Best places to look for rv financing?

[orangecowboy]

Im brand new to RV-ing and looking to purchase my first motorhome.
The plan is to buy a used unit 11-18 years old
and buy from a private lender
the loan amount would be $8K- $10K

Where is the best places to look for loans? bank, any rv lenders?
Anything else that will be helpful to know?

Many Thanks

[retispcsi]

Bank of the West

[atwowheelguy]

noplace2 wrote:
This is going to be an unpopular post. This is from someone who has not owned a single debt for over 50 years, and yes, that includes CC's, etc. My first and last mortgage was for 18 months on my first property purchase. I quickly understood that someone else was spending my money. I did not care for that concept. I still don't. If there is any way that you can avoid paying "interest", try to work it out. You will be glad down the road.

Amen. Going into debt for RVs, motorcycles, boats or a VACATION, for Pete's sake, makes no sense to me. Doing that will keep a person in debt for their whole life. To buy a house or a car to get to work, OK, but not to buy toys.

[orangecowboy]

Thanks noplace2 and doxiemom11 - just saw your posts - didnt get an email about them.

[doxiemom11]

We financed with a credit union. They didn't have all the age or minimum loan amounts that many of the banks had. As long as the motorhome was valued for the amount or more that you wanted to borrow, there was no minimum loan amount ( like $50,000) or age limitation.

[noplace2]

This is going to be an unpopular post. This is from someone who has not owned a single debt for over 50 years, and yes, that includes CC's, etc. My first and last mortgage was for 18 months on my first property purchase. I quickly understood that someone else was spending my money. I did not care for that concept. I still don't. If there is any way that you can avoid paying "interest", try to work it out. You will be glad down the road.

[orangecowboy]

Thanks stew47 for your three tips - I'll look into the two you found helpful.

[stew47]

Check credit union first. I used southeast financial rv financing , realized I got screwed and refinanced at credit union few months later. Another option for unsecured is prosper. Really good rates.

[orangecowboy]

Thanks braindead0 - I'll check them out.

I just saw an ad for Southeast Financial on this site. Anyone know about them?

[braindead0]

If you have excellent credit, Lightstream offers unsecured financing at really good rates..

[orangecowboy]

Thanks gbopp will check out your suggestions

I just saw Good Sams offers loans too - do you know if they would give loans for older motorhomes?

[gbopp]

I believe many banks will not give loans on RV's over 10 years old.
For the amount you need, maybe a personal loan would be practical.

Did you check with any local Credit Unions?

If you're buying from a dealer maybe they can help. But, I would rather check banks/Credit Unions myself.