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  Topic Review (Newest First)
07-09-2019 09:53 AM
The Evil Twin
Quote:
Originally Posted by JustinOOO9 View Post
make a list for each bank then call the one that is either cheapest of had better options to make up for any increase in percentage. Took me maybe 2 hours to call bunch of banks and narrow it down. but when you save thousands over a loan term with good customer service that little two hours will be well worth it.
Solid advice on the list. We will definitely use the phone over the web to make a final decision. This whole private sale loan is new to us. The only other one we did was for the kids car, but that was financed for 1 year @$800/mo. Only did that so she could be on a car loan for the credit boost. Could have paid cash though. Cars and trucks have been all from the dealer because they fall all over to sell us a car and use their lender credits to get our rate below average.
Thanks for the tips.
07-09-2019 08:32 AM
JustinOOO9
Quote:
Originally Posted by The Evil Twin View Post
A couple bucks I would. Lol. I'm not that lazy. My wife may disagree. Penfed, Apple and NFCU all want $1000 minimum auto deposit per month.
You may want to try and speak with a different rep from Penfed. I have used them since 2011 and had the same $25 in the checking account since... I've financed newer dodge diesels, Fords, and Subaru's all used. It may be because of the amount/RV requirements but if its been a while I would just make a list of the credit unions in the area and call/get a round about loan term.

payment, term, percentage, total cost etc and make a list for each bank then call the one that is either cheapest of had better options to make up for any increase in percentage. Took me maybe 2 hours to call bunch of banks and narrow it down. but when you save thousands over a loan term with good customer service that little two hours will be well worth it.

For example my main bank does not has the best rates for used autos or toys so I use penfed and a local credit union. Thankfully all we have financed now is the side by side etc.
07-09-2019 08:15 AM
The Evil Twin
Quote:
Originally Posted by JustinOOO9 View Post
Quote:
Originally Posted by The Evil Twin View Post
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.
A couple bucks I would. Lol. I'm not that lazy. My wife may disagree. Penfed, Apple and NFCU all want $1000 minimum auto deposit per month.
07-09-2019 08:12 AM
JustinOOO9
Quote:
Originally Posted by The Evil Twin View Post
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.
07-09-2019 08:06 AM
The Evil Twin 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.
07-09-2019 07:38 AM
JustinOOO9
Quote:
Originally Posted by The Evil Twin View Post
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.
07-09-2019 07:37 AM
CloverLeafFarm 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
07-09-2019 07:22 AM
ChrisSki 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.
07-09-2019 07:03 AM
The Evil Twin Oh, I know they are all for making money. Just like insurance companies. Lol.
07-09-2019 06:25 AM
twood71 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
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