Used RV Loans

Both Navy Fed CR and Corporate America go by the book value and aren't too restrictive on age. Ours is a 2004 and they try to give us money.

NOT encouraging debt but if you are going to use debt and a lender accepts RV as collaterol, the RV will qualify as a second home by IRS: requires sleeping, cooking, and toilet facilities AND debt secured by RV.

NOTE: Always do your own tax research but points you directly to IRS pub

IRS Publication 936 clicky
Qualified Home

For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.

We just financed our 2001 Itasca Horizon DP, used USAA took 3 minutes online to get approval. Took a 5 minute call to confirm, check was at my house the next day.

USAA rocks.

Just financed my 99 endeavor through USAA. They are awesome!

I had mine with Bank of the West and applied to Essex for a lower rate. My FICO score is always 817-819 on my Discover statement. Bank of the West & Essex are connected and they said no. I paid them off so they got nothing then.

Credit unions are more flexible than banks, local banks are more flexible national banks, home equity lines of credit are great because you essentially know in advance your barrowing limit. When dealing you can talk a cash transaction.

edited above

Dachristianman wrote:
I've seen posted on here a couple times that banks will only go back so many years on used RVs. Does anyone know what's the oldest year RV they'll float a loan on?

Thanks

Usually 10yrs as a general rule and using the RV as equity, but that's not to say that your favorite lender might not give you personal loan of some sort. Years ago, when needing loans for things, I would borrow with unsecured DEMAND NOTES on my good name only, but not sure if that's at all possible anymore.
In those days, we finished the building of a home, rather than remortgage it, bought a truck, a van, a travel trailer....etc. etc.

Financed the 2003 Beaver when I bought it through USAA. They didn't hesitate and approved in about 15 minutes.

The average age limit I found was 10 years - including my credit union. There will always be exceptions to that, as noted above.

The personal loan, home equity, etc. is one way to get around that limit.

For me, as crasster suggested, I bought old enough so I could pay cash. Then what I would have made in loan payments, I put back into my savings. Basically I borrowed from myself at 0% interest. That has made it much easier to handle unexpected repair costs because I can waive my "monthly payments" to myself without penalties in order to pay for the repair.