Hi all, Probably been asked before, but a search didn't seem to get me what I wanted.The wife and I are seriously thinking about pulling the trigger on a new trailer to replace our 2005 Hybrid. We are ready for a little more room.I realize I could finance through the dealer, but I understand most dealers mark up the rate as their commission. Instead I would rather bring my own financing to save some $$, but who to use? There are a couple that I have heard mentioned or found with google, but would like some feedback from actual customers. None of our local credit unions have very good deals unless you want a very short term so they are probably out. And please spare me the "if you cant pay cash, you shouldn't buy it" speech. We make good money, but if we waited a few years until we could pay cash, we will have missed years of camping memories with our kids. That to me is worse than having another payment. Thanks!

Check local and online banks. We have used Citizen bank with good luck.

Shop around, and the dealers don't necessarily mark up the interest rate. Essex and Bank of the West are 2 big RV Lenders. Our dealer got us a cheaper rate through Bank of West that we could get from them online. Bank of the West even notified us about 2 months after the purchase that they were lowing the interest rate another 1/4 point due to our outstanding credit.

Is financing that difficult? Borrow some money and have fun.

poppin_fresh wrote:Hi all, Probably been asked before, but a search didn't seem to get me what I wanted.The wife and I are seriously thinking about pulling the trigger on a new trailer to replace our 2005 Hybrid. We are ready for a little more room.I realize I could finance through the dealer, but I understand most dealers mark up the rate as their commission. Instead I would rather bring my own financing to save some $$, but who to use? There are a couple that I have heard mentioned or found with google, but would like some feedback from actual customers. None of our local credit unions have very good deals unless you want a very short term so they are probably out. And please spare me the "if you cant pay cash, you shouldn't buy it" speech. We make good money, but if we waited a few years until we could pay cash, we will have missed years of camping memories with our kids. That to me is worse than having another payment. Thanks!Why would you want to mess around with banks you find online?Go to YOUR local banks, ask for the current interest rate on a RV, choose the local bank with the best rate and or the local bank you TRUST the most.Go to your RV dealer and negotiate a price you can live with NOT INCLUDING FINANCING.THEN ask the RV dealer for the SAME price with the BEST finance rate they can give you.. Compare and use the one that is the best for YOU.The nice thing about using your local bank is if you have a problem with the loan you can march into the bank office and get things fixed!Not to mention some banks will knock off a little on the interest rate IF you have the loan payment automatically with drawn..

When I can I let the dealer do the work. They contact a few banks and set up the best rate for you. If you think you can do better, call the bank you have your accounts with.The loan can be difficult to get as you are buying a luxury item and not a car or house that is more needed. Good luck, hope you find a deal that works for you.

Financing Q's | Good Sam Community

westernrvparkow
Explorer
Jul 16, 2015
The vast majority of lenders no longer allow rates to be marked up. They just pay the dealer a placement fee, usually a few hundred dollars. This change occurred due to the fact that many lenders and dealers were sued under class action lawsuits accused of charging higher rates to different protected classes. Remember when borrowing money, it is a commodity, rate is king. One bank does not have a better loan than the next. Dealers actually all use a standard loan contract that is assignable to whatever bank they end up assigning the loan to.
Halmfamily
Explorer
Jul 16, 2015
If you're with a credit union check with them. My CU gave me a great rate that the dealer could/would not come close to.
GaryWT
Explorer
Jul 15, 2015
When I can I let the dealer do the work. They contact a few banks and set up the best rate for you. If you think you can do better, call the bank you have your accounts with.

The loan can be difficult to get as you are buying a luxury item and not a car or house that is more needed. Good luck, hope you find a deal that works for you.
Gdetrailer
Explorer III
Jul 15, 2015
poppin_fresh wrote:
Hi all,
Probably been asked before, but a search didn't seem to get me what I wanted.

The wife and I are seriously thinking about pulling the trigger on a new trailer to replace our 2005 Hybrid. We are ready for a little more room.

I realize I could finance through the dealer, but I understand most dealers mark up the rate as their commission. Instead I would rather bring my own financing to save some $$, but who to use? There are a couple that I have heard mentioned or found with google, but would like some feedback from actual customers. None of our local credit unions have very good deals unless you want a very short term so they are probably out.

And please spare me the "if you cant pay cash, you shouldn't buy it" speech. We make good money, but if we waited a few years until we could pay cash, we will have missed years of camping memories with our kids. That to me is worse than having another payment.

Thanks!

Why would you want to mess around with banks you find online?

Go to YOUR local banks, ask for the current interest rate on a RV, choose the local bank with the best rate and or the local bank you TRUST the most.

Go to your RV dealer and negotiate a price you can live with NOT INCLUDING FINANCING.

THEN ask the RV dealer for the SAME price with the BEST finance rate they can give you.. Compare and use the one that is the best for YOU.

The nice thing about using your local bank is if you have a problem with the loan you can march into the bank office and get things fixed!

Not to mention some banks will knock off a little on the interest rate IF you have the loan payment automatically with drawn..
coolbreeze01
Explorer
Jul 15, 2015
Is financing that difficult? Borrow some money and have fun.
Ron3rd
Explorer III
Jul 15, 2015
Shop around, and the dealers don't necessarily mark up the interest rate. Essex and Bank of the West are 2 big RV Lenders. Our dealer got us a cheaper rate through Bank of West that we could get from them online. Bank of the West even notified us about 2 months after the purchase that they were lowing the interest rate another 1/4 point due to our outstanding credit.
donn0128
Explorer II
Jul 15, 2015
Check local and online banks. We have used Citizen bank with good luck.

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