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Old 05-07-2019, 02:43 PM   #1
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Default Financing the new RV

Think we have found it. Now we have need to pay for it. I am looking at buying from a car dealer so they don't have specific RV loans. Which RV loan companies should I check with?
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Old 05-07-2019, 03:12 PM   #2
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My consignment seller suggested US Bank. I bought a used '2012 in the Fall of 2017 for $57,500. US Bank offered 5.5% financing for 10 years with 10% down. That beat my local Credit Union by a wide margin.

Don't know what their rates are now, but I jumped on their offer at the time.

Good luck.
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Old 05-07-2019, 03:27 PM   #3
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Thank you! I will check. I talked with Essex Credit but got someone who didn't want to be there today so I was less than impressed. I have also heard Southeast Financial has good rates. My credit union does 1.99% but only for 8 years.
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Old 05-07-2019, 08:50 PM   #4
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What did you end up buying? New or used?

Take your Credit Union's deal if you can swing the monthly payments.
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Old 05-07-2019, 09:42 PM   #5
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Right now BoA, Bank of the West and Good Sam are quoting 5.25% for 20 years/240 months.
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Old 05-07-2019, 09:53 PM   #6
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In my opinion 20 years is way too long for any RV loan. You’ll spend most of it upside down.
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Old 05-07-2019, 11:03 PM   #7
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Quote:
Originally Posted by Jon in AZ View Post
In my opinion 20 years is way too long for any RV loan. You’ll spend most of it upside down.
While I agree with you, pay attention Jon. Prospective buyers of your 190P may not know where to turn for financing and this thread can give you some idea where to direct them. Before I financed mine, I had not had so much as a car loan in the past 10 yrs., so I did not know what to expect. And yes, I was surprised they offered 10 yr. financing on a van that was already 5 years old.
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Old 05-07-2019, 11:30 PM   #8
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There is a lot of interest money on one of those loans, not much principle going out of the payment. Say you purchase a new RV at $150,000 20 % down, on a 20 year $120,000 loan at the 5.25% the payment is going to be about $960.
With the 240 month is the only way your going to get the payment range under $1,000. The 20 year makes it affordable for a lot of people. Like any large payment long term on an RV you are always going to be upside down.
Must people if not all do not buy RV's for investments. Once you drive off the lot bang, 25%.

People shopping the used market are going to be a lot better position in their purchase if the get the right one and the right price.


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Old 05-08-2019, 11:01 AM   #9
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LightStream does unsecured RV loans at a reasonable price. Unsecured means that they do not hold your title, and yuou can sell or trade it without having to get a title release.

https://www.lightstream.com/rv-loan

You can easily apply on line. I did and was approved in less than an hour. Funds available immediately upon approval.
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Old 05-08-2019, 12:40 PM   #10
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Quote:
Originally Posted by rowiebowie View Post
While I agree with you, pay attention Jon. Prospective buyers of your 190P may not know where to turn for financing and this thread can give you some idea where to direct them...
Shooting myself in the foot, eh?

I'd rather lose a sale than be party to what I consider predatory lending in the RV industry. There's a place for short-term financing, but 20 years... no way.
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