Community Forums

D1gger · 08-22-2021, 04:52 AM

So we are in the process of selling our TT, and are now looking to move up to a 5th wheel. I would rather buy something a few years old if possible, but I'm having a little trouble finding a bank that will loan on a used one. My local bank will only do a 2019 or newer, and the rates are 8.75-10%.
We have excellent credit scores, so I know I can do better than that. Anyone have suggestions on where to look? I'm looking at 2017 and newer 5th wheels for the most part.
Thanks

jacwjames · 08-22-2021, 06:36 AM

My sister just bought a really nice +10 year old 5th wheel. The bank quoted a high interest rate so she when to the local credit union and got a rate of 2.65% (if my memory serves me right).
If not a member of a credit union you might be able to join.

With banks rates still low you should be able to do much better.

dssl · 08-22-2021, 02:52 PM

Quote:

Originally Posted by D1gger

So we are in the process of selling our TT, and are now looking to move up to a 5th wheel. I would rather buy something a few years old if possible, but I'm having a little trouble finding a bank that will loan on a used one. My local bank will only do a 2019 or newer, and the rates are 8.75-10%.
We have excellent credit scores, so I know I can do better than that. Anyone have suggestions on where to look? I'm looking at 2017 and newer 5th wheels for the most part.
Thanks

If you own a house you may want to consider some type of home equity loan or Maybe a refi if your interest rate is higher then the current rate

catmandoo62 · 08-24-2021, 09:29 AM

i was gonna suggest both those,credit unions usually offer cheaper rates,and either a home equity loan or do a re-fi ,if you can gain at least 1 point you will be money ahead in the long run.

rbTN · 08-24-2021, 11:49 AM

might look at Southeast financial

Offramp · 08-26-2021, 08:50 PM

We used a home equity line of credit for our class c purchase.

allenb12 · 08-27-2021, 04:03 PM

We had one financed thru Bank of the West.

Roy-c · 08-27-2021, 05:37 PM

Not to be pessimistic but right now RV's of all types are bring more than top dollar prices. You could possibly buy one and be upside down on it the day you pick it up. Worst case scenario, I know, but be careful financing one. Your local banks apparently are.

ransil · 08-27-2021, 06:19 PM

Look at SunTrust or bank of ozk

propchef · 08-27-2021, 06:35 PM

Quote:

Originally Posted by ransil

Look at SunTrust or bank of ozk

^^^^^ second Suntrust. They have a consumer loan arm called "Lightstream" that I used for a 16-year-old car that others wouldn't touch and they had great rates.

Nohurry · 08-27-2021, 06:49 PM

Try AlaskaUSA Federal credit union as well. You only have to open a savings acct with a few bucks and you’re a member. They were good to us on a used travel trailer purchase. Good luck.

Ray,IN · 08-27-2021, 08:10 PM

Quote:

Originally Posted by Roy-c

Not to be pessimistic but right now RV's of all types are bring more than top dollar prices. You could possibly buy one and be upside down on it the day you pick it up. Worst case scenario, I know, but be careful financing one. Your local banks apparently are.

Yup, there's a guy on a different RV forum that discovered he is upside-down by $30K half a year after purchasing a new MH.

Now is a great time to lose your house by using it as collateral to buy an over-priced RV.

dssl · 08-28-2021, 08:42 AM

Quote:

Originally Posted by Ray,IN

Yup, there's a guy on a different RV forum that discovered he is upside-down by $30K half a year after purchasing a new MH.

Now is a great time to lose your house by using it as collateral to buy an over-priced RV.

An RV will always lose value. You are kidding yourself if you think otherwise.

Many would argue you shouldn't borrow money for an RV, but that isn't what was being asked. Once you decide you are going to borrow to buy an RV you are going to be on the hook for the RV depreciation. Financially your best bet is to get the lowest finance rate available to you which is going to be against your house. If your financial situation is such that walking away from the RV and keeping your house is a realistic possibility then IMHO borrowing money for the RV is a terrible idea.

OrygunRVr · 08-28-2021, 10:45 AM

Just went through this buying our 2004 Windsor. Some banks/cu's limit it to 10 years or newer. Some base off mileage. Some will only allow you to buy from a dealer.

My advice is hit the phone and start calling credit unions. I ended up financing 100% of our purchase through our CU at about 5%.

Also got some sticker shock when I went insurance shopping. Insurance through FMCA was several hundred dollars cheaper than the competition and well worth the price of membership.