Rv financing companies

I fulltime and have my fulltimer's insurance through Miller Insurance Agency, Lake Oswego, Oregon.

Tim

Quite a few lenders will not finance RV's same with lot of insurance companies and some will not insure full-time usage with a couple either refusing to insure anything over 10 years or dropping coverage once an RV reaches 10 year old mark.

I've been with Alliant CU now for about 3 years. Excellent CU. I fulltime and do everything electronically with them. If I have to deposit checks I do it by taking a picture of them with my smart phone. 80,000 free ATMs. Phone app.

Tim

If you have equity in your home, try a credit union home equity line of credit. The rates will be good. Our loan was amortized on a 15 year schedule. It was easy to pay just the interest one month and double up the next. Liked the flexibility and service offered by my credit union.

suprz wrote:
My credit union won't finance rv's

Dump that one & join a different CU.

There are lots out there that are *not* affiliated with an employer.

Check the Escapees forums - good reports/service by Alliant CU.

(enter "finance companies" in Escapees search)

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Thom02099 wrote:

Fredzo wrote:
Good Sam=Essex Credit=Bank of the West. They beat my Credit Union by 3%, and the financing was completed in three days!

I inquired at Good Sam, was referred to Essex for the paperwork, and make payments to Bank of the We4st.

Pain free!

I did the same thing here, with Good Sam/Essex/Bank of the West. Originally financed by trailer through my Credit Union, and then went in to renegotiate the interest rate. They basically told me they were getting out of the RV finance business and wouldn't give me a better rate, even though I've been a customer for years and certainly had the credit scores for their best rate.

Did the on-line thing with Good Sam, got approved at a APR that was several percentage points lower than my CU, and within 2 weeks closed on the financing. Now making my payments to Bank of the West. Only drawback for them is, unless you have an account with them other than the loan, you can't make on-line payments, so I end up having to write a check once a month.

If your bank has a bill payer service you can pay them through it...we use BOA and pay our Bank of the West RV loan using the billpayer service....

I used US Bank and got a real good rate - beat my credit union. Also try Alliant Credit Union (Chicago). They always advertise very good rates in Escapee magazine.

Tim

Fredzo wrote:
Good Sam=Essex Credit=Bank of the West. They beat my Credit Union by 3%, and the financing was completed in three days!

I inquired at Good Sam, was referred to Essex for the paperwork, and make payments to Bank of the We4st.

Pain free!

I did the same thing here, with Good Sam/Essex/Bank of the West. Originally financed by trailer through my Credit Union, and then went in to renegotiate the interest rate. They basically told me they were getting out of the RV finance business and wouldn't give me a better rate, even though I've been a customer for years and certainly had the credit scores for their best rate.

Did the on-line thing with Good Sam, got approved at a APR that was several percentage points lower than my CU, and within 2 weeks closed on the financing. Now making my payments to Bank of the West. Only drawback for them is, unless you have an account with them other than the loan, you can't make on-line payments, so I end up having to write a check once a month.

The whole world of credit scores, and financing is NUTZ! But... I dont have 50 grand in cash....

Unlike a home, you likely will not get a blanket "pre-approval" from a financing institution of an RV. A pre-approval for a home is protected by the fact that the pre-approval is predicated on an appraisal, on verification of income and numerous other items. And even with a pre-approval for a home, the home would need to meet certain criteria such as being stick built, not a modular or mobile home, on owned, not leased ground etc.
With an RV loan, the value of the collateral, the condition of the unit, the type of unit, the make and model as well as the model year would all be important to a lender before they would actually fund a loan.
Some lending institutions MIGHT give you an idea of what they might do, but the probably won't actually give an approval or denial without you submitting an actual deal to them, since that might run afoul of many of the lending laws. For example, they couldn't say NO without a formal application that considered the actual collateral and down payment. They also couldn't give a blanket YES for the same reasons.