I am new member to forum but have been lurking for a few years. We are thinking about purchasing a travel trailer in Jan or Feb of next year. I am trying to get financing lined up prior to looking. I have just done a preliminary search and RV loans seem to be limited. If available, the rates are in the 7 to 8% range.When I purchase a car, I do extensive research and learn dealer costs, rebates, dealer holdback etc.. It seems this type of info is very scarce or non existent for RV's.I have checked local credit unions and my Bank (Bank of America) does not offer RV Loans.Any suggestion or experiences from those who recently purchased.I would love to talk with anyone who has recently gone through with a purchase and love to find out any hints to negotiating price and any other info from the process.BTW, I live in South Florida, so would love to hear from anyone down this way with a recent buying experience.Thanks,Mike

Welcome to the Forum...How about Costco...RV Financing HERE

Credit unions typically offer RV loans and the rates tend to follow auto loan rates. If you are only seeing 7-8% rates available on RV loans then you are not looking very hard. Again, go to the credit union and If yours doesn't offer then find another credit union that does. Also, dealers are a great source of financing. You might be able to negotiate the interest rate as well. You're never going to get as much information about the cost of a trailer as you would like. Typically a fair deal is categorized as paying around 75% or less of the MSRR. Beware the MSRP can "change" drastically from dealer to dealer with options and different destination fees. Best of luck to you.

We saw MH out of state (bought in NV & we live in WY) and made offer not thinking about loan but offer was based on acceptable financing. Dealer got us 4% loan through Bank of the West. We took it. When we got back to WY we checked our bank, credit union & also local Bank of the West. They could not come close to the interest rate that the dealer got for us. Don't discount a loan a dealer may be able to get. Especially large dealers. Just be sure how you word offer with acceptable financing. Bank of the West makes a lot of RV loans. We had a previous loan on an RV with them and also a boat loan years ago.

It also depends on ones credit. And time of the year and companies will vary. Look for a loan at the beginning of camping season or in the middle of it, they may be higher than you can get them at the end of season.

WyoTraveler wrote:We saw MH out of state (bought in NV & we live in WY) and made offer not thinking about loan but offer was based on acceptable financing. Dealer got us 4% loan through Bank of the West. We took it. When we got back to WY we checked our bank, credit union & also local Bank of the West. They could not come close to the interest rate that the dealer got for us. Don't discount a loan a dealer may be able to get. Especially large dealers. Just be sure how you word offer with acceptable financing. Bank of the West makes a lot of RV loans. We had a previous loan on an RV with them and also a boat loan years ago.That low interest rate is somewhat misleading as they also charge a a very high "closing cost" that if you put that amount into the interest charge can boost that rate several points depending on the length of the loan.

New Member-Financing | Good Sam Community

38 Replies

Cubanredneck
Explorer
Aug 18, 2014
I just purchased a used coach out of a dealer in St. Augustine and they got me financing through Bank of the West. I was offered 5.5% 180 month. No closing or hidden fees. Early payment fee if paid off in the first 12 months. If you go to Essex who is a branch of Bank of the West you can apply and get pre-qualified for the amount you'd like. One you are pre-qualified for the loan you can take it to any dealer you choose as they cut you a check.
mjc1123
Explorer
Aug 18, 2014
2012Coleman wrote:
I have checked local credit unions and my Bank (Bank of America) does not offer RV Loans
Funny, my statement says "Bank of America" all over it. You can get the dealer financing if nothing else - just don't pay the minimum on it. First year depreciation has nothing on interest charges. Good luck.

When did you get your loan?

I called on Thursday and they advised they don't offer RV loans anymore. If you look on their website you will see they are not mentioned. I wish they did, because I have mortgage, car, credit card with them.
2012Coleman
Explorer II
Aug 18, 2014
I have checked local credit unions and my Bank (Bank of America) does not offer RV Loans
Funny, my statement says "Bank of America" all over it. You can get the dealer financing if nothing else - just don't pay the minimum on it. First year depreciation has nothing on interest charges. Good luck.
GoPackGo
Explorer
Aug 18, 2014
If you are a member of Escapees, you can join Alliant, or I believe, as eluwak said, for a small donation to a particular charity, you can join. Suggest you call them. They are one of the largest CUs in the country. I was living in Fl when I joined. Switched all my banking to them.

Tim
eluwak
Explorer
Aug 18, 2014
Usually credit unions have some kind of charity organization you can join for a small fee ($25 or so) so you can become a member, unless you happen to already be a member of one of their approved organizations/companies. Of course, as always, YMMV.
mjc1123
Explorer
Aug 18, 2014
We went to RV show yesterday and have narrowed down our choices. Now my wife wants to move up purchase till Nov - Dec. Many of the options that were presented on this forum all look great but I am not a member of any. Will these credit unions allow anyone to join? I live in Florida and haven't found any local banks offering this kind of rates. I will inquire with some of the suggestions provided. Thanks for the help.
GoPackGo
Explorer
Aug 17, 2014
You might try my credit union - Alliant (Chicago). They advertise heavily in the Escapees magazine. Currently, rates shown are 'as low as' 3.99% for ALL amounts with terms out to 240 months.

I've been a member now for about 2 years. What I like best is being able to talk with a real person 24/7.

Tim
eluwak
Explorer
Aug 16, 2014
We financed our for 4.6% for 180 months with our CU. We like to be able to reduce our payment in a pinch if we need to, and the rest of the time we can pay more to pay it off faster like it's a shorter loan.
wbwood
Explorer
Aug 15, 2014
mrkoje wrote:
wbwood wrote:
Just looked and our credit union starts off in the 9% range and apparently only up to 72 months!

That doesn't seem like a very good credit union. I would what there auto loan rates are.

Which is why there is no one solution. People harp, "Credit Union"...well all credit unions are not the same. You can't lump sum everything into one.

There are too many variables that go into what sort of financing people will and can get.

The best solution is not to finance at all. First thing to do is to not finance anything at all. Live on soup and beans. Save as you go. Buy a cheap from of transportation. Save more. Buy a real cheap form housing. Save some more. Fully fund your retirement. Then save some more and then start upgrading that car and home. And then start thinking about saving for a small used pop up. Then purchase it outright...then save up some more and get a small used TT....then save up some more and maybe get a little bigger TT.....and so on....maybe by the time you hit social security, you might be able to get your first one.

Sounds ridiculous? Yeah...how many do it that way? Hardly no one. There are some out there that may have and are close to it. So people telling others what they can, can't or shouldn't do about financing is crazy.
wbwood
Explorer
Aug 15, 2014
afveteran wrote:
I went to my local credit union and got 4% for 5 years. They would not got longer terms. I like paying it off soon.

What type of RV do you have?