RV Finance Company
Hello to all and thanks in advance, I was wondering if anyone could recommend a decent finance company. I will most likely buy from a private seller and would like to borrow $ in this fashion. Is...
Forum Discussion
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.
