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

[carl2591]

We are looking at buying our first airstream, a 2007 model from dealer in NJ. According to them that is too old for the banks they work with to handle.

My wife called good sam RV finanical service and they will do a 2007 long as we get application in before end of this year.. (2016 it go to a 2008 model is oldest they will finance).

SO my question is has anyone gone through these guys to get a loan on an RV and how was the experience.

Also what was price of RV, how much was required down, and what was % rate for loan and length you were able to get..

we plan on selling a townhouse next year and pay the loan off or most of it depending on profit from sale. We were planning to wait but the prices of airstreams are going up at a nice clip of late, 2007 classic 27 FB (front bedroom, 41K. 🙂

[leavesfall]

When I got my car in credit, in a year I found myself in a really difficult situation when I had literally no money to pay. I had to take a loan and I was in such stress so I didn't look for much info about the company, its name is inbox loan, you can read reviews here - inbox loan review So as you see, I wasn't the only one. Spend as much time as possible looking for information about companies.

[Dave___Ginny]

When I bought my Entegra I went to my local banker and checked with him. I was able to buy this coach with no money down for a 15 year loan at the same interest rate that Good Sams offered. The interest rate is re-adjusted at the 7 year mark.

I would recommend everyone shopping the local banks first.

[carl2591]

I hear you brother:)... but from a couple of RV sales guys I talked to they have too many that are ready to buy a RV to get back to answer questions.. Back in 2010-12 they would follow you home to get the sale. Now it a sellers market, same with real estate in may area.

zach477 wrote:
They were one of the lenders I shopped. Rate was ok. I called and left a voicemail to get clarification on some documentation they needed, but they never returned the call. Therefore they did not get my business. I went with US Bank. No complaints.

On a side note, I also had a few RV salesmen who didn't return my calls/emails. They also didn't get my business. I guess they didn't feel like making money....

[zach477]

They were one of the lenders I shopped. Rate was ok. I called and left a voicemail to get clarification on some documentation they needed, but they never returned the call. Therefore they did not get my business. I went with US Bank. No complaints.

On a side note, I also had a few RV salesmen who didn't return my calls/emails. They also didn't get my business. I guess they didn't feel like making money....

[Fredzo]

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.

[carl2591]

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.

[Billinwoodland]

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.

[beemerphile1]

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.

[1968mooney]

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

[rockhillmanor]

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.

[WyoTraveler]

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.

[msgtord]

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

[Golden_HVAC]

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.

[wildtoad]

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.