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Author Topic: Who has the best RV Financing?  (Read 74126 times)

novavoltage

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Who has the best RV Financing?
« on: February 21, 2012, 09:29:13 PM »
Hello,

I searched for topics on RV Financing and couldn't really find any.  Does anyone have a recommendations on RV Financing companies?   Buying mine out of Camping World, but not sure who they use...guessing its anyone and everyone with the size of them.

Any insight would be greatly appreciated.

Thanks
NovaVoltage

mercoupe50

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Re: Who has the best RV Financing?
« Reply #1 on: February 22, 2012, 08:33:36 AM »
I got my financing through Camping World.  They used BOA.  4.25%
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jc2

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Re: Who has the best RV Financing?
« Reply #2 on: February 22, 2012, 08:34:33 AM »
These people are supposed to be very good.  https://www.essexcredit.com/
Also, do you belong to a credit union.  I've found them to be easier to deal with than a bank. :)

Gary RV_Wizard

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Re: Who has the best RV Financing?
« Reply #3 on: February 22, 2012, 08:43:45 AM »
Just Google RV Finance and start getting quotes. Compare that to what the dealer can get and don't be afraid to negotiate with the dealer on the interest rate. He typically makes more commission on the financing if he sells at a higher rate, so he may not offer the best deal up front.

We have used Bank of America for three  RV loans and been satisfied with rates and service. Dealer arranged all three but I was actively involved in getting the best deal.
Gary
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vermilye

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Re: Who has the best RV Financing?
« Reply #4 on: February 22, 2012, 09:52:30 AM »
I second checking with local credit unions. Rates vary, but they ended up being the best deal I could get:

Our credit union is currently offering 3.49% fro 48 months or less, 5.49% for 49 Months and Over on new.
On used, they loan up to 80% Book Value - 48 Months or less 3.99%, 49-96 Months 6.24%. 

They had a "sale" when I bought mine; I'm paying 2.74%.

CakeHenn

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Re: Who has the best RV Financing?
« Reply #5 on: February 22, 2012, 06:39:20 PM »
Second the credit union...financed half mine with a local credit union for 4.15%.  I could have shopped around more but I didnt because that seemed to be a great rate and it was simple interest that could be paid off at any time.
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Gary RV_Wizard

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Re: Who has the best RV Financing?
« Reply #6 on: February 23, 2012, 11:24:18 AM »
I belong to two credit unions and neither offers an RV-specific loan. They only offer car loans on any sort of motor vehicle or trailer, so 5 years and about $50k max was all they would deal with, and the rates were relatively high (RV-specific loan rates are often lower than car financing). It seems odd because they both have boat loans, but again relatively short term and low amounts. I couldn't finance a yacht through either one.  8)

I'm a big fan of credit unions and have been a CU member for over 45 years, but they don't always offer the full breadth of financial products that others may have. If you are looking for a $100k+ amount and 15-20 year term, don't be surprised if your local CU can't help you.
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ttyR2

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Re: Who has the best RV Financing?
« Reply #7 on: March 11, 2012, 04:07:35 PM »
I was told that credit unions also don't have a good way to value used RV's when applying for a loan. I'll definitely give one a whirl when we're in the market though.
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Gary RV_Wizard

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Re: Who has the best RV Financing?
« Reply #8 on: March 11, 2012, 04:52:23 PM »
Some CUs don't have the NADA (or Kelly) RV Wholesale guide. It's an extra cost subscription for them and if they don't get much call for RV loans, they won't have the info or the right sort of loans in place to handle them. 

Neither of the two CUs I belong to do large RV loans, but they will basically treat it like a pleasure boat and offer up to 72 months. Not sure if there is a dollar limit or not. Larger CUs probably will have what they need and offer loans tailored to larger RV purchases, e.g. 10-15 year mortgages and high dollar amounts.
Gary
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Tom

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Re: Who has the best RV Financing?
« Reply #9 on: March 11, 2012, 09:46:48 PM »
Our Credit Union - Technology Credit Union - does RV loans, although we didn't take a loan on our coach. They'll finance up to 125% with nothing down.
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Scott-0168

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Re: Who has the best RV Financing?
« Reply #10 on: October 27, 2012, 04:13:52 PM »
Anyone checked on RV financing lately? I may be in the market soon!

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Jeff Brown

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Re: Who has the best RV Financing?
« Reply #11 on: October 27, 2012, 10:50:49 PM »
We have used USAA twice and been happy with the service both times.  They have even floated us down to the lower rates when they drop for nothing.  There might be better rates out there, but I haven't found them.

Good Luck
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Koodog

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Re: Who has the best RV Financing?
« Reply #12 on: October 28, 2012, 10:41:39 AM »
The comment about Essex "supposed to be good" we found to be anything but true. We used them in May to purchase our MH. What a HUGE mistake. It was a complete disaster.
Wished I would have done some research prior to doing business with them and I'd of saved myself a great deal of grief. In our case they cost us thousands of extra dollars due to their negligence, not returning phone calls, screwing up paperwork and charging us for services they could not possibly deliver. We actually caught them in an outright lie. I'm not usually a mean spirited person, but I'm just so sick and tired of financial companies sticking it to consumers because of their mistakes  and ignorance.

Be VERY careful if you decide to conduct business with them, add 20% to whatever figures they tell you and weeks to whatever closing dates they give.

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DakotaRed

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Re: Who has the best RV Financing?
« Reply #13 on: October 28, 2012, 12:46:51 PM »
Two years ago when we financed our coach, we were pre-approved with Essex.  They screwed us royally and turned us down when it was time to implement.  We ended up getting our credit through our dealer who had an arrangement with BOA.  Ended up being a lower rate than Essex was offering. They did require a little more down than Essex was requiring.
The comment about Essex "supposed to be good" we found to be anything but true. We used them in May to purchase our MH. What a HUGE mistake. It was a complete disaster.
Wished I would have done some research prior to doing business with them and I'd of saved myself a great deal of grief. In our case they cost us thousands of extra dollars due to their negligence, not returning phone calls, screwing up paperwork and charging us for services they could not possibly deliver. We actually caught them in an outright lie. I'm not usually a mean spirited person, but I'm just so sick and tired of financial companies sticking it to consumers because of their mistakes  and ignorance.

Be VERY careful if you decide to conduct business with them, add 20% to whatever figures they tell you and weeks to whatever closing dates they give.
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Orson

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Re: Who has the best RV Financing?
« Reply #14 on: July 25, 2017, 01:58:10 PM »
My son had a terrible time with BofA when he tried an early payoff on his rv loan. FYI. I did one through USAA and they even lowered the rate when rates went down. Super good customer service with good advice. I won't even look at another lender even though their rates might be lower. Peace of mind is everything to me.

MN Blue Skies

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Re: Who has the best RV Financing?
« Reply #15 on: July 25, 2017, 03:51:45 PM »
Be very very careful when financing through CW.  We just bought a used 5th wheel from CW and the finance guy certainly did a lot of dancing around rates, terms, dealer prep fees, tire insurance, service agreement, gap insurance, various levels of Good Sam memberships, and more. They arranged the longest term loan so that the payments would be lower so that we could finance all the extras.  Maybe it was just our finance person but I suspect they train all their finance people to juggle the numbers.  The finance person is on commission and CW might have a good price on the RV you want but be prepared that they are hoping to increase their profit by pressuring you to buy all kinds of memberships, service, warranty agreements, and financing extras.

I strongly suggest that you get the finance sales pitch with the rates and all the extra options they throw at you at least a day in advance so that you have time to digest the numbers and then sign the paperwork the next day. 


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av8tor

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Re: Who has the best RV Financing?
« Reply #16 on: July 27, 2017, 04:56:46 PM »
bought our class A from Walker RV in Vegas.  Their in house financing peeps are Mountian America Credit Union.  20 yr. loan, 10% down, 3.6 APR.  They let us join for $5.  no issues at all.
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kdbgoat

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Re: Who has the best RV Financing?
« Reply #17 on: July 28, 2017, 05:38:12 AM »
If you have State Farm insurance, try them. They gave me the best rate on ours, and gap insurance is included, not something you have to buy extra.
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kportra

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Re: Who has the best RV Financing?
« Reply #18 on: July 28, 2017, 04:39:27 PM »
Local Credit Union.  5 years 2.99% or 10 years 3.99%
Love Credit Unions!
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Re: Who has the best RV Financing?
« Reply #19 on: September 18, 2017, 06:19:22 PM »
You might try here. https://iqcalculators.com/calculator/rv-loan/  I've heard good things about them. 

 

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