Who financed your RV?

[TomTom]

Tell us the name of the finance company that financed your RV and if you are satisfied with your decision to go with them as a lender.

 

[Wendy]

Wells Fargo, same place that holds our house mortgage. No complaints although a 0% interest rate would be nice     Are you searching for a loan or just curious?

Wendy

 

[TomTom]

Both! My RV is paid for. I just am curious and I might buy another RV. I want to hear which companies are decent to work with.

 

[TomTom]

The other thing is that if you google rv lenders or finance companies, you get a lot of brokers. I think it would be a good resource for everyone here to have a list with a review! 

 

[seilerbird]

I pay cash for my RVs. Credit is the dirtiest word in the dictionary.

 

[M1894]

I saved $8,000.00 plus finance charges by paying cash.

 

[THEBigLarry]

We financed at local Credit Union.  Got good interest with Credit Score >800
and got the term we wanted to keep our payment at manageable level.  We're
happy with it.  We get a few other perks as members, but nothing to jump up
and down about. 

 

[Just Lou]

If your own bank or credit union doesn't want your business bad enough to make you a good deal, you're not likely to find a reasonable rate anywhere else.  JMHO

 

[Jeff Brown]

We use USAA, the rate is in the 6s and the term is 15 years.  We own both our cars and just really have the mh and stick house as our monthly obligations and we like it that way. 

Jeff

 

[TomTom]

Hopefully this thread will continue and others will add their lender's names and give a review.

 

[BrotherBill]

We paid cash for ours, but we bought used and spent a considerable amount of time looking for a deal. It's just very difficult for us to finance anything that will depreciate as rapidly as an RV.

 

[rats1955]

I financed at the local owned bank.  I got approval over the phone.

 

[AndyinLexington]

Cash.  Would use a credit union if financing.

 

[Gary RV_Wizard]

Bank Of America has financed three RVs for us. Always had competitive rates and good service. I always negotiate the interest rate with the dealer, and sometimes renegotiate the rate later in the contract if interest rates fall. Right now they are pretty low, though.

 

[Hfx_Cdn]

    As a Canadian, we do not have the ability to claim interest as an expense on our Income Taxes.  So, if I couldn't afford to pay cash, I would not have bought.  Tom, debt is the dirty four letter word, not interest because even if you get it at Zero interest, you still need the cash flow to make the payments, and there were lots of zero percent car loans that ended up not getting paid during the last downturn.

Ed

 

[SuperMike]

Here in England we paid Cash. Doing this, and because of my wife's disabilties we could claim all the sales tax back. The screen price was ?119950 so take off the tax this brought it down to ?102085. A big saving. Then I started to hassle the price and at the end secured a new Winnebago Sightseer 31E for ?90000.  ;D

Here is a picture taken on the day I collected it from the dealer. All shiney, and lovely and new.  :-*

 

[Mavarick]

Here is a picture taken on the day I collected it from the dealer. All shiney, and lovely and new.  :-*

Nice rig Mike.

We didn't finance our Rv but in days past when we needed to finance a vehicle we always used a secured line of credit with credit union. You deposit (or already have) enough cash in savings to use as collateral for the loan. Your interest charge is usually about 2% above what you are getting for interest on the savings. You cannot withdraw the savings until the collateral needed goes down as you make payments. You can usually set your monthly payment amount as long as you don't stretch it out too far. When you complete the payments you still have the same cash in savings.
Paying cash is always the best way from a math standpoint but if you need to finance this is the best way I know of.

 

[JayGee]

When I need financing I use my local credit union. Their rates are always competitive.

 

[Gary RV_Wizard]

Interesting comments about the credit unions, because neither of the large credit unions I belong too were interested in financing a vehicle with a house-sized mortgage. They would only offer car-financing rates for a max of 6 years  and didn't quite know what to do with a vehicle loan request over $100k.  One of them asked me if it was a boat - they could do 10 years on a boat but the rate was higher than a car or truck.  Major banks like BOA and Wells Fargo that have separate financing departments that specialize in RV loans offered me better rates, longer terms, and quicker approval.

 

[PancakeBill]

From the RV sales side of things...  The business department where I worked had a menu of lenders, they would match you to your best situation, they get a commission from the lender.  The cynical may say that they will show you the best commission for them, but really not the case.  Credit unions were the last resort, they had looser requirements.  After the credit union the buyer would need to make their own arrangements with either their own CU, or Vinnie on the corner. 

In the past, I borrowed against a 401K short term, and then just paid cash later.  Then again, I haven't bought anything over 100k.  For that a big loan and somehow find the income for the payments. 

CU's typically will not loan for more than 15 years, and now I would guess that term has dropped.  The big banks would give 20 year terms.