Community Forums

samlawler · 06-16-2018, 03:18 PM

Hello, I want to purchase a slightly used Class C RV soon and I need advice on loans. Is it better to get a loan through my bank or finance an RV through a dealership? Im thinking of getting a 27-30' and maybe around 5 years old at the most. Thank you, Samantha

ivykrewe · 06-16-2018, 03:41 PM

Try Bank Of The West. We have used them in the past.

Isaac-1 · 06-16-2018, 04:33 PM

My suggestion is to do your own comparison shopping, check your local bank, and also if you belong to or are eligible to join a local credit union check them. It seems credit unions often have some of the best terms on RV loans, and if looking at a slightly older used RV they sometimes are not as strict on max age (typically 10 years) as other banks.

pushtrk99 · 06-16-2018, 04:40 PM

WE just purchased a brand spanking new 2002 with 19875 miles on and our credit union had the best APR. & being we had 2/3s of the total & real good credit rating helped but they gave us 3.29% for 72 mons-South EAST financial ended up the worst rate -Rich

plasma800 · 06-16-2018, 05:01 PM

The very best thing is the lowest interest rate possible. In order to find that , you need to explore many options from Bank of the west (as mentioned, I've used them twice) to credit unions, to personal loans to possibly a combination... an example, when I bought my bass boat I sold a LOT of personal items I had hanging around and ended up with half in cash...

Used RV rates can be really bad... I've adverse to anything over 4%, and I think even 4% is too high. But it seems with RV's they really ding you.

Probably the worst situation is using the financing at the dealer (although, you never know)...

SarahW · 06-16-2018, 07:08 PM

Shop around and find the best rate. Don't be adverse to hearing what the dealer has to offer; if he has a competitive rate there's no problem with going that route.

samlawler · 06-16-2018, 11:42 PM

Oh my goodness, you all were so helpful. Thank you all for your input. I will def shop around. Thank you.

Diesel_Don · 06-16-2018, 11:48 PM

Essex credit though bank of the west is one of the few places that will do 20 years on less than $100k. They do hit you with 5.something % finanacing.

Definitely shop around. My local credit union had advertised rates in the 8% range, I told them Essex had 5% and they came back with better.