RV Finance Company

Also depends on the age of the RV...many banks will not finance on older rv's...

omextreme wrote:
Our first TT loan was via USAA, they beat the pants off of everyone as far as rate and ease of processing. When we were thinking about up-sizing to a New 5er... Different story. Usaa said they would not quote a 2nd loan until we closed the first. We didnt want to sell the TT until we knew we would get a good rate from someone on the new loan.

-Ended up taking the gamble and selling the TT, Went to apply for new loan and they reamed us.

-1st loan was 12k, nothing down on a $12k trailer @ %3.9

-2nd loan was going to be 15k down on a 45k trailer and they quoted 16.9% !!!! The only credit difference was the purchase of the New truck to tow the 5er...

- So we ended up exactly where I didnt want to be, No TT and the Wife in LOVE with a new 5er. We ended up going all cash on the new trailer hoping to "buy it from ourselves" later with a reasonable loan. So far it has not happened, probably never will. So we are throwing those monthly payments back into savings as fast as possible and hoping nothing major comes up for a while.

As a last resort we have considered taking a cash advance on a CC to pay for the trailer but so far no decent offers from any of our CC companies.

This is a GREAT post. As more financial institutions realize that they are not loaning money to the buyer but loaning money against the product, and more of those buyers are walking away from those unusable and unwarrantable products, which said financial institution then takes possession of, the higher the costs become for that institution and are therefore passed on to future buyers of that product. If you can't use it and you can't get it fixed, why continue to pay for it. The RV repo industry is booming.

Our first TT loan was via USAA, they beat the pants off of everyone as far as rate and ease of processing. When we were thinking about up-sizing to a New 5er... Different story. Usaa said they would not quote a 2nd loan until we closed the first. We didnt want to sell the TT until we knew we would get a good rate from someone on the new loan.

-Ended up taking the gamble and selling the TT, Went to apply for new loan and they reamed us.

-1st loan was 12k, nothing down on a $12k trailer @ %3.9

-2nd loan was going to be 15k down on a 45k trailer and they quoted 16.9% !!!! The only credit difference was the purchase of the New truck to tow the 5er...

- So we ended up exactly where I didnt want to be, No TT and the Wife in LOVE with a new 5er. We ended up going all cash on the new trailer hoping to "buy it from ourselves" later with a reasonable loan. So far it has not happened, probably never will. So we are throwing those monthly payments back into savings as fast as possible and hoping nothing major comes up for a while.

As a last resort we have considered taking a cash advance on a CC to pay for the trailer but so far no decent offers from any of our CC companies.

U.S. Bank is almost as bad. I can make on line payments but cannot set up an automatic recurring payment. Also cannot log in to my account to schedule the current payment to be even one day in the future. Makes me wonder if they have indoor plumbing.

bid_time wrote:

bsinmich wrote:
You most likely have to look at a bigger motorhome. Essex/Bank of the West won't usually look at less than $50K.

I guess I must be special. My loan with BOW is way way less than $50K. Way less.

LOL, and agreed. I have a 9k loan through BOW on an Aliner Scout. Only drawback is that each month I have to make my payment over the phone (which seems, to me, a much too lengthy process than it should be). It seems they don't provide a way to make automatic payments online unless you have a personal checking/savings account with them. Or do they?

If you have great credit, you can get an unsecured loan online to buy your RV, with interest rates as low as 2.9%

LightStream

I've used them before and had an approval within 24 hours, and the money was in my bank account a couple of days after that. It was super easy and painless.

Alliant Credit Union and also US Bank.

bsinmich wrote:
You most likely have to look at a bigger motorhome. Essex/Bank of the West won't usually look at less than $50K.

I guess I must be special. My loan with BOW is way way less than $50K. Way less.

Suggest you check with your own bank first. We were hassling back and forth when we let the dealer try to secure ours. We got tired of waiting and just called our own bank (USAA). They gave us the money immediatly with nothing down required. And a better rate. Having excellent credit helps alot too.

When we sold our first Motorhome privately just a short while ago the buyer used Good Sam which is handled by Essex Credit/Bank of the west. They handled everything including an on site inspection by a 3rd party, pics etc. They contacted our bank for the payoff and took care of the loan payoff and title work for the buyer. It was a little cumbersome to have the documents overnighted back and forth from CA to here but I really like that they did all the paperwork and due diligence. I think the buyer got a pretty decent rate. If I were in the market for a used MH I would use them based on the due diligence.