Community Forums

jmk909er · 12-20-2016, 07:49 AM

I will be buying a used RV and will need to finance it. Does anyone have any advice or tips on this?

Should I go with dealer financing?

I see Good Sam Club offers financing are they good?

Thanks

Triker56 · 12-20-2016, 07:54 AM

Get quotes from them all. Then go with the lowest % one.

Or use the one willing to give you a loan on a used MH. Unless it is too old for them to be interested.

Several places to get quotes.

530ktm · 12-20-2016, 10:55 AM

Quote:

Originally Posted by jmk909er

I will be buying a used RV and will need to finance it. Does anyone have any advice or tips on this?

Should I go with dealer financing?

I see Good Sam Club offers financing are they good?

Thanks

Dealer financing will usually sell it off to another bank but they will give you the percentage rate so you know what you are looking at. I would see what they offer like Good Sam and others also. Rates can vary but are usually around 3.9% with good credit unless things have changed drastically over the last year or so. Age and type of RV are also going to come into play so we have no idea what you are looking to do.

select55 · 12-20-2016, 11:08 AM

Quote:

Originally Posted by jmk909er

I will be buying a used RV and will need to finance it. Does anyone have any advice or tips on this?

Should I go with dealer financing?

I see Good Sam Club offers financing are they good?

Thanks

do yourself a favour and wait and pay cash. U finance it ; pay for 4 years and its worth less than what you owe

Chuck_Hammer · 12-20-2016, 11:19 AM

cash is best..

but get your own financing... not there's ..

re-handled = several people making money off of you.

local bank, credit union. etc.

DGBPokes · 12-20-2016, 11:22 AM

Be sue to checkout Essex, usually best rate, good people. Just be prepared, they are slow. We've used them twice now.

MTK46 · 12-20-2016, 11:33 AM

Good Sams used rate is only for 2008 or newer.
I was pre approved my Good Sams when I bought my new Voltage. Dealer beat there rate through B of A by 1 1/4 points so I went with dealer.

Check around if you have very good credit like I do you should be able to save some $$

jmk909er · 12-20-2016, 11:34 AM

Quote:

Originally Posted by DGBPokes

Be sue to checkout Essex, usually best rate, good people. Just be prepared, they are slow. We've used them twice now.

Thanks for the tip DGBPokes

Dr. Q · 12-20-2016, 11:45 AM

Cash isn't always the best option. There are lots of reason to carry a bit of debt.

If using cash means you cash in IRA's or 401K's to acquire the cash, there are very heavy tax implication to doing that. Taking $200K from a protected account will have significant impact on your tax liability and even effect your Medicare premiums. Even if you are over 59 1/2 and no penalty incurred.

In these cases, financing is a better option....

Podivin · 12-20-2016, 12:09 PM

A dealer I was talking to highly recommended Vystar Credit Union www.vystarcu.org. You can see their (lowest) rates on their site. Naturally you'd have to join the credit union if you chose to borrow from them, but supposedly that's easy to do.

2002dura · 12-20-2016, 12:20 PM

Good Sam and Essex are basically the same. If you use Good Sam, you will go through Essex, we did. Easy process, quick and they were very timely for us. You can go to the Essex page and see the rates.

Selah · 12-20-2016, 12:40 PM

Cash is not always the best option, especially with today's low interest rates.
Put enough down so that the value of the coach stays ahead of depreciation. Mostly it's just an estimate but if it is conservative you will hopefully be on the ball park. The idea is that is something happens you can get out without having a big Baloon payment.
As to who to finance with; lots of variables but I would certainly entertain what the dealer offers.

gentilebrian · 12-20-2016, 02:24 PM

Credit unions typically have great rates but if you are looking for those long term loans they typically don't offer them and they typically require more down.

Either way when working the deal act like you are happy and lucky to use their financing and want every warranty they offer. You have a good chance they will give you a killer price because they are counting on taking you to the cleaners on financing and warranty.

I thought they were going to kill me when I got my own financing and wanted No warranty. My wife thought the finance woman was actually going to cry. Seriously a 5 year warranty for over $12,000 on a $60,000 rv is crazy. $12,000 is a lot of repairs in 5 years.

PS. Always work the price with the sales person and never the payment. The payment is negotiated with the finance officer.

TonyMac · 12-20-2016, 02:39 PM

Quote:

Originally Posted by Dr. Q

Cash isn't always the best option. There are lots of reason to carry a bit of debt.

If using cash means you cash in IRA's or 401K's to acquire the cash, there are very heavy tax implication to doing that. Taking $200K from a protected account will have significant impact on your tax liability and even effect your Medicare premiums. Even if you are over 59 1/2 and no penalty incurred.

In these cases, financing is a better option....

So many people don't see this till it's too late. My friend went against sound advice, took 400k from his 401k to pay off his retirement home, and ended up owing 70k in 2015 for taxes on his now 500k annual income. And with the stock market experiencing a 'Trump Bump', I'd advise riding that for a year.