Community Forums

mda79871 · 08-16-2020, 11:53 AM

I am new to this RV thing and I see a lot of ads pertaining to RV financing. I'm a member of a credit union, but their rates are awful. Curious if anyone can offer some insight into where I can find financing that is legit. Thanks in advance.

RVPioneer · 08-16-2020, 12:07 PM

Good Sam offers 4.29% on loans over $50K.
Essex Credit offers 4.29% on loans over $50K.

Your CU rate is probably higher, but is there any reason to believe it isn’t legit?

A home equity line of credit may be less.

rk911 · 08-16-2020, 12:08 PM

Quote:

Originally Posted by mda79871

I am new to this RV thing and I see a lot of ads pertaining to RV financing. I'm a member of a credit union, but their rates are awful. Curious if anyone can offer some insight into where I can find financing that is legit. Thanks in advance.

legit meaning what, cheaper? shop around. dealer financing is likely the most expensive.

WFretz · 08-16-2020, 12:20 PM

I just partially financed my used Class A through the local credit union and got 4.41%.....

777 Driver · 08-16-2020, 01:06 PM

Quote:

Originally Posted by rk911

shop around. dealer financing is likely the most expensive.

When I purchased my coach from a dealer in February '18, I did shop around.

The dealer had two loan sources available who both offered better rates that I could get from my credit union or Good Sam/Essex Credit.

Definitely, shopping for credit is a good idea. Just don't dismiss the dealer option.

However, do be very aware that the dealer will likely be happy to add on all sorts of things (extended warranty, tire protection, fabric protection, paint protection, etc.) to the purchase price and roll all of that into the loan. Much of the cost of those various things goes right into the dealer's pocket and you'll be paying interest on all of those various costs for the life of the loan.

Take care,
Stu

P.S. I just finished a refi of my primary residence mortgage and captured a 30 year fixed rate of 2.5% by paying 1.039% of the loan amount in points.

kcdogger · 08-16-2020, 01:33 PM

Quote:

Originally Posted by RVPioneer

Good Sam offers 4.29% on loans over $50K.
Essex Credit offers 4.29% on loans over $50K.

Your CU rate is probably higher, but is there any reason to believe it isn’t legit?

A home equity line of credit may be less.

There are caveats to those rates. There are down payment requirements, age of vehicle requirements and term requirements. Maybe the poster is looking outside of those parameters for a loan. Rates would likely be much higher on older units with small down payments. Also, the Credit Union will likely approve loans that do not meet the underwriting standards of some other lenders. (Good Sam is not a lender, but merely a loan broker for Bank of the West. Essex Credit is a subsidiary of Bank of the West, so they are all the basically the same).

BillJinOR · 08-16-2020, 01:42 PM

Don’t rule out a dealer. They have access to lower rates the jq public can get as they provide lenders with a lot of business.
Say the best you can get is 5%. On your own .. they can equal that or less , say 4.5 but they may actually be able to get it for 4 and the lender will kick the difference back to them. All legal and all better than you can do on your own.

RVPioneer · 08-16-2020, 02:00 PM

Quote:

Originally Posted by kcdogger

There are caveats to those rates. There are down payment requirements, age of vehicle requirements and term requirements. Maybe the poster is looking outside of those parameters for a loan. Rates would likely be much higher on older units with small down payments. Also, the Credit Union will likely approve loans that do not meet the underwriting standards of some other lenders. (Good Sam is not a lender, but merely a loan broker for Bank of the West. Essex Credit is a subsidiary of Bank of the West, so they are all the basically the same).

There are terms and conditions for all loans that will ultimately determine the interest rate. This should not come as a surprise to anyone. An individual’s credit score is a factor as well.

We have no idea what parameters exist for the OP other than they want legit financing.

Yes, Good Sam is not a lender, neither is FMCA, as brokers they offer the rates I posted previously for qualified buyers. Those rates may or may not be lower than an individual could obtain on their own.

mda79871 · 08-17-2020, 06:26 AM

I should have been more descriptive in my OP. In general, are online lending sources legit? (I:e. SE Financial, Lightstream, MACU etc..)

777 Driver · 08-17-2020, 07:04 AM

Quote:

Originally Posted by mda79871

I should have been more descriptive in my OP. In general, are online lending sources legit? (I:e. SE Financial, Lightstream, MACU etc..)

Here's s link describing some iRV2 members' experience with SE Financial: https://www.irv2.com/forums/f258/sou...al-388051.html

Here's a link to another iRV2 thread discussing RV financing: https://www.irv2.com/forums/f59/rv-f...es-456294.html

Take care,
Stu