Financing for Full-timer, Used RV

[Jay_Raz]

I've reached out to my local credit union and checked out Good Sam Loans, and neither offer financing on pre 08 RV's. I'm looking at a 2005 low miles Class A Tiffin that is pricing in the mid 20's. Any recommendations on how to find a loan for this year RV at a good rate? Have a great 800+ credit score and looking to make this my full-time residence.

[mowingman]

It is almost impossible to find a bank or credit union, that will loan money on any RV 10 years old or older. Probably best to plan on paying cash or looking for a newer model.

[Jay_Raz]

Thank you for all the replies. After investigating for a bit, I'm feeling I'm going to up my loan amount and buy a more recent used RV. This makes obtaining a loan easier, will get me a decent interest rate, and also a nicer RV that I'll be living in full time for the foreseeable future.

[SoundGuy]

wing_zealot wrote:
You might try Bank of the West, but 9 years old could be a tough nut.

The OP is looking at a 2005, likely built sometime in 2004, so with 2018 models hitting dealers' lots that makes this rig 14 yrs old. It's no wonder lenders aren't interested. :R

[wing_zealot]

You might try Bank of the West, but 9 years old could be a tough nut.

[Sam_Spade]

SoundGuy wrote:
The solution is to look for something newer.

And.....some things that you really want to do just turn out to not be practical/possible.

I got a 6 year old C 3 years ago and.............
The annual maintenance costs have run me about $2K a year.

If you get an older rig and find a loan you can afford......can you also afford the upkeep ??

Try to be practical in your assessment.

[darsben1]

Personal loan or what we used to call a Blood Bank.

[SoundGuy]

Jay_Raz wrote:
I've reached out to my local credit union and checked out Good Sam Loans, and neither offer financing on pre 08 RV's. I'm looking at a 2005 low miles Class A Tiffin that is pricing in the mid 20's. Any recommendations on how to find a loan for this year RV at a good rate? Have a great 800+ credit score and looking to make this my full-time residence.

This has nothing to do with you nor your intended use but everything to do with the rig - from a lender's point of view it's simply too old, there's too little equity value left in it to support a loan. The solution is to look for something newer.

[Merrykalia]

I would suggest a credit union, but you have already done that. Will the owner finance? How about checking into a personal loan instead of an rv loan? I know the interest is more, but that would get your the $$ and then see if your credit union would re-finance after you own it.