Good Sam RV loans.. good, bad or the same as the others

You can go to the good sam site and find their current rates. We are getting a line of credit against one of my investment accounts. We will let the dealer give us their best rate and if it's less than the LOC rate we may let them have the loan.

Also, the finance guy should shop for the best rate, not just good Sam.

Hi,

Dealerships are not required to set you up with the lowest interest rate that you qualify for. Say you can might qualify for a 6% loan on a $100,000 purchase, and you would pay $6,000 the first year in interest. If they can get you to accept a 8% loan and pay $8,000 in interest the first year, they can get a kickback from the finance company, and not telling you about any money they get back or pay to originate your loan is perfectly legal.

Normally if the dealership is giving it's customers a 0% interest loan, they are paying the finance company a fee to set up the no interest loan. This might be as much as 10% of the purchase price.

Anyway I would recommend that you check with https://www.lightstream.com/ because they gave me a 3% interest rate, and all the paperwork was done over the internet. They even electronically deposited 35 cents into my checking account, (to verify that the account was valid and worked) and then now take out the car payment each month automatically.

Good luck,

Fred.

Who underwrites the loans? Unless GS is loaning the money, it's just a kick back to GS for doing the paperwork.

I would shop loan rates. Lots of variables. Your credit rating, what you are buying, amount and length of loan, how much money the company jhas to loan etc. Most important I make the loan part of the deal if it is dealer financing. For example offer plus no more than a certain interest rate, no amount for making loan. Whatever you expect and are willing to accept. Some low end sales guy will say oh no we don't do that. Your response OK I'll do some more shopping. Bank of the West has always treated us well. A lot of it will depend on your credit score. Approaching 800 name your terms.

Good Sam RV loans.. good, bad or the same as the others

Bad.

Countless complaints of not being able to contact them, phone calls not returned etc etc. Search the GS forum right here on RV net. Just last week one customer could not get a phone call back. Posted on the forum and they finally responded to them. Pretty sad when you have to post on a public forum to get your lender to call you. :R

IMHO Use a real bank.

I have used https://www.essexcredit.com/ on many Airplanes. Never financed a RV. They depreciate way too fast.

Good Sam does not make loans. They simply redirect you to a lender who then gives Good Sam a cut of the action.

Good Sam also does not sell insurance.

It is the same business model that AARP uses and is very profitable.

Our credit score is very high and that does affect the rate you get from any lender. With that in mind, when we bought our coach we compared the dealers offer to multiple other lenders, including taking the money out of an investment account and second mortgage. Our purchase was a 2008 coach in 2014. We ended up going with GS. Their rate was competitive, their customer service was excellent, and we have had zero issues. If they are taking a cut, I am OK with that, since the rate I am paying is competitive. Your mileage may vary.

SO here is update..

We tried to do application online on Dec 30th, to get in under the wire for a 2007 year model Airstream we had been looking at online.

They only go 9 yrs back on new purchase, and 12 on refinance. Of course the online application process was not working.. so we called and talked with a guy on the phone. (clueless)

We are a small business owners plus have several rental properties.. well to make a long story short we were denied the loan on some stupid reason they did not understand.

We went with local bank we had been working with for year to do home equity loan and that seem to be going better thus far.. will know next week on tue (King day Holiday) and it looks good..

We are getting a 2005 31Ft classic Airstream down in florida and are getting excited about it..

For us GoodSam was a bust. if you have cookie cutter job with W-2 they might work, or all others try a local bank.

PS: if you have equity in home it better to use that in some cases as the interest is deductible on taxes.

Good Sam uses Essex Credit (Bank of the West), and I was very happy with my dealings with them.

Only dealt with G/S for the first part of the app. Took four days from inception to money to the dealer.

Also a better interest rate than my credit union.