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Best places to look for rv financing?

orangecowboy
Explorer
Explorer
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
11 REPLIES 11

retispcsi
Explorer
Explorer
Bank of the West
2015 Mobile Suites 38 RSSA. 2014 Ram CC DRW 4x4 60 gal RDS Aisin 4:10.
DW, Shadow, Remington and Ron. Living the good life till the next one arrives.

atwowheelguy
Explorer
Explorer
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.
2013 F150 XLT SCrew 5.5' 3.5 EB, 3.55, 2WD, 1607# Payload, EAZ Lift WDH
Toy Hauler: 2010 Fun Finder XT-245, 5025# new, 6640-7180# loaded, 900# TW, Voyager wireless rear view camera
Toys: '66 Super Hawk, XR400R, SV650, XR650R, DL650 V-Strom, 525EXC, 500EXC

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

doxiemom11
Explorer II
Explorer II
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
Explorer
Explorer
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.
โ€˜Love is whatโ€™s in the room with you if you stop opening presents and listen.โ€™ - Elain - age 8

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

stew47
Explorer
Explorer
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
Explorer
Explorer
Thanks braindead0 - I'll check them out.

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

braindead0
Explorer
Explorer
If you have excellent credit, Lightstream offers unsecured financing at really good rates..
2015 RAM 1500 4x4 5.7, 3.93
2013 Econ 16RB TT

orangecowboy
Explorer
Explorer
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
Explorer
Explorer
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.