RV Loan

bairaagi · 12-16-2021, 08:03 PM

Hello - Absolutely new to RVing, so wanted to check with from fellow RVers on any recommendation for RV Loan Banks?

ducksface · 12-16-2021, 08:08 PM

You're going to read interest rates and plans and things that will not fit your 10 or 80 percent budget and your 500 to 826 fico score and your 30 year job or your self employment,

Rely on the bank names given, not the scenarios recently or long past.

We've had a little
Usaa
Conversation which turned out to be more than worthless.

RVwife · 12-16-2021, 08:21 PM

We had no problem getting an RV loan thorough our local hometown bank with far better rates than the RV dealer had to offer.

I'd start by checking the bank you have a hopefully solid and long term relationship.

sportcoupe · 12-16-2021, 09:09 PM

Go find your best rate available. Then ask RV dealer to beat it. They probably will. Worked for me.

USAA stinks for RV loans today.

Bill Johnson · 12-16-2021, 09:24 PM

Quote:

Originally Posted by bairaagi

Hello - Absolutely new to RVing, so wanted to check with from fellow RVers on any recommendation for RV Loan Banks?

I called around to the local banks and they said they don't do long term RV loans, Now if I wanted a five year loan from them that would be no problem. We just pay double on the loan every month with the second half going to the principle on the loan

Bob Denman · 12-17-2021, 01:58 AM

Check with Bank of The West.

CHS · 12-17-2021, 01:03 PM

Look around for the best rates and get pre-approved before you go looking.

One thing I learned the hard way. DO NOT get sucked into the extras like exterior paint and interior furniture protection (garbage) and extended warranties on the rv section of a motorhome or trailer. I found myself not wanting to go back to the dealer either because of distance, the time it takes to get an appointment, or just found it much easier to just fix it myself.

Remember, Salesman are just that. They will make all the EXTRAS sound like a real good deal. Most if not all are not. IMHO, I would only get the chassis extended warranty but from an outside source.

As for the (motorhome) chassis, You can get an extended warranty much cheaper online after you make the purchase and at a much lower cost.

Here is an article I found on buying.
https://www.forbes.com/advisor/personal-loans/rv-loans/

RACarvalho · 12-17-2021, 01:57 PM

You need to do your due diligence and know where Interest rates are for YOUR Credit Score.
If you are going through a dealer there is a thing called back door where banks will offer a loan with a certain interest rate but the dealer will inform you a higher interest rate and the difference becomes dealer profit....

As in all negotiations, you need to know what you want before you start negotiating or you will be screwed.

6inthefamily · 12-17-2021, 08:01 PM

I went to my local credit union where they were offering 1.9% up to 84 months and 2.9% up to 240 months. Got pre-approved and started shopping.

It worked out great as I ended up buying a 1 year old RV from a private party for 18K less than I could negotiate for the same model new from a dealer which helped me take the shorter loan duration with the better rate.

I buy our cars similarly. The more you can do to not need the dealers finance department the better IMO.

But this was the fall of 2019. From what I have heard buying an RV now is rough as it's a seller's market.

The Gritz Carlton · 12-17-2021, 08:10 PM

Dealers do not have "captive" finacing (owned by same company), as Ford Motor Company or General Motors has, etc. They are nothing but loan brokers and will blast your name out to multiple finance companies (multiple inquiries in your credit) in search of the lowest rate so they can add more on top of it. There are times an RV dealer will make more profit on a single unit through finance, up selling warranties, adding paint protection and all the other crap they try to push on you at closing.

MJC62 · 12-17-2021, 08:47 PM

Huntington National Bank. They are an up and comer in the banking business. We helped my g son buy a car (co-signers) just before the chip shortage emptied out the showrooms. The inhouse finance people got better rates from Huntington than they did from their own mfgr financial services.

sportcoupe · 12-17-2021, 10:44 PM

If I search online best rv financing and find the best preapproved 10 year rate for me and my credit, say I find 4.9% at 10 years. If dealer finds 4.2% at 10 years I will go with the dealer. I don't care if they are making 1% off the loan or not.

These are examples only. Not actual current rates.

I would not accept ANY dealer upcharges for sealant, coatings, protection, extended warranty, etc...

Popfla · 12-18-2021, 02:34 AM

Quote:

Originally Posted by Bob Denman

Check with Bank of The West.

Yep. That's who our rig is financed through.

Lt Keefer · 12-18-2021, 04:15 AM

Quote:

Originally Posted by The Gritz Carlton

Dealers do not have "captive" finacing (owned by same company), as Ford Motor Company or General Motors has, etc. They are nothing but loan brokers and will blast your name out to multiple finance companies (multiple inquiries in your credit) in search of the lowest rate so they can add more on top of it. There are times an RV dealer will make more profit on a single unit through finance, up selling warranties, adding paint protection and all the other crap they try to push on you at closing.

Bingo, we have a winner.

**EA37TS** · 12-18-2021, 02:18 PM

Quote:

Originally Posted by sportcoupe

If I search online best rv financing and find the best preapproved 10 year rate for me and my credit, say I find 4.9% at 10 years. If dealer finds 4.2% at 10 years I will go with the dealer. I don't care if they are making 1% off the loan or not.

These are examples only. Not actual current rates.

I would not accept ANY dealer upcharges for sealant, coatings, protection, extended warranty, etc...

Our dealer said they could beat any rate we found by 1 percent.

I found an excellent rate and was pre-approved. The dealer could only beat the rate by 1/2 percent. We went with his which is US Bank RV and Marine.

powerboatr · 12-20-2021, 03:41 AM

we have all our loans through our credit union
our score and rates work for us and we are all happy

we shop around each time we buy a new vehicle, and always find our credit union is beating them

williamprunty · 12-22-2021, 07:24 PM

I used US Bank and Bank of the West on last two purchases and had 3.49% for 20 yrs

DogLovers · 12-22-2021, 07:53 PM

Best deal is to pay cash. If you can't do that the next best thing is to refinance your home mortgage and use that money to buy your RV or get a second mortgage. Then your RV becomes "tax deductible" :-)

**EA37TS** · 12-22-2021, 08:06 PM

Quote:

Originally Posted by DogLovers

Best deal is to pay cash. If you can't do that the next best thing is to refinance your home mortgage and use that money to buy your RV or get a second mortgage. Then your RV becomes "tax deductible" :-)

Rv loan interest is deductible. Second mortgage to buy an RV is not deductible because it is not a qualified home improvement.

Bill Johnson · 12-22-2021, 08:38 PM

Quote:

Originally Posted by DogLovers

Best deal is to pay cash. If you can't do that the next best thing is to refinance your home mortgage and use that money to buy your RV or get a second mortgage. Then your RV becomes "tax deductible" :-)

I can't see paying cash for anything big, if that money was in the stock market with your other money just think of the return. I couldn't think of taking out 2 or 3 hundred thousand or more when the return on your money for a year could be well over 100,000

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