Good Sam Financing
Now that we're really ready to buy our next toy hauler and the Work & Play is sold, its time to study my financing options. We have great credit but at the same time, RV financing doesn't quite compar...
Forum Discussion
We've let each of our dealers help with find a suitable lending company for our campers, and all them did OK finding something for us. The only one we were very disappointed in was when we financed through Bank-of-America. We never had any problems with BoA, except these!
1. There are absolutely NO local branches in Indiana. That meant everything was done by mail. That led to problem #2:
2. If you do not have another account with BoA, for example a checking or savings account, you could NOT set up for automatic payments to be drafted from YOUR (other) bank. What good is having a checking account when you cannot physically go into the bank (which occasionally you do have to)?
3. Although you could set up an on-line account, you could not make payments on-line either, unless you had another account with them.
That left us sending in a paper check every month by mail. Every month we'd worry about lost mail, did thy post the payment in time, and when it didn't get posted in the time frame we excepted, we began to panic, sometimes sending in another check so we would not be late in a payment, just to find out we just now made a double payment!
We were soooooooooo glad when we finally got out from under the BoA loan!
So, before getting a loan from ANY company, you really need to ask these questions? Do they let you make payments from another bank on their web site, and can you set up an automatic payment (draft) from your (other) bank account.
Had we known about this headache with BoA, we'd never have used them, and gladly paid a higher interest for a more local financial institution that we could access. At least, if we hand deliver the check to them, we know they received it!
That's my suggestion..... A low interest rate is NOT everything! Check it out first, and check out the lending institutions policies!
1. There are absolutely NO local branches in Indiana. That meant everything was done by mail. That led to problem #2:
2. If you do not have another account with BoA, for example a checking or savings account, you could NOT set up for automatic payments to be drafted from YOUR (other) bank. What good is having a checking account when you cannot physically go into the bank (which occasionally you do have to)?
3. Although you could set up an on-line account, you could not make payments on-line either, unless you had another account with them.
That left us sending in a paper check every month by mail. Every month we'd worry about lost mail, did thy post the payment in time, and when it didn't get posted in the time frame we excepted, we began to panic, sometimes sending in another check so we would not be late in a payment, just to find out we just now made a double payment!
We were soooooooooo glad when we finally got out from under the BoA loan!
So, before getting a loan from ANY company, you really need to ask these questions? Do they let you make payments from another bank on their web site, and can you set up an automatic payment (draft) from your (other) bank account.
Had we known about this headache with BoA, we'd never have used them, and gladly paid a higher interest for a more local financial institution that we could access. At least, if we hand deliver the check to them, we know they received it!
That's my suggestion..... A low interest rate is NOT everything! Check it out first, and check out the lending institutions policies!
