RV Loan and Insurance Info
Hi there! My husband and I are purchasing a $165k 2010 Monaco to live in full time. We are purchasing from a private seller and were curious about any advice anyone had on getting a loan? We have been...
Forum Discussion
It's very difficult to get a loan for a used RV. Ours was 3 years old, and wanted to finance less than $70K. We own our home, have an excellent retirement 401K, cash in the bank, and a credit score of 825. I had been with this credit union since 1985.
I was informed that all lenders have the same issue with used motorhomes. The older they are, the harder it is to get a loan. But they let me know if I wanted to buy a new diesel pusher, they'd be willing to loan money immediately.
After some discussion with the regional loan officer, they agreed and the loan was approved. PITA.
As for insurance, I went with Progressive. They are VERY easy to deal with, and know how to do RV insurance. State Farm, on the other hand, was scratching their heads.
Good luck!
I was informed that all lenders have the same issue with used motorhomes. The older they are, the harder it is to get a loan. But they let me know if I wanted to buy a new diesel pusher, they'd be willing to loan money immediately.
After some discussion with the regional loan officer, they agreed and the loan was approved. PITA.
As for insurance, I went with Progressive. They are VERY easy to deal with, and know how to do RV insurance. State Farm, on the other hand, was scratching their heads.
Good luck!
