We are looking at buying our first airstream, a 2007 model from dealer in NJ. According to them that is too old for the banks they work with to handle. My wife called good sam RV finanical service and they will do a 2007 long as we get application in before end of this year.. (2016 it go to a 2008 model is oldest they will finance). SO my question is has anyone gone through these guys to get a loan on an RV and how was the experience. Also what was price of RV, how much was required down, and what was % rate for loan and length you were able to get.. we plan on selling a townhouse next year and pay the loan off or most of it depending on profit from sale. We were planning to wait but the prices of airstreams are going up at a nice clip of late, 2007 classic 27 FB (front bedroom, 41K. :)

You can go to the good sam site and find their current rates. We are getting a line of credit against one of my investment accounts. We will let the dealer give us their best rate and if it's less than the LOC rate we may let them have the loan.Also, the finance guy should shop for the best rate, not just good Sam.

Hi,Dealerships are not required to set you up with the lowest interest rate that you qualify for. Say you can might qualify for a 6% loan on a $100,000 purchase, and you would pay $6,000 the first year in interest. If they can get you to accept a 8% loan and pay $8,000 in interest the first year, they can get a kickback from the finance company, and not telling you about any money they get back or pay to originate your loan is perfectly legal. Normally if the dealership is giving it's customers a 0% interest loan, they are paying the finance company a fee to set up the no interest loan. This might be as much as 10% of the purchase price. Anyway I would recommend that you check with https://www.lightstream.com/ because they gave me a 3% interest rate, and all the paperwork was done over the internet. They even electronically deposited 35 cents into my checking account, (to verify that the account was valid and worked) and then now take out the car payment each month automatically. Good luck,Fred.

Who underwrites the loans? Unless GS is loaning the money, it's just a kick back to GS for doing the paperwork.

I would shop loan rates. Lots of variables. Your credit rating, what you are buying, amount and length of loan, how much money the company jhas to loan etc. Most important I make the loan part of the deal if it is dealer financing. For example offer plus no more than a certain interest rate, no amount for making loan. Whatever you expect and are willing to accept. Some low end sales guy will say oh no we don't do that. Your response OK I'll do some more shopping. Bank of the West has always treated us well. A lot of it will depend on your credit score. Approaching 800 name your terms.

Good Sam RV loans.. good, bad or the same as the othersBad.Countless complaints of not being able to contact them, phone calls not returned etc etc. Search the GS forum right here on RV net. Just last week one customer could not get a phone call back. Posted on the forum and they finally responded to them. Pretty sad when you have to post on a public forum to get your lender to call you. :RIMHO Use a real bank.

Good Sam RV loans.. good, bad or the same as the others

WyoTraveler
Explorer
Dec 30, 2015
I would shop loan rates. Lots of variables. Your credit rating, what you are buying, amount and length of loan, how much money the company jhas to loan etc. Most important I make the loan part of the deal if it is dealer financing. For example offer plus no more than a certain interest rate, no amount for making loan. Whatever you expect and are willing to accept. Some low end sales guy will say oh no we don't do that. Your response OK I'll do some more shopping. Bank of the West has always treated us well. A lot of it will depend on your credit score. Approaching 800 name your terms.
msgtord
Explorer
Dec 30, 2015
Who underwrites the loans? Unless GS is loaning the money, it's just a kick back to GS for doing the paperwork.
Golden_HVAC
Explorer
Dec 30, 2015
Hi,

Dealerships are not required to set you up with the lowest interest rate that you qualify for. Say you can might qualify for a 6% loan on a $100,000 purchase, and you would pay $6,000 the first year in interest. If they can get you to accept a 8% loan and pay $8,000 in interest the first year, they can get a kickback from the finance company, and not telling you about any money they get back or pay to originate your loan is perfectly legal.

Normally if the dealership is giving it's customers a 0% interest loan, they are paying the finance company a fee to set up the no interest loan. This might be as much as 10% of the purchase price.

Anyway I would recommend that you check with https://www.lightstream.com/ because they gave me a 3% interest rate, and all the paperwork was done over the internet. They even electronically deposited 35 cents into my checking account, (to verify that the account was valid and worked) and then now take out the car payment each month automatically.

Good luck,

Fred.
wildtoad
Explorer II
Dec 30, 2015
You can go to the good sam site and find their current rates. We are getting a line of credit against one of my investment accounts. We will let the dealer give us their best rate and if it's less than the LOC rate we may let them have the loan.

Also, the finance guy should shop for the best rate, not just good Sam.

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