RV Financing?

[AdvSeekers]

We just found the 5th wheel we're about to call our own and so now it's time for financing. We've been approved by Good Sam RV Financing, which is great, but it seems they're making it a little inconvenient. I was curious if it's common to have to have the inspection done prior to getting the financing? They're calling this "closing costs," similar to when one purchases a "stick" home. I say inconvenient, because we're currently in Kansas City and the rig we're about to purchase (from a private seller) is down in the very southern tip of Texas. Do all RV financing companies require an inspection? Is this just for full-timers?? Is there another financing company someone else could suggest? Thanks in advance, we're just looking forward to getting our rig and hitting the road this January!

[Sez_Hoo_]

I found my rig on an owner financed website. The contract was a standard lease/purchase agreement. Owner financed $70k interest free. You won't get that deal at any bank or credit union.

[Robyn_Barnes]

I apologize for the trouble you're experiencing with the Good Sam Finance Center. Please send me a private message with your information and I will try to assist you with getting your financing completed.

Thank you.

[AdvSeekers]

Another hiccup with Good Sam Finance Center (Essex Corp). So the inspection is now a non-issue, as they've arranged for a guy to come out and do the inspection. Convenient. I've got insurance all lined up using my SD mailing service address. All that's left is for me to submit a copy of our Drivers Licenses. No problem, or so I thought. Now, GS is saying, "our loan policy is that your DLs must match the state in which you will be registering your RV, which in this case is SD." We still have Kansas DLs as we aren't heading out til January. Has anyone run into this?? I called America's Mailbox and they were completely baffled as well, and thought perhaps GS was mis-informed. Thoughts? Note: we still reside in Kansas City and didn't plan on getting our SD DLs until December or January. Hubby has a medical procedure lined prior to January when we hit the road. We didn't know if his SD residency (getting DLs, registering to vote, etc.) would effect his group health insurance with his current Kansas employer

[Goostoff]

I just went to my bank. Called them and told them how much I needed and what it was for and they called me back in an hour and told me to come sign the papers the next day. No inspection needed. 6% for 120 months and on my way to paying it off in 3 years.

Any time someone expects me to jump through hoops to do me a "favor" I tell them to take a flying leap.

[AdvSeekers]

Thanks so much for all your guys' help and advice! Because we got such a great rate at 120 months we plan to stick with Good Sam. Helps to know they can just send someone out to do the inspection!

[stickdog]

We brought out of state, had pre-approval for loan, we just had to show a sales agreement with all pertinent information, we had insurance coverage lined up, check was made out to seller. We had inspected the rig so we sent check to seller they sent back the title we then retitled the trailer and had plates for it before we picked it up the following month. It was kept in secure lot.

[pronstar]

Besides the vin number, USAA asked for nothing when I recently financed our used toy hauler.

[Francesca_Knowl]

No lender will hand over money without assuring themselves of the value of the security, and it sounds like in this case it's the rig itself.

You might be able to forego the inspection if you put up some other collateral such as real estate.

[JnJnKatiebug]

We used Good Sam. The RV was a private sale in TX and we live in AR. Good Sam sent someone out and did the inspection, no big deal for me. I did not do anything. They just want make they have a secure loan.

[doxiemom11]

We financed with our credit union and there was no inspection required. The book value of the RV just had to meet or exceed the amount we were asking to borrow.

[hitchup]

Inspection also includes verifying Vin # to make sure it's not stolen or a scam. As well as no major damage shows up.

The main inconveniences would be to have the sellers take it somewhere in TX for the Inspection. You on the other hand, still need to pick it up or arrange for delivery. The same inconvenience we're getting ready to do next month.

[2edgesword]

Who is doing the inspection?

Since it's a used unit I'm not surprised that they would want the inspection done prior to releasing the funds. I'm assuming the 5th wheel is collateral for the loan so they have an interest in knowing the condition of the trailer before making the loan.