We're picking up a new Foretravel on Friday and the dealer arranged financing through GEMB Lending, P. O. Box 57095, Irvine, CA 92619. The interest rate is 7.5% fixed for ten years with a 20% down payment. My bank that handles all of our commercial banking said that was a decent deal and they couldn't beat it.
Google RV Financing and get rate quotes from several of the lendors specializing in RVs. Essex, Beacon Credit, Fun-loan.com are some of the big ones.
Good Sam and FMCA both have working arrangements with lendors and you get good service through them - if you are a member of eiher one, atke advantage of it.
I've used Bank of America for my last two loans and had excellent results. Both were arranged through a dealer, but they didn't get me a good rate until I brought in a better rate quote from another company. Once I had a better rate quoted, BOA & the dealer matched it.
Yes, I've had the same experience with dealers. They get their money from the major banks and can sell it at any reate they like. The last to MH's they came down after I had found a lower rate elsewhere. I have checked around on the various web sites and of course, they want you to submit an application with ALL the info before they get serious. But that is a lot of work to do before you know if the lender is serious and will be easy to work with. If you pick the wrong guy, they'll screw it up and you come down to D-day and then all hell breaks loose. Sure would like to avoid that.
I connected with Essex about getting a loan for a converted semi-tractor to a MH. They sent me an email back that they do not finance those things! I wonder who does finance them. I know the commerical folks have a hard time with financing a Class 8 that is converted to a MH. Seems like there is a market, where are the folks who want to make money?