Trying to finance a Travel Trailer under 10k for 144 mths.

Gdetrailer wrote:

AntonB wrote:
The credit union wants 60 month loan, for the 9000. 144 was just a number I got for a 10000 loan.

1) Just wondering if there were viable options for say 96 month or so?

2)Most banks and credit unions are at the 60 month intervals.

3) 9000 would be the amount financed.

#1 No. The ONLY way that I know you MIGHT get a loan on a RV longer than 60 Mn is THROUGH A RV DEALER. RV dealers use FINANCE COMPANIES which are basically non public banks (They don't make loans directly to the public, the dealer acts as a loan broker).

#2 Correct. Public banks and credit Unions typically will loan up to 60 months for items like RVs. This LIMITS the odd chance that you default on the loan and they end up owning a RV which is worth LESS than the outstanding loan. THEY DO NOT WANT TO OWN A RV, therefore they LIMIT the RISK they take.

#3 USE the Amortization Calculator and plug in your interest, amount to be borrowed and the length. Then play around with the calculator.

Wrong on credit unions. Ours, the credit union for Minnesota State, County, and Municipal Employees will finance RV's out to 15 years. Anyone can now join. And they will give rates as low as 2.99% to match this one, which first was for Northwest Airlines employees but has since expanded, does 2.99% rates which any credit union worth being a member of should match. Of course your not going to use the 15 year term to pay off the loan. But it gives you flexibility and you pay extra to pay it off way early.

Trust me--some credit unions offer what no RV dealer or bank can match. We've bought two TT's and the credit union was the way to go. Buy and finance, if necessary, smart!