RV Financing / Zero Down Options?

[josheaton]

Does anyone have any experience with RV Financing? I know that RV.net does do financing through GoodSam, but we may be interested in zero down options. Does anyone have any experience or recommendations specifically with zero down financing?

We really wanted to arrange financing prior to going to the dealer for purposes of negotiation. We've done a significant amount of research and are pretty confident we've found the floorpan and manufacturer that we will be purchasing.

Thanks in advance

[SpeakEasy]

Oasisbob wrote:
Save up and pay cash. Is there a worse investment on the entire planet? Maybe a boat.

From a purely financial point of view there is no arguing with your point.

However.

Family time is precious, and it is over far too quickly. There are situations where it can be a wise decision (not necessarily wise from purely financial point of view) to borrow a bit to obtain a tool (RV) that lets you capture some family memories before the opportunity vanishes. Weigh the interest costs against the benefits it gives you.

Just sayin.

From an old codger who has some regrets about times gone by.

-Speak

[Oasisbob]

Save up and pay cash. Is there a worse investment on the entire planet? Maybe a boat.

[donn0128]

Remember, RVs are a huge depreciating asset. With zero down and decent monthly payments your likely going to be up side down for a really really long time. Unless your plans vall for keeping it for at least 10 years, its not such a good financial decision IMHO.

[NYCgrrl]

Anyone contemplating financing a large purchase now should keep in mind that the static interest rates of the past...8-9 yrs have changed and interest rates are on the rise. Also once again there are lending practice changes a foot from the federal end. Do the math using your personal budgetary figures and make a decision:).

[SpeakEasy]

Is a home equity line of credit an option for you? It has worked out beautifully for us several times for different "projects" over the years. I opened a HELOC in 2003 to purchase a new furnace for our home. It has a 20-year term. We paid off the furnace in a couple of years, then a few years later used the same HELOC for a car. Paid that off quickly, and used it for a big replacement window for the house. Now we're paying off our RV with it. Since it has a 20-year term it is still available to us until 2023. The required monthly payments are very, very low. Ordinarily we pay way more than the required minimum because we are aggressive about paying it off, but if a month comes along where we need more cash for something else we can make a minimum payment.

-Speak

[josheaton]

We have excellent credit 750+ so we are just exploring our options

[troubledwaters]

Just google "RV Financing" and I'm sure you will get 5 or 6 hits. That will give you an idea of what kind of rates are available. Believe me, the dealer will work to get you the best rate possible (he wants a sale). But good rates depend on your credit rating. If your credit rating sucks there is no such thing as zero financing and good rates for you. You have an excellent credit rating and the sky is the limit.

[Redwoodcamper]

USAA if you are a member is super easy.

[Ductape]

Essex aka Bank of the west aka BNP Paribas is usually competitive. In general, zero down and good rates are not compatible.

[poppin_fresh]

My local credit union was zero down, at a very competitive interest rate, and at the term we wanted.

Didn't even think they would come close to the dealer or a national lender, but they absolutely were. Never know unless you ask.

[time2roll]

Start at your own bank or credit union. Make the dealer beat it.

[josheaton]

Haha! You definitely had us laughing! I'll be ready!

FireRob wrote:
Nope but I think it's always a good idea to have financing in order before you go. Oh and ignore the grumpy money bags who are fortunate enough to be able to pay cash for their rigs and will complain how you should never finance a RV. They will be along shortly.

Good luck shopping!

[FireRob]

Nope but I think it's always a good idea to have financing in order before you go. Oh and ignore the grumpy money bags who are fortunate enough to be able to pay cash for their rigs and will complain how you should never finance a RV. They will be along shortly.

Good luck shopping!