Have any of you arranged an RV Loan on your own, without dealer involvement? I just purchased a new 5th wheel, and I'd like to set up my RV loan through my credit union and bypass the dealer. Better rates, and I'll avoid the lengthy upsell meeting on extended warranty, undercoating, additional overcharge, etc. :) My credit is "excellent," with a score of nearly 800, and I have no other revolving debt. Car & truck are paid off, no credit card debt, etc. After my trade-in and my deposit, I'll "only" owe $25K for the new 5th wheel. I would typically pay it in full, but we're embarking on a kitchen remodel, and I'd rather put my cash towards that. I wouldn't imagine qualifying for a loan will be difficult, especially since the new 5th wheel is already nearly 40% paid for. I've just never negotiated a loan like this on my own. I want to walk into my delivery appointment and hand them the cashiers check from my lender and be done with it. Any suggestions?

Call your credit union and get the loan. When we purchased our FW I had the loan ready to go. Once we made the deal, I sent over the buyers order to loan officer and the next day the money was in my checking account and I wrote the dealer a check. You'll still have to listen to the upsell as the finance manager does all the final paperwork.

Maybe buying your RV with a HELOC would get you the best interest rate?

I did at my credit union with a great rate. Dealer still beat the rate and gave a longer term. Took the dealer loan and paid it off fast.

Thanks for all of the advice everyone. I've considered a HELOC loan, but in this case, I'd rather not have the RV loan secured to my home in any way. For this low of an amount, I can get 4.5% for 10-12 years, and that's good enough for me, as I expect to pay it off much sooner. I just wasn't sure how long the process will take to get the money if I arrange the loan by myself. Sounds like I can start the process on a Monday and have everything completed by the end of the same week. I have the final bill of sale, so you'd think it wouldn't be too involved. Thanks again.

Finance it for 48. Or go for 120 and rent it.

Financing question | Good Sam Community

31 Replies

humblerb
Explorer
Aug 22, 2019
With cars or trailers, I let the dealer finance just to get out as quick as possible.
It also makes them happy to know they got a kickback for setting up a loan.
Then I call my insurance company and give them the details and let them refinance it.
Could probably do the same with a Credit Union.
I think I've been told that the period for refinance and the unit still be considered "New" is 12 months.
I could be wrong on the time frame, but just do it as soon as you get a chance.
Fisher_Bill
Explorer
Aug 21, 2019
One word, Fiduciary

Lynnmor wrote:
I have made exactly 0% on investments over the last two years, so I don’t finance anything. To expect near double digit returns might cause disappointment.
time2roll
Nomad
Aug 21, 2019
Lynnmor wrote:
Thank you for that, I am rather unfortunate for letting Morgan Stanley manage my investments for the past six years. They did well the first half of that time but have repeatedly made poor choices recently. I simply recognized that age may catch up with me and I wanted to put things on cruise control to make it a bit easier for the survivors. Yes, I am close to firing them, but I also know that there is no perfect answer except to allow some genius on here manage it for me.

Go with the advice of John Bogle and Warren Buffett and open an account at Vanguard.
Invest in the basic SP 500 index. VFINX or VFIAX

Very few beat the market so just be happy to have the wind at your back investing with the 500 largest companies in the US.
Big_Katuna
Explorer II
Aug 21, 2019
Check out Dave Ramsey’s website and checkout some of his advice and perhaps consider one of his approved advisors.

You should be able to meet or beat the S&P average.

Morgan Stanley is selling you their junk.
Lynnmor
Explorer
Aug 21, 2019
troubledwaters wrote:
Lynnmor wrote:
I have made exactly 0% on investments over the last two years, so I don’t finance anything. To expect near double digit returns might cause disappointment.
Yes, "YOU" really shouldn't invest money; if you couldn't make a profit over the last 2 years you must really be bad at it. Best bet for "YOU" is to put it in your mattress.

Thank you for that, I am rather stupid for letting Morgan Stanley manage my investments for the past six years. They did well the first half of that time but have repeatedly made poor choices recently. I simply recognized that age may catch up with me and I wanted to put things on cruise control to make it a bit easier for the survivors. Yes, I am close to firing them, but I also know that there is no perfect answer except to allow some genius on here manage it for me.
troubledwaters
Nomad
Aug 21, 2019
Lynnmor wrote:
I have made exactly 0% on investments over the last two years, so I don’t finance anything. To expect near double digit returns might cause disappointment.
Yes, "YOU" really shouldn't invest money; if you couldn't make a profit over the last 2 years you must really be bad at it. Best bet for "YOU" is to put it in your mattress.
time2roll
Nomad
Aug 21, 2019
Lynnmor wrote:
I have made exactly 0% on investments over the last two years, so I don’t finance anything. To expect near double digit returns might cause disappointment.
S&P 500 index fund should be up 20% over the past 24 months.

For those paying cash I recommend using a maximum of half your savings and finance the rest. Plan to pay the loan and pay back your savings.
Lynnmor
Explorer
Aug 21, 2019
I have made exactly 0% on investments over the last two years, so I don’t finance anything. To expect near double digit returns might cause disappointment.
laknox
Nomad
Aug 21, 2019
Another tip that a lot of people overlook, is to split your payment and make 2 payments per month. Better yet, take your total payment, round it up some to pay extra to principal =and= make 2 payments/month. Just make sure there are no pre-payment penalties!

Lyle
lcseds
Explorer
Aug 21, 2019
Alway best to have the cash to buy. But then don't. As long as you have the liquid assets to cover the note, you're safe. Invest it and see a 8% average return (mine is about 10% over the last 10 years) and not only have your returns cover the RV interest, but also some of the principle. Others peoples money for big ticket items is always the best choice.