congrats and happy raving!
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03-14-2014, 04:44 AM
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#27
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Senior Member
Entegra Owners Club Retired Fire Service RVer's
Join Date: Feb 2013
Location: Nowhere in Particular
Posts: 457
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Roaming Nana.
We have ordered a new motorhome and are in the process of securing financing. The first the dealer submitted was to Bank of America and they came back with about a 40% downpayment needed, and that is not going to happen. We plan on putting down about 20%. The bank that Essex uses is the next one, hopefully with good results. How did you make out with Essex. Were the terms and rate satisfactory and how much down?
Thanks
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03-15-2014, 05:28 AM
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#28
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Member
Join Date: Jan 2012
Posts: 41
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Essex
Quote:
Originally Posted by ravens2012
Roaming Nana.
We have ordered a new motorhome and are in the process of securing financing. The first the dealer submitted was to Bank of America and they came back with about a 40% downpayment needed, and that is not going to happen. We plan on putting down about 20%. The bank that Essex uses is the next one, hopefully with good results. How did you make out with Essex. Were the terms and rate satisfactory and how much down?
Thanks
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We are extremely pleased with Essex. Everything was done by email and fax. Our motorhome will not be delivered until April 3, so Essex said no problem in extending the deal, in fact they think the rate may go down a little. They quote for 30 days and automatically extend for another 30 and beyond. They will also send the check to the dealership when the dealer gives them all the info they need. They were easier to deal with than some banks. Good luck with your new motorhome and safe travels
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