rv financing

[Itch_nToGo]

Will be retiring in Dec. 2017 and hope to hit the road. But looking for a new RV; preferably a used Class A under 100,000. Any suggestions on best place to get financing?

[tjfogelberg]

Join KOA and check out their financing partner. Last time I checked, they had very good rates. And they understand the RV business better than many credit unions. Loan term might be more flexible with a cpmpany that specializes in RV financing. As a retiree, prepare a budget and make sure the payment is affordable. If you have a spouse, make sure they can handle it in case you die prematurely. The loan might be upside down, especially in the early years of the loan. I.
I'm a tax guy and recently had a case where the husband died unexpectedly, the wife was saddled with an RV loan she couldn't afford, and had to sell the RV at a loss.

Todd

[doc_brown]

AllegroD wrote:
We got our best rate through Excel Credit.

ditto, they beat my credit union.

[Thunder_Mountai]

10forty2 wrote:
I'd also recommend looking into a home equity loan if you have that option. The interest you pay might even be tax deductible.

Bingo! If you itemize, the interest on your "second home" is tax deductible. The downside is that it is stupid to amortize a loan on an RV that far out. But I've been stupid. Go to your credit union and get a second if you have equity available.

Buying any RV, boat, or other toy is stupid. But being "stupid" can be way fun long as you are smart. Buy used if you can.

[bsinmich]

When I got my Mountain Aire in '05 I got quotes from my bank & CU. The dealer beat the rates from Bank of the West. Don't discount the deaer all the time. I retired in '94 and had the income to make payments so that was no problem to finance. If you have adequate income that works just as good as cash.

[mowermech]

10forty2 wrote:
I'd also recommend looking into a home equity loan if you have that option. The interest you pay might even be tax deductible.

IF the RV is collateral for the loan (there is a lien on the title in favor of the lender), and IF you don't have any other "second home", and IF the RV is fully self contained (kitchen, bathroom, bed, etc.) so that it qualifies as a "second home", the interest paid on the loan IS tax deductible as a "second home".
Subject to change, of course, any time the IRS deems it necessary.
I have been taking that tax deduction for every RV I have ever bought!

[db7512]

Credit union.

[427435]

Call me a krumagen, but I made sure I didn't have any mortgages or loans on anything when I retired. If you don't don't have enough savings and investments to allow you to pay cash for a MH, maybe you should be re-thinking thins.

[mc_cc]

Ally bank just financed ours in June. We were able to get 3.95% interest.

[AllegroD]

We got our best rate through Excel Credit.

[10forty2]

I'd also recommend looking into a home equity loan if you have that option. The interest you pay might even be tax deductible.

[rekoj71]

I wanted to go through My credit union for ours but as I could tell it is not their primary business. If you do have to finance it would still be smart to shop around for a loan and don't just stick your nose up at talking to the dealer about financing. Dealers don't do the actual financing they just know and sometimes represent several loan companies and they may be able to help you find the financing you are looking for. Just first talk to them about price of the RV/Vehicle then about financing it, not first about how much you can afford on payments a month. My dealer was able to find a loan company that gave me a great rate and get the years amount that I wanted and was used to fulltimers sometimes not having a permanent address, and it was better than USAA or any of the other credit unions or regular banks that I was trying would offer me, but each case is different. I had a loan approved but my dealer was able to beat it.

[crasster]

Credit union is my vote....

[mowermech]

any local credit union. My credit union has never refused a loan, regardless of the year of the vehicle!
2002 32 foot motorhome? No problem.
1999 dodge truck? No problem. Only want payments of $200/month? No problem!

[RE_Todd]

USAA did fine by me