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mjc1123's avatar
mjc1123
Explorer
Aug 12, 2014

New Member-Financing

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

38 Replies

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  • mjc1123's avatar
    mjc1123
    Explorer
    Aug 12, 2014
    Thanks, the cost co rate looks good. I have good credit high 700's. I have checked half dozen credit unions in the area and all are 7% or higher. I am leaning towards used 1-2 years old trailer, so I don't absorb first year depreciation.

    I plan on purchasing in January or February after I visit Tampa RV Super show.

    Some of the larger RV dealers in area are; Northtrail, La Mesa, Palm RV, and probably forgetting one or two others.

    Thinking Jan or Feb is slowest sales and may be able to get a decent deal.

    Any other suggestions would be appreciated.

    I am leaning towards Winnebago Minnie 2201 DS Trailer, Keystone Bullet, or Passport. I am open to any other similar models from Jayco, Forest River, or Coachmen.

    Thanks,

    Again
  • WyoTraveler's avatar
    WyoTraveler
    Explorer
    Aug 12, 2014
    DownTheAvenue wrote:
    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.


    No closing fee. We did pay a processing fee of less than $100. However, credit rating does have a huge effect. we had a rating in the 800s. Plus two previous loans with that bank, even though I hate the bank they do good loans through certain dealers. Our loan was made in Jan 2013. Bank of the West hates borrowers that make lots of principle payments. It is almost a constant fight with them that we win. They try to make multiple monthly payments instead of principle payments. We have to remind them how the loan was written and about bank regulators. JMHO.
  • WyoTraveler's avatar
    WyoTraveler
    Explorer
    Aug 12, 2014
    wbwood wrote:
    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.


    Very true. We got our loan in January.
  • DownTheAvenue's avatar
    DownTheAvenue
    Explorer
    Aug 12, 2014
    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.
  • wbwood's avatar
    wbwood
    Explorer
    Aug 12, 2014
    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's avatar
    WyoTraveler
    Explorer
    Aug 12, 2014
    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.
  • mrkoje's avatar
    mrkoje
    Explorer
    Aug 12, 2014
    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.

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