We are going to finance our impending RV, but with this economy....
Is it difficult to get financing? We have money to put down and decent credit, but I've heard from a few people that financing is pretty tight these days.
2riker2go said
05:49 PM Jul 17, 2010
I work for a credit union, and we are doing a lot of financing these days - personal loans, car loans, rv loans. I don't think it's so much that banks and credit unions aren't doing loans these days, it's that the standards are just a little higher. So if you have money to put down, a good credit history, and enough income to make the loan payments, I don't think you will have any trouble finding financing for your RV. :) JMO
desertnurse said
06:13 PM Jul 17, 2010
That is heartening-Thank you!!!!!!
Terry and Jo said
03:28 PM Jul 18, 2010
Jamie,
We began our buying process with an "approved" application when we ordered our Mobile Suites. However, by the time we got our fifth wheel in, that bank had suddenly "unapproved" us. So, there we were with our new unit sitting on the dealership lot and no one to finance us.
Our dealer told us that he had one more source, but it was through an online source. (Does that give one a warm, fuzzy feeling? Don't think so.) So then he asked me if I qualified for USAA. I am a veteran, thus I did, even though I HAD NEVER JOINED THE ORGANIZATION.
I got online and joined USAA and called within a couple of hours and applied for an RV loan through them. Within 2 hours of being considered a member, we had indications that we were approved by them for the loan. The next day, after I got them just a little more information not available to me at work, we were approved. Every part of that process was done online and on the phone.
Boy, were we relieved to have financing. Good luck in your searching.
Terry
Dreamers said
10:15 AM Jul 19, 2010
We just financed one in May - our dealer helped us thru "Bank of the West". Plan to pay it off when the house sells but don't know when that will be. Of course, that doesn't have anything to do with the financing as they don't know that.
Judy
Mallo said
10:36 AM Jul 19, 2010
Bank of the West is also who we used but that was a couple of years ago... easy to work with.
Mallo
desertnurse said
02:31 AM Jul 21, 2010
Just an update-we got the financing, but they wanted a bigger downpayment than we were comfortable making. We looked a little further, downgraded a tiny bit, and got approved no problem.
Yippppppeeeeee!
phyllen said
06:16 AM Jul 21, 2010
When we bought our rig last February, the dealer handled the financing and it was also through Bank of the West. I only paid a few months when I researched and got a better interest rate through the local community bank I have been dealing with for years. Even better with automatic withdraw.
I have never had any problem with getting financing for anything. The secret must be our credit score. It is well over 800 thus allowing us to always get a better rate.
Now, if only daughter could sell her condo and we settle on our house she and her husband are buying, I would not have to think about interest rates! As it is, our house is considered a rental, leading to a whole other set of issues.
Terry and Jo said
10:16 AM Jul 21, 2010
Oddly enough, in our case, it was Bank of the West that "unapproved" us after initially giving an approval. While there could be some truth to the matter, I think they claimed that our "debt to income" ratio was too high as the reason for the revoking of the original approval.
To further make it interesting, our previous unit, a 26 foot fifth wheel, had been financed through them, so they knew we had a good payment history.
However, when we went to USAA for the financing, we ended up with a better interest rate. Had we elected to have our payments "automatically" withdrawn, the interest rate could have even been better than what we ended up with, but we prefer to have the option to pay from a different account on occasion.
Terry
Colorado_Kid said
01:28 PM Jul 21, 2010
I know that the older an RV the harder it is to get financing.
rebecca62 said
05:47 PM Sep 5, 2010
We are in Canada own a home but are selling it could any canada people write me on this as we have different system here,,a tad, what if you are selling your house and have sold it,,will a bank finance you if you no longer own a home? Second should you tell them your going ot be full timing>?
Remi said
09:09 PM Sep 5, 2010
I just financed my '01 HR Endevour. I was told that almost no financial institution is willing to finance an RV older than 10 years old. Also, I didn't realize how much of a better deal you could get through a credit union until this loan either. I financed through OSU Credit Union here in Oregon and they were wonderful ti work with, beat every other rate by at least 3% and as much in one case as 7.99%. I have also never had better customer service either, or continued good service since. Needless to say, they will get my continued financial business.
I was told that some CUs are willing to financed slightly older RVs for established customers with long established (and positive) banking histories with them. I just signed up with OSU, so I couldn't tell you, but based on the service the Monmouth branch provided, I could see it happening.
So oui, financing is out there, just seems to be a little more tricky right now.
rebecca62 said
09:13 PM Sep 5, 2010
I asked aobut older rv and they said they would but the interest would be higher,just wondered of after we sold the house would they still be willing with cibc bank
We are going to finance our impending RV, but with this economy....
Is it difficult to get financing? We have money to put down and decent credit, but I've heard from a few people that financing is pretty tight these days.
That is heartening-Thank you!!!!!!
We began our buying process with an "approved" application when we ordered our Mobile Suites. However, by the time we got our fifth wheel in, that bank had suddenly "unapproved" us. So, there we were with our new unit sitting on the dealership lot and no one to finance us.
Our dealer told us that he had one more source, but it was through an online source. (Does that give one a warm, fuzzy feeling? Don't think so.) So then he asked me if I qualified for USAA. I am a veteran, thus I did, even though I HAD NEVER JOINED THE ORGANIZATION.
I got online and joined USAA and called within a couple of hours and applied for an RV loan through them. Within 2 hours of being considered a member, we had indications that we were approved by them for the loan. The next day, after I got them just a little more information not available to me at work, we were approved. Every part of that process was done online and on the phone.
Boy, were we relieved to have financing. Good luck in your searching.
Terry
Mallo
Yippppppeeeeee!
To further make it interesting, our previous unit, a 26 foot fifth wheel, had been financed through them, so they knew we had a good payment history.
However, when we went to USAA for the financing, we ended up with a better interest rate. Had we elected to have our payments "automatically" withdrawn, the interest rate could have even been better than what we ended up with, but we prefer to have the option to pay from a different account on occasion.
Terry
Second should you tell them your going ot be full timing>?