We have recently decided to go ahead and find the perfect RV for us. We are looking into financing and just asking the top places to do this. We really like the Jayco Greyhawk and have found a couple that have low miles and seem to fit us. Just looking for all the advice we can get before we do this blind. Any information would be greatly appreciated
Newbie looking for best place to finance and info on class c's
- Thread starter Renate
- Start date
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grashley
Well-known member
For financing, you can probably get a better deal where you do your other banking than you will at a dealer.
It seems you are looking used. That is a real smart move, especially for your first RV.
Spend lots of time reading and shopping. The most critical thing is FLOOR PLAN!
It seems you are looking used. That is a real smart move, especially for your first RV.
Spend lots of time reading and shopping. The most critical thing is FLOOR PLAN!
HappyWanderer
Well-known member
- Joined
- Apr 21, 2014
- Posts
- 2,967
We love our Greyhawk, so I'm probably a little biased is saying that you've made a good choice.
We looked around for financing at our credit union and local banks, and found that we could get the same rate with Bank of America through the dealership. They did all the paperwork, so that's where we ended up. Shop around, you never know what's out there.
We looked around for financing at our credit union and local banks, and found that we could get the same rate with Bank of America through the dealership. They did all the paperwork, so that's where we ended up. Shop around, you never know what's out there.
Gary RV_Wizard
Site Team
Get multiple quotes on financing costs. The dealer will have a source, maybe more than one, but you can use others with equal convenience (they mostly all do the paperwork without your help). Google 'RV loan' to find some finance sources and also check your regular bank or credit union. Some only handle Rvs like cars, though, and you may want to have longer term financing (10-15 years rather than 4-5).
Dealers earn a commission on financing they arrange, but they are also motivated to find you good financing so that they can sell the RV. Tell them you have other financing sources and challenge them to get you a good rate. They can usually do better than their initial offer.
Dealers earn a commission on financing they arrange, but they are also motivated to find you good financing so that they can sell the RV. Tell them you have other financing sources and challenge them to get you a good rate. They can usually do better than their initial offer.
scottydl
Site Team
Every state is different on bank rates and insurance, so all you can do is shop around. Don't be afraid to research and shop as long as possible, saving up as much cash as possible before you buy. It sure feels good to own that rig the day you get the title!
Also be careful not to get too hung up on a particular make/model, especially for your first RV. Budget, floorplan, and condition are much more important factors than year/make/model. Most RV's are pretty similar, with minor feature differences here and there. Research research research, look at a bunch of rigs in various designs, imagine "living" in something for many days/weeks (depending on your planned usage) and not just the 15 minutes you are checking it out, and those things will help you determine the best type to consider for purchase.
Also be careful not to get too hung up on a particular make/model, especially for your first RV. Budget, floorplan, and condition are much more important factors than year/make/model. Most RV's are pretty similar, with minor feature differences here and there. Research research research, look at a bunch of rigs in various designs, imagine "living" in something for many days/weeks (depending on your planned usage) and not just the 15 minutes you are checking it out, and those things will help you determine the best type to consider for purchase.
NickB
Well-known member
scottydl said:
Not saying this is bad advice, but you should try to keep it within 20 days from the first application until you sign papers. This is just because the "shopping window" is 30 days for an auto loan (rvs included) where multiple inquiries will be treated as one. Lenders often pull your credit one more time when they process your paperwork, which may be up to 10 days after you sign.
Your dealer should be able to offer you the most attractive finance options unless they're not competent or you have an uncommon scenario.
Realize that used RVs, especially older ones have poor rates and terms compared to new or late model options. Weigh this out before you decide that an $8,000 used one is a better value than the $16,000 new one. The difference in interest may be better spent on a nicer camper and better equity.
scottydl
Site Team
NickB said:
"Equity" in a new RV is pretty difficult to find, given their horrid depreciation rates of 40-50% in the first few years. Most new RV debtors are upside down on the loan as soon as they leave the dealer's lot, and will have a hard time ever catching up. At least with something quality used, your rig won't lose quite as much value over your ownership period and you still have a good chance of getting just as much enjoyment out of it.
But, I know what you're getting at as far as the application/financing time frame goes.
