loanshark wrote: Just called my State Farm agent yesterday. They finance 4yrs on up. rates 4yrs 5.79%. 10yrs 6.39%. That's in Virginia. I don't know if that is a national program or what.
We used State Farm just last year for our truck loan. We called our local agent the other day and the person working in the office said they will only go 6 yrs on an RV loan. Maybe this person is new or they don't know about 10 yr loans. Maybe I should call their main office to find out.
In addition to local lenders, there are some lenders that like loaning to RVers - they even have the crazy idea that RVers are generally pretty good credit risks. The Escapees RV Club has a Commercial Members Section of businesses that want to do business with RVers. Just use the drop down menu on the left side of the page for the type of business entity you want (in this case, 'financial') and it'll show you what businesses are 'into' RVing and give you contact info.
In this day and age with the economy as it is, and you can't pay up front for your TOYS perhaps you should think again. YES RVs are big toys for big boys. Then again if you are doing the fulltiming rig thing, have you thought about this new lifestyle long and hard. If you have, and the numbers work out, go for it.
DH and I financed our first 5er last week. (We always paid cash for our TT and wanted to up grade to a nice used 5er.) We made sure we were preapproved before we went to buy. We checked our local banks and credit unions. We were surprised at the difference in rates. The banks weren't to interested in rv loans so we went with my local credit union. We got ours at 4.99 Was offered 4.85 if payment was direct deposit. It didn't matter if it was used or new and no money down as long as it was at or below nada value.
Robin, happily married with son, daughter, and a Boxer (I like the dog the best)
2001 Gulfstream Mako 28BH
2005 Chevy 2500HD
was_butnotnow wrote: In this day and age with the economy as it is, and you can't pay up front for your TOYS perhaps you should think again. YES RVs are big toys for big boys. Then again if you are doing the fulltiming rig thing, have you thought about this new lifestyle long and hard. If you have, and the numbers work out, go for it.
I agree for most things.
Since an RV qualifies as a second home you can deduct the interest. While I am still working our taxes are very high. This helps a little. Yes, I understand it is not making money or anything like that, and, in the long run paying cash up front is far cheaper.
Ours is to offset other issues, like traveling with a big dog. We are on the road at least 4 weeks a year and finding a place that will accept a large dog is nearly impossible. So, a fiver fills that gap. It isn't about money as much as much as making traveling less stressful.
But, when I do retire for good it will be paid off and we can enjoy it without penalty.
charlie
2006 Toyota Tundra Crew Cab
2003 Skyline Nomad 24ft Fiver
Me and Wife
Maggie the Old English Sheepdog
Use the most reputable lender, CU or Bank, you can find that will give you the best rate and terms. Don't worry about local. Most banks today that appear to be "local" are anything but. Although there still are some privately owned local banks, but they have a hard time competing. We bought our rig out of state and used the dealers bank, who we had never heard of, but have been very pleased. They gave the best rate.
There are a number of web services that rate banks and CU's. BauerFinancial.com is one I know of. I'm sure if you do a search you'll find others.
2004 F250 PSD 6.0
2006 Wildcat 5ver 31QBH
Me, the wife and 2 great kids
Ready to Camp!
PMiller228 wrote: My DW and I are looking into pre-approval before we purchase a 5th wheel.
We have been told it would be good to use a "local" bank (Suntrust, Regions, etc.) for this type of loan.
What do ya'll think? Who is a good source for RV loans?
Thanks!!!
My local banks and credit unions were all much higher on the interest rate and tighter on the terms then I could get shopping on the internet.
We used Essex Credit their adds are pretty much allover. They were not the best rate by .25 percent but they committed to meeting a very aggressive closing schedule (We shook hands on the sale on a monday and closed on Friday the same week). I was very happy with them.
Mallo
Eloise - 2000 F350 7.3 DRW XL, Reading Flatbed, King Ranch Leather, AIS, MBRP 4" Ex
The Chinese Princess - 2007 Hitchhiker II LS 32.5 LKSBG
Your Kung Fu is weak!
Offline
)
