Getting pre-approved for coach financing

Good timing!

We're in the market for our first Class A Diesel pusher motorhome and also thought that the logical route was to get pre-approval. We started with SE Financial, who says on the website that they usually provide 24 hour responses.

I sent in the information over 8 days ago and noted the make, model, and details for the rig we're most interested in, but also noted that we're looking for pre-approval and rates/limits/terms as part of our rig selection process. They even have a direction in the instructions to enter a representative motorhome if you don't have a specific one picked out yet.

I got an email from them yesterday asking me if I could provide a VIN. I said that I *could* get a VIN, but that we are still in the selection process and just wanted a pre-approval as part of our decision making. The VIN likely wouldn't be for the coach we actually end up purchasing. I haven't heard back.

I get that they need to make sure the coach isn't a losing financial proposition before sending you any money or approving the final contract, but it's really no different than a mortgage company pre-approving the terms and limits, but still requiring a appraisal to verify the inherent collateral in a home before the final paperwork is executed.

It's very frustrating that they make it so hard to get an estimate prior to making a purchase decision...

Will a credit union issua a
loan if you have no other accounts with them?

crasster wrote:
For RV loans I don't think there is better than local credit unions. Going through dealers usually result in much higher interest.

Yet I have never seen a credit union come even close to what we or the dealer could do.

Just another example of always do your own research BEFORE you go shopping. Know what YOU can do, then see what the dealer has to offer.

3882DOUG wrote:
Will a credit union issua a
loan if you have no other accounts with them?

Usually, yes. BUT, most credit unions will only loan money to members, so, you will probably have to open an account (become a member of the Credit Union), and that may cost $25 or so. That money will go into your savings account and stay there as long as you are a member. When you close the account and cancel your membership, you will get it back, along with whatever interest has accrued.

Be aware if you are buying a used one banks won't lend on anything older than 10 years.

Get preapproved at both and get your own loan at a Credit Union. You then buy with their credit and you have 3 days to buy the loan from them using the CRU which will save you up to 5%.