RV Financing...Who Has Best Rates?

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Ron_CA

Active member
Joined
Feb 1, 2014
Posts
37
Please do not post if you are against financing or wouldn't, didn't etc. I have read those posts  ;D


Looking in to financing a new MH and was looking for the best interest rates.

Anyone have recent experience you are willing to share. Thanks

 
Based on my recent experience, it is a large market. Ultimately, my own bank took mine.

Depending on whether you are looking to finance new or used, and if new, the price point, the thresholds for the good loans and rates will change. If you have perfect credit, options are easy to come by. If not, they number of lenders decreases and the rates increase. It is not much different than financing anything else.

Being already established with a financial institution is helpful, and many of the national organizations, i.e. Escapees, etc. have relationships with financial institutions that can be worth looking into.

Financing an RV is basically a financial commodity and it requires some patience and diligence to find what works best for you. They are out there, and they all do it just a little differently. One size does not fit all here.

Good luck!

Kim
 
Thanks Kim

Looking to purchase new or maybe 1-2 years old. FICO is 800s
 
Ron,

Just a note, shop the rates pretty hard before you fill out applications. You don't really want a lot of traffic on your credit report. Although you may find you have to fill out the app before they'll commit to a rate and term. It's can be a snakepit and a world class Catch-22.

Kim
 
Will do.

So far I have found
Costco / Essex Credit 3.99 / 10 years, 4.15 / 15 year
GoodSam.                  4.19 / 10          4.35/ 15
USAA.                        4.25
 
If your FICO IS 760-780 you can generally finance $S100,000 for 20 years in the 4-4.75 range.
If your FICO IS 780+ you can general finance $125,000 for 20 years in the 3.75 -4.25 range.
You will also need 5-10 years of multiple open lines of credit (loan balance dependent)
You will need a high credit limit at some point exceeding $50,000(loan balance dependent)
You will need a stable residential address for the prior 2-5 years.

These are typical minimum requirements for Dealer in House approval without needing to clear it with the lender prior to closing the loan.  It is called an In House or Automatic approval afforded the dealer by some lenders like Bank of the West.
 
Be aware of the fact that each Bureau scores differently so a FICO of 800 with Experian may be a 775 with Equifax and 810 with TransUnion.

So if your dealer is tied into a lender that only accepts Equifax scores and requires 780 for in house dealer approval under their preapproval plan you may be out of luck.  Consequently you would need to arrange other financing.
 
Thanks keocera

One of the lenders the dealer mentioned was Bank of the West. The finance dept quoted me 5.95-6.25

Were they trying to rip my head off?
 
I am purchasing a new Newmar.......3.75%........Good rate.......

Steve and Liz
Elko, Nv and SoCal
Soon to be 2014 Newmar DS 4018
 
Too variables to say who has the best rates.  Here is what I did on my last purchase, I shopped the rates of my banks, and a couple others, then when I went to the dealer I had a good idea how the rate they quoted stacked up.  The best rate I got was through the dealer with US Bank.
 
With the big RV lenders, the lowest rates are on the larger $ loans. And when you inquire for rates, make sure you specify motorhome rather than just vehicle. The rates are typically much lower as well as longer term.
 
Ron_Ca-----

The quoted rate is thru the dealer on a new Newmar.....About 1/3 is being financed on a new Dutch Star.....Dealer is Tom Lindstrom in Moorpark, Ca......A good guy by the way......

I believe that this is standard rate with good credit, etc on a new Newmar.......I cannot beat this rate anywhere...Decided to finance part of the price after factoring in the deduction for the interest on the loan (2nd home deduction)...gets it down for us under 3.75 overall.....
 
Ron_CA,
I haven't had recent experience but the last time I financed a MH, I did like many others and shopped rates without submitting an application. As it turned out, my Credit Union had the best terms and I was able to get pre-approved (not specific to the MH) and was able to hand over the documents (sight draft) to the Seller (Dealer) to finalize the transaction. It was a painless experience.
 
Thanks keocera

One of the lenders the dealer mentioned was Bank of the West. The finance dept quoted me 5.95-6.25

Were they trying to rip my head off?

Oct we got a loan through a dealer at Bank of the West for 2.99.
 
When we got our 5th wheel we shoped around and found the best rate was at a local bank, North Shore Bank in Kenosha WI I think it was.  The other 2 best rates were credit unions.
 
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