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Old 10-07-2015, 10:18 PM   #1
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Default Financing a class B

Hello,

My husband and I are looking to buy a used class B. Yesterday I noticed that my credit union is advertising used auto loans at 1.24% APR. However, when I asked him about financing an RV he said that RV rates are 7.5%.

So I showed him a picture of the RT SS Agile and asked whether it would count as "auto" or "RV". He said that it counts as a "commercial vehicle".

I looked around the web and I see that some banks (BofA) separate "light" vehicles (under 2.5 tons, includes autos, vans and light trucks) from "commercial" vehicles...but their rate is not 1.24% (that is some cheap money).

According to DMV.org, a campervan is an RV. My insurance agent considers it an RV as well. My accountant friend says that commercial vehicles don't have windows and are not for the "normal transport of people".

Does anyone know how this works?

Thanks,
Leigh
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Old 10-07-2015, 10:37 PM   #2
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RV loans are longer terms. Rate and term varies from price and year. I would engage a finance company who specializes in RV's.

You want RV over commercial in all areas due to costs. Much cheaper.
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Old 10-07-2015, 10:37 PM   #3
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Not sure what the question is, but a RT SS Agile is an RV.
The DMV says its an RV, your insurance should be for an RV, and your loan should be for an RV. I don't know what rates are floating around, but often times you can get longer TERM loans on RVs than you can cars (sometimes 10 years and more).
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Old 10-07-2015, 10:48 PM   #4
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Quote:
Originally Posted by Scottbaldassari View Post
Not sure what the question is, but a RT SS Agile is an RV.
The DMV says its an RV, your insurance should be for an RV, and your loan should be for an RV. I don't know what rates are floating around, but often times you can get longer TERM loans on RVs than you can cars (sometimes 10 years and more).
Not really a question. I was hoping to find something to convince my credit union to give me a standard used auto loan at 1.24% on a short sprinter campervan. They are a small outfit and reasonable ...but if the industry standard is that they are Rvs, then I may be out of luck! Worth a try.
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Old 10-08-2015, 12:43 AM   #5
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many B's will have 2 vins.

my GM chassis vin says it is a 2005 purpose built for an RV conversion.

and the RV builder assigns it a 2nd VIN.

the 2nd vin is the one DMV uses.

it's a motorhome ( that looks like van with a trumplike thing on top)

you can try getting the lender to run the vin as step one and see what they come up with for a lending rate

mike
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Old 10-08-2015, 12:47 AM   #6
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I suppose it's possible to just finance it as a Sprinter van, but the problem will be that loan amount would exceed the blue book value for a Sprinter of that vintage.

As an RV, the valuation would be higher, so you'd qualify for that kind of loan.

The rates reflect the risk. Lot's of RV's were defaulted during the last financial crisis and loans completely dried up for a few years. Things have just loosened up a bit, but rates are still high. You might investigate other types of loans like home equity or a 401k loan as those have loosened up a little and have better rates. But I'd be reluctant to borrow money for an RV.
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Old 10-08-2015, 02:57 AM   #7
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Money is cheap for NEW RV's right now. I don't know what it is like for used. Shop around and you will find a better rate than you have been quoted.
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Old 10-08-2015, 03:57 PM   #8
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I was quoted a payment of $6.70 per $1,000 borrowed at an RV dealer.
No down payment required.
The RV was the collateral for the loan.
20 year term, rate was good for 5 years then it would change.
I can't remember the rate.
Basically, I needed to have ............ a pulse!
Fogging a mirror would also do it

Roughly $800 per month if $120,000 borrowed. 20 years of payments would total $192,000 if rates remained the same.

I calculated adding sales tax spent + 1st year depreciation + 1st year interest would cost me $30,000 to $35,000 or so if I had to sell after 1 year.

It was a fleeting fancy probably caused by bumping my head too many times in my van.

It's easy to get a new unit I think but possibly traumatic on the wallet if it turns out that the unit or RVing in general is not for you.
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Old 10-11-2015, 05:34 PM   #9
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We just returned to RT's, after having been out for about 2-3 years. We just bought a '15 RT210, and will pickup later this month, the rate was 4.99%......for 20 years, wow! They evidently don't look at the age of the customer, ha! We bought from Leisure Time RV in FL, they have a great rep and excellent service.
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Old 10-11-2015, 07:00 PM   #10
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I was quoted 4.72% for 20 years. It would have been considered a second home with interest deductible.

Eric
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Old 10-12-2015, 06:49 AM   #11
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20 years on a depreciating RV gets you upside down real quick.
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Old 10-12-2015, 09:02 AM   #12
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Financing can be a double-edged sword. I personally would recommend either having a down or a trade-in, so if something happens (health, job loss), one can be out from under it in a heartbeat, even if it winds up being sold at a dealer for less than NADA low.

However, money is available right now, and life is short... If you are sure about the financials, I say go for it... money is only going to get tighter on the long haul as banks start lending offshore (and giving the middle finger to Americans) with the new trade agreement.
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Old 10-12-2015, 02:08 PM   #13
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Quote:
Originally Posted by Ron J. Moore View Post
We just returned to RT's, after having been out for about 2-3 years. We just bought a '15 RT210, and will pickup later this month, the rate was 4.99%......for 20 years, wow! They evidently don't look at the age of the customer, ha! We bought from Leisure Time RV in FL, they have a great rep and excellent service.
Great to see you back Ron

Things have changed a bit here. I don't own or run the forum now. The new owner and management are great - the freedom here is unchanged.
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Old 10-12-2015, 04:10 PM   #14
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We put Down 55%, and let them do their long term stuff...our plans are to payoff when our place in FL sells. We couldn't imagine being encumbered with a vehicle for even half of that time; somehow we can see where the financial problems start.

Marko: Good to be back - I knew two months after selling I regretted it - we will enjoy the new one even more. Ron
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Old 10-13-2015, 05:32 AM   #15
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Welcome back, and you can't go wrong with a 210.
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