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Jay_Raz's avatar
Jay_Raz
Explorer
Jul 31, 2017

Financing for Full-timer, Used RV

I've reached out to my local credit union and checked out Good Sam Loans, and neither offer financing on pre 08 RV's. I'm looking at a 2005 low miles Class A Tiffin that is pricing in the mid 20's. Any recommendations on how to find a loan for this year RV at a good rate? Have a great 800+ credit score and looking to make this my full-time residence.
  • mowingman's avatar
    mowingman
    Explorer
    Aug 01, 2017
    It is almost impossible to find a bank or credit union, that will loan money on any RV 10 years old or older. Probably best to plan on paying cash or looking for a newer model.
  • Jay_Raz's avatar
    Jay_Raz
    Explorer
    Aug 01, 2017
    Thank you for all the replies. After investigating for a bit, I'm feeling I'm going to up my loan amount and buy a more recent used RV. This makes obtaining a loan easier, will get me a decent interest rate, and also a nicer RV that I'll be living in full time for the foreseeable future.
  • SoundGuy's avatar
    SoundGuy
    Explorer
    Jul 31, 2017
    wing_zealot wrote:
    You might try Bank of the West, but 9 years old could be a tough nut.


    The OP is looking at a 2005, likely built sometime in 2004, so with 2018 models hitting dealers' lots that makes this rig 14 yrs old. It's no wonder lenders aren't interested. :R
  • Sam_Spade's avatar
    Sam_Spade
    Explorer
    Jul 31, 2017
    SoundGuy wrote:
    The solution is to look for something newer.


    And.....some things that you really want to do just turn out to not be practical/possible.

    I got a 6 year old C 3 years ago and.............
    The annual maintenance costs have run me about $2K a year.

    If you get an older rig and find a loan you can afford......can you also afford the upkeep ??

    Try to be practical in your assessment.
  • SoundGuy's avatar
    SoundGuy
    Explorer
    Jul 31, 2017
    Jay_Raz wrote:
    I've reached out to my local credit union and checked out Good Sam Loans, and neither offer financing on pre 08 RV's. I'm looking at a 2005 low miles Class A Tiffin that is pricing in the mid 20's. Any recommendations on how to find a loan for this year RV at a good rate? Have a great 800+ credit score and looking to make this my full-time residence.


    This has nothing to do with you nor your intended use but everything to do with the rig - from a lender's point of view it's simply too old, there's too little equity value left in it to support a loan. The solution is to look for something newer.
  • Merrykalia's avatar
    Merrykalia
    Explorer
    Jul 31, 2017
    I would suggest a credit union, but you have already done that. Will the owner finance? How about checking into a personal loan instead of an rv loan? I know the interest is more, but that would get your the $$ and then see if your credit union would re-finance after you own it.

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