Recommendations on RV financing companies

SacRV · 08-20-2020, 11:29 AM

We're getting ready to pull the trigger and want to start looking at the financing options. I've talked to our banks and it sounds like their rates are close to what I've heard from the finance managers I've spoken to about their financing programs.

With that said I wanted to see who you are using and if you'd recommend them.

RangeMaggotBob · 08-22-2020, 10:42 AM

Bank Of The West. 3.9%. That's all I can remember without looking it up. Never a problem with them. I think that's about the going rate. Was when we purchased anyway.

Reverse_snowbird · 08-22-2020, 11:30 AM

We checked the rates at our bank and also our credit union.
The rv dealer beat their rates with a loan from their bank.

Daniel S · 08-22-2020, 12:05 PM

Quote:

Originally Posted by SacRV

We're getting ready to pull the trigger and want to start looking at the financing options. I've talked to our banks and it sounds like their rates are close to what I've heard from the finance managers I've spoken to about their financing programs.

With that said I wanted to see who you are using and if you'd recommend them.

My local RV dealer said the best rate possible was 5.99% and they were very very competitive with local banks and credit unions. I almost believed them and went with them, luckily I didn’t. My local credit union got me 3% with no money down for 10 years. Where do you think that extra 3% is going? Right to the dealer.

chrisplan2 · 08-22-2020, 01:31 PM

Quote:

Originally Posted by SacRV

We're getting ready to pull the trigger and want to start looking at the financing options. I've talked to our banks and it sounds like their rates are close to what I've heard from the finance managers I've spoken to about their financing programs.

With that said I wanted to see who you are using and if you'd recommend them.

We got our Loan from vendor via US Bank and their rate is 4.74% in 2018 and it's for 15 years. We checked with our Credit union and their rates were about the same but their maximum term was 10 years which increase the payment significantly. We have a Isata 3 RW.

Dugie · 08-22-2020, 03:10 PM

The best rate I could get was from Bank of the West for my FR3.

medalguy · 08-22-2020, 04:09 PM

We got 4.9% thru our dealer but that was 2 years ago. It seemed a little high but we paid it off in 18 months so it wasn't really a big deal. The credit union said they couldn't match that rate.

Dugie · 08-22-2020, 09:33 PM

I just checked my rate from Bank of the West and it was 4.121%. I made that loan in April.

SacRV · 08-22-2020, 10:22 PM

I checked out the Bank of the West website and they don’t have their rates posted so I’ll have to call them next week.

We have a couple of accounts at a local credit union and their lowest rate was 5.99% which seems to be the high average.

bigmurph · 08-22-2020, 10:27 PM

I was going to pay cash for mine but the dealer kept nagging me. I told them my bank would do 2.9% (never called) and figured if they did it that low I would keep my cash. Well they matched it through bank of America. Couldn't believe it. This was in 2016. I would check them and also make sure if you do what I did, make sure that you know there is no payoff penalty. Sometimes the banks that loan the money on lot inventory give good rates and kickbacks for the dealer. At the same time they may penalize ealry payoff or require a certain time frame before payoff to satisfy the kickback they give the dealer.

rowdy boys 3 · 08-23-2020, 07:12 AM

Go with whatever financial instituition that your established with, or a comperable instution, get a 4, 5 or 6 year loan, not a 10, 12 or 15 year loan. There is no reason to pay long term for an RV that amounts to the same price of a truck or SUV. Its ridiculous, do your homework, if you dont, the dealership will be happy to do it for you.

eye95 · 08-23-2020, 08:16 AM

Quote:

Originally Posted by Reverse_snowbird

We checked the rates at our bank and also our credit union.
The rv dealer beat their rates with a loan from their bank.

If the dealer beats the credit union, go back to the CU with the dealer quote. I know that our CU will meet that rate, or give us cash if they won’t and we go with the dealer. So far, the CU has always beaten the dealer, and we have never gotten the $50 or $100.

SacRV · 08-26-2020, 02:53 PM

Just to follow up on my original post.

I called Bank of the West since there were several posters who used them. Based on financing $50k their rates are 4.4% for 5 years or 4.99% for 20 years.

SchoolNurseMom · 09-09-2020, 10:17 AM

We bought our camper summer 2019 and dealership was offering 6.9%
Local credit union gave us a loan at 3.5%..literally half the rate!

Desertsquid · 09-09-2020, 03:59 PM

Just looked Alliant credit union is 4.24% for 120 mos/ 5.24/240mos. Online credit union we financed our mh with them in 2016. Easy to work with.

oxcamper · 09-10-2020, 09:55 AM

our bank, Huntington: 2.5%
also you probably already know a TT or 5ver is considered a 2nd home and the interest is deductible on your taxes just like your primary residence.

wagge · 09-13-2020, 12:46 PM

I have the cash but It seems to make more since to keep it in my investment account making 6-9%. I can get to the money if I need it but still feels a little uncomfortable, espicaly knowing I will be upside down on a no money down long term loan. I think Covid has made me think different about having payments. No house payments or CC, I do have a couple of business related loans but at 0% intrest and they are also covered by my investment accounts.

I sure many of you have gone through the same senero, espically if you are within 5 years of retirement. Your thoughts are appricated.

RV wannabe

pgandw · 09-13-2020, 01:15 PM

Before and after retirement are 2 different scenarios. Since I have a retirement, and very little 401K, I have realized that I will be at my peak financially on the day I retire. So it pays to make that peak as high as I can to shelter me as the retirement loses value over the years (SS will lose value also).

Steps we are taking: get rid of all consumer debt - credit cards, etc. Ensure that vehicle loans and home mortgage are and remain easily affordable on the retirement income alone.

Fred W

wagge · 09-13-2020, 07:08 PM

Thanks for the reply, fortunately I have no debt, most of my money is in dividend accounts along with annuities and cash. I can retire now but not at the level I am accustomed to. You also have to factor how long you will live. Getting old is much more complicated that I thought it would be.

Remember when we were in our 20's, I miss that no stress lifestyle

Cowracer · 09-14-2020, 11:08 AM

Remember... Financing is like buying tomatoes. You don't have to take the first one off the top. It pays to compare

Nowadays, multiple inquiries on your credit report for the same amount in a reasonably short period of time (I think it two weeks) is not detrimental to you credit score. You can shop around till you find what fits you the best.

Tim

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