Community Forums

Diesel Diva · 01-16-2014, 07:54 AM

I see recommendations for several RV insurance providers but none (that I can find) for financing an RV. Are there banks or companies that you like or any that you would never do business with again? We are trying to decide if we want to finance around 200k with our current credit union or find another provider. Our credit is excellent so that would not be a problem but I'm not sure if the fact that we will be fulltiming would come into play. Any suggestions?

jackfish · 01-16-2014, 08:28 AM

If you will be fulltiming that will affect available companies and rates. Bank of America is no longer doing RV loans. Check Good Sams.

Tom-NC · 01-16-2014, 08:36 AM

Hi,

I would try US Bank as that is who I have and they have good rates. Stay away from Bank of the West as their rates are very high. You might also try Good Sam but I bet your credit union will give you the best rate.

PyrateSilly · 01-16-2014, 08:42 AM

I know my credit union did not care if we were full timing in it when we got our loan a few years ago. They knew that Thom worked around the country 90%-95% of the time and we would use the RV for that, that constitutes full time but since it's for work they did not care.
They also did not care about the age just how much the NADA values were and how close to mid range the selling price was. Since we got it for less then low NADA they were fine with it. We were already pre-approved for a certain amount so most of the work was done before and when we found the one we wanted it only took 2 days to finish. Most of that cause of the time difference between MI and AZ.

Bruadair · 01-16-2014, 09:07 AM

Quote:

Originally Posted by Tom-NC

Hi,

I would try US Bank as that is who I have and they have good rates. Stay away from Bank of the West as their rates are very high. You might also try Good Sam but I bet your credit union will give you the best rate.

We didn't find that to be the case, we went with Bank of the West two months ago because they approved us at 2.99%, our credit union was at 3.74 and our bank (USAA) was at 4.24.

Tom-NC · 01-16-2014, 09:17 AM

Hi,

In 2004 when I bought my Rv in Forest City Iowa I used Bank of the West. When I got home I checked on it's interest rate against my bank and theirs was $39.00 a day. Well guess what I dropped them like a hot potato and that's all I know about them.

Diesel Diva · 01-18-2014, 10:39 AM

Appreciate all the input, turns out our credit union has changed their policy and no longer handles any recreational vehicles. BAH. Will look into US Bank and Good Sam.

Bfmorgan · 01-18-2014, 11:34 AM

Quote:

Originally Posted by Diesel Diva

Appreciate all the input, turns out our credit union has changed their policy and no longer handles any recreational vehicles. BAH. Will look into US Bank and Good Sam.

Shop around. I have had loans with banks and credit unions. I am currently with a credit union. A lot depends on the knowledge of the management. The CU that I am currently using has management who are RVers and have no problems with RV loans. The credit union that I use for most of my transactions wants loans of 7 yrs. or less and 7.95% the last time that I checked. Tried several credit unions before I found one that would loan on an RV.

1ciderdog · 01-18-2014, 02:02 PM

If you run a Google search on RV Financing you'll find several loan companies & banks willing to finance an RV. I used EssexCredit when I financed mine about three years ago. https://www.essexcredit.com/home/rv/

koda59 · 01-18-2014, 05:53 PM

I just financed a few months ago with Bank of America. I got a 4.5 percent loan.

38Chevy454 · 01-19-2014, 04:55 PM

Maybe I am missing something, but if you are not full timing (yet...) then this should not be an issue. Once they finance you, it is simply your responsibility to pay it when due each month. Your qualification is based on your current situation, if that means std house, just don't say you are going to become full timers.

Sorry no recommendations for where to finance, but just tell them you want the RV to go on vacations. Those vacations just happen to be back-to-back

Not their problem if you pay the bill on time.