Where to look for a loan?

[speeed]

I'm ready to make my first RV purchase, not sure if go with the dealer finance options or looking myself somewhere else.
RV should be new 2019 Winnebago OTD $75k will put 15k as Down payment and finance the 60k balance, will go with 10 or 15 years loan.
I would like to get an advice on where to go (online) to apply for the loan, i google'd for loans and there's too many sites, just not sure if that would be safe to put all my info online,
Any advice?

[Kurtsara]

A lot of people here say you should only pay cash for a item that depreciates in value.

[speeed]

Originally Posted by Kurtsara

A lot of people here say you should only pay cash for a item that depreciates in value.

Thanks, but, you didn't answer my question or either help me on any way.

[ThePowells]

Here is a link to to about 1800 threads on financing.



https://www.google.com/search?ei=tGT...71.TMYwvDDPiM0


Some will not apply to your situation as they are about older / used coaches, but you can cull them out by reading the titles. When we bought ours, we were pre-approved at 100% by our CU, but when we found the one we wanted, we talked to their financing, State Farm Bank. We told their rep what interest rate that they would have to beat ( CU minus .5% ). They got us to .75% less with a 5K down payment. We traded in a 18 ft cargo trailer for the down payment. SF Bank has been great for us. We would have stayed at our CU if it had been .5 higher just because.

[weredoingit]

Originally Posted by speeed

I'm ready to make my first RV purchase, not sure if go with the dealer finance options or looking myself somewhere else.
RV should be new 2019 Winnebago OTD $75k will put 15k as Down payment and finance the 60k balance, will go with 10 or 15 years loan.
I would like to get an advice on where to go (online) to apply for the loan, i google'd for loans and there's too many sites, just not sure if that would be safe to put all my info online,
Any advice?

Do you belong to a credit union? My credit union is only open to people that live in this county, but I would go to them if I were making your type of purchase.

[777 Driver]

Some have used their various credit unions. Others have used GoodSam: https://www.goodsamrvloans.com/?sour...&Dest=homepage

GoodSam usually forwards your application to Essex Credit: https://www.essexcredit.com/home/rv/

Take care,
Stu

[Dutch Star Don]

If you have a credit union, check with them, then check your personal bank. Get quotes from them and then see what the dealer will do. I've bought a lot of cars, trucks and RV's over the years. The dealer has always had the best financing. With that said, best financing requires good to great credit.

[sam-3]

Last December we purchased a used F250. Our credit score was very good and we had most of the $. Our loan is at 2%..The used truck dealer wanted to match it.

[ThePowells]

Me thinks that the dealer's financing basically takes the posture that if somebody else will offer that percentage, that they must know you and your risk exposure and would rather take a chance and get 2-3% on a loan or nothing on no loan.

[Triple H]

Originally Posted by speeed

I'm ready to make my first RV purchase, not sure if go with the dealer finance options or looking myself somewhere else.
RV should be new 2019 Winnebago OTD $75k will put 15k as Down payment and finance the 60k balance, will go with 10 or 15 years loan.
I would like to get an advice on where to go (online) to apply for the loan, i google'd for loans and there's too many sites, just not sure if that would be safe to put all my info online,
Any advice?

Without disturbing the community senior members and all the advice of not financing a depreciating asset (I guess they never financed a car/truck in their lifetime) or to check with your local credit union...Here is what I recently did.

I called my bank, called every local and national credit union, including USAA for military options, talked directly with my dealer finance manager and searched online relentlessly.

Bottom line is only a handful of banks/credit unions finance RV’s, all the brokers go to the same institutions you can go to yourself. Rates in the last month or so have gone up, including mortgages, auto loans, personal loans and yes “luxury loans” whitch includes RV’s. At the end of the day nobody including local/national banks, credit unions or the dealer could compete with Good Sam. Good Sam uses Essex Credit Union (a division of Bank of the West) if you call Bank of the West or Essex directly the rates are substantially higher than what is published on Good Sam website. After speaking to all these “loan representives” and never giving my SS#, just giving them basic info of debt to income, credit score, etc., Good Sam was my best option and nobody ran my credit. I applied online (filled out the application completely) a good completely filled out application does wonders (I am also in the loan business) and it makes a difference. I was auto approved inside of 2 minutes via email, no income, no asset documentation required. I put 40% down with a credit score of 800, however the Good Sam website states only need 10% down and FICO score of 690 to obtain the published rates. They charge a $459.00 processing fee, but the published rate vs. anything you can get anywhere else is worth the processing fee. Don’t listen to anybody telling you of 3-4% rates, that is not today’s market. For your scenario of 60k financed Good Sam rates are 4.99% to 5.59% depending on term. Good luck and don’t let multiple institutions put your credit.

[speeed]

Damn! That’s the answer i was looking for.
Thank you!

[hohenwald48]

Originally Posted by speeed

Thanks, but, you didn't answer my question or either help me on any way.

For future reference, about 75% of answers on this forum have nothing to do with the original question. Just the nature of the beast.

[weredoingit]

Originally Posted by hohenwald48

For future reference, about 75% of answers on this forum have nothing to do with the original question. Just the nature of the beast.

How do you come up with about 75%?

[mobilemike]

Originally Posted by weredoingit

How do you come up with about 75%?

It fell out of an orifice while he was sitting on the couch.

I however am not going to dispute it as any number I would retrieve would have a similar origin.