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-   -   RV Financing? (https://www.powerstroke.org/forum/camping-rvs/1365857-rv-financing.html)

The Evil Twin 07-09-2019 04:52 AM

RV Financing?
 
We are looking to buy an RV soon (hopefully). Can ya'll give some suggestions on where to go for financing? We have USAA but their online rates are high compared to those listed at Good Sam. Are there RV loan "brokers" that shop rates for you?

R&Rpowerstroke 07-09-2019 05:23 AM

We used Good Sam financing, was quick, easy, and lowest rates with longest terms. You can also try your bank or credit union, but if your credit score is decent, Good Sam may be one of the best options. Also there insurance is the best rate we have found FYI.

The Evil Twin 07-09-2019 06:19 AM

Quote:

Originally Posted by R&Rpowerstroke (Post 16304347)
We used Good Sam financing, was quick, easy, and lowest rates with longest terms. You can also try your bank or credit union, but if your credit score is decent, Good Sam may be one of the best options. Also there insurance is the best rate we have found FYI.

We had looked at them on line, and the rates do seem good. The terms are a plus, as we plan on selling our home within 2 years and building a new one. It keeps a little more monthly cash liquid. Since we plan on building, there is a possibility we will live short term in the RV if the right offer on our home comes before completion of our new one. Otherwise we We have USAA and a local bank but both have higher rates than Sam. We used to use USAA for everything until they stopped being such a good deal. Our credit is excellent so we can leverage that to shop rates.
Thanks for the tip on their insurance too!

twood71 07-09-2019 06:25 AM

The bottom line is that banks are for-profit institutions, while credit unions are non-profit. Credit unions typically brag better customer service and lower fees, but have higher interest rates. On the contrary, banks generally have lower interest rates and higher fees.

Best deals I've received have come from credit unions, from toys to needs. They are all I deal with anymore. Everyone is getting their money from you in one way or another, so your never actually beating anybody on this business, even paying cash, you win for not having a monthly payment but it's not like you stole it for pennies either, they are in business to make money, so choice is depends on how you like to be treated on which one you go to..


good luck

The Evil Twin 07-09-2019 07:03 AM

Oh, I know they are all for making money. Just like insurance companies. Lol.

ChrisSki 07-09-2019 07:22 AM

What shocked me about my RV was the true price. The mandatory dealer checkout, lifetime warranty, aftermarket coating on the outside, registration and insurance upped the price by 25%, all of which was rolled into the loan.

Don't know if you are buying new or used.

CloverLeafFarm 07-09-2019 07:37 AM

i financed a new RV for a farming customer of mine recently. I was able to finance up to 80% and we went out 6 years, 5.5-6.5 fixed interest
He didn't say what the dealer rate/term was so i don't know if i was high/low, he's loyal and I've saved him enough $ in the past

JustinOOO9 07-09-2019 07:38 AM

Quote:

Originally Posted by The Evil Twin (Post 16304343)
We are looking to buy an RV soon (hopefully). Can ya'll give some suggestions on where to go for financing? We have USAA but their online rates are high compared to those listed at Good Sam. Are there RV loan "brokers" that shop rates for you?

Call the local credit unions period. I used pentagon federal credit union for my autos because for used im around 1.99-3.9%, before paying the truck off. We used a local credit union for the side by side to keep cash in emergency fund and were at 3.6%. They also do new/used RV's for just a tad more like 4% etc.

See who the rv dealers use even though they are for profit (like anyone isn't lol) they usually can get good deals because of rate discounts through authorized vendor agreements etc.

The Evil Twin 07-09-2019 08:06 AM

I should have mentioned we are looking at used, probably private party sale.
Credit Unions have good rates, but from what I have seen max out at 84 months. Even so, advertized rates are on par with GS and you have to open an account with direct deposit (for their 'lowest' rate. I am not inclined to go through opening an account with another bank. Maybe it'll pay to give one a call.

JustinOOO9 07-09-2019 08:12 AM

Quote:

Originally Posted by The Evil Twin (Post 16304433)
I should have mentioned we are looking at used, probably private party sale.
Credit Unions have good rates, but from what I have seen max out at 84 months. Even so, advertized rates are on par with GS and you have to open an account with direct deposit (for their 'lowest' rate. I am not inclined to go through opening an account with another bank. Maybe it'll pay to give one a call.

Almost every loan through a bank requires a $5-50 deposit into a savings or checking account, just part of their terms etc. Honestly if you are worried about a ding on credit for the loan/getting a new account I wouldn't fret. I had to do a $35 deposit to finance a portion of the side by side we got but I could always do a monthly deposit for a rainy day fund or just close the account when we pay it off.

Used will be more difficult though and each bank/credit union has their limits in age and what not. It may be little higher % wise though Good Sam but they have been in the rv business a long while etc.


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