Leigh-ClassB
Member
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
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