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2manytoyz

Central FL

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Joined: 06/16/2002

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Posted: 04/15/19 09:49am Link  |  Quote  |  Print  |  Notify Moderator

Boy, what a PITA it was to get a loan on a used motorhome. Our home has been paid off, and my credit score is 825.

Still, our credit union didn't want to cut a loan on a used RV. I could buy a new $250K+ one, no problem. I told them I would take my business (of 30 years) elsewhere.

I then started talking to the loan officer at Lazy Days. The next day, the loan officer got back with me, apologizing profusely. They offered a 5.9% rate. Lazy Days called shortly after, offering a 4.9% rate. I sent the info to my bank, and they instantly agreed to match it.

It was a couple of hectic days, but I got a good deal, but only after threatening to take my business to their nearest competitor (another credit union), which we also belong to.

After checking online during this process, banks not wanting to loan money on a used RV is a common problem. Has NOTHING to do with your assets, income, or credit history... so don't take it personally if you get the run around.


Robert
Merritt Island, FL
2015 Forest River Georgetown 328TS
2006 Jeep Wrangler Unlimited TOAD
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http://www.2manytoyz.com/


Grit dog

Black Diamond, WA

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Posted: 04/15/19 10:29am Link  |  Quote  |  Print  |  Notify Moderator

First, you have the wrong CU if they won't loan on it, or you're not a good enough customer. Unless you're looking for 20grand for a cousin eddy model.

I can see used RV loans being very risky, if nothing else than by the clientele and lack of care or understanding that ALOT of RVs experience.
With RV's being, generally, simply constructed "boxes" with many holes in them, the risk of someone who defaults, also possessing a, now, junk "box" from abuse or neglect, is also likely much greater than a home or auto.


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lcseds

Chapel Hill, NC

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Posted: 04/18/19 10:25am Link  |  Quote  |  Print  |  Notify Moderator

I took out a loan for 12 years at 3.21% and left my money invested where I get 7% +/- average annualzed return.

Now THAT's how you do it. Not cash. As long as you can really afford it though.

Ron3rd

Upland, CA USA

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Posted: 04/20/19 09:49pm Link  |  Quote  |  Print  |  Notify Moderator

philh wrote:

For our recent purchase, Dealer's source beat our credit union rate.


Surprisingly this is the best answer for financing in many cases. See what your dealer can do with their lenders. They beat credit unions day in and day out. There's nothing magical about a credit union IMO and I've belonged to several


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