Finance rates for RV's

[Minnie's Mate]

Anyone financed a new travel trailer recently? We are about to buy one before the summer starts and don't know if it is best to go through the banks, dealer or one of the on-line lending companies. Our credit union wants 8.5% for 5 years and that is without running a credit check. That seems a little steep and with a price range of $50-$55K for a new Airstream, 5 years is a little short. We have very good credit and I can beat the rate on a signature loan. I read that RV loans are way safer than auto loans but I think even they are cheaper at my credit union.

 

[Carrie Ellis]

We financed our TT through our credit union. I believe they do 4% over the rate of a new auto. It seemed high but we were planning on paying it off soon (sold our home). The interest is tax deductable as a "second" home. Hopefully someone will be able to give you some advice! We paid ours off.

 

[bradisgoofy]

We just bought a new Motorcoach at 7.75% through the dealership. Long term, but we will pay it off early.

 

[Disneefun]

We bought a used motorhome from a private party, so I can't tell you about dealer financing, but here's our experience. We financed through our bank for 7.25% for 5 years (this was last summer, I'm sure it's up now). We tried several of the online "rv only financing" sources such as Essex credit and others I can't remember now. What happened with them was we weren't spending enough money Most of them have lower limits that they won't loan below. We were spending $20,000 which is a bit much to come up with in cash all at once without draining the emergency fund, but not enough that those places wanted to deal with us. So we had to go through the bank. I did learn, however, that those online places that advertise super low rates generally only honor those rates on the longest term loan they offer and for big money. So if they're offering something like 4%, it's probably for a 15-20 year loan on upwards of $100K (or more, depending). Other "lesser" loans are at higher rates.

Just my experience. Your mileage may vary. Gotta go as we're leaving for FW this afternoon and I've got to pack.

 

[Firebug]

I just purchased a new travel trailer. I take delivery on Wednesday. I closed the loan about three weeks ago. I financed about 15000 dollars and got 6.45 percent for 6 years.

FB

 

[corvette]

just purchaced a new titanium from lazy days @7.25 also dont forget you can claim the intrest as a second home

 

[Minnie's Mate]

I just purchased a new travel trailer. I take delivery on Wednesday. I closed the loan about three weeks ago. I financed about 15000 dollars and got 6.45 percent for 6 years.

FB

Congradulations! I know you are excited. We are looking forward to our new purchase. The model we want is hard to come by so we are having to have our dealer get one from another dealer. We located one like we want and our dealer was going to see if he could arrange a transfer from the other yesterday. We are waiting to hear now.

Who was your lending institution?

 

[OK GRUMPY]

With prime being 7.75% today 8.5% is not all that bad. I work at a bank and we look at RVs as a recreational vechcle which mean if times got tough it maybe a payment that got overlooked. If you finacne thru the dealer you might get a better rate because the usally have more then one lender that will do financing for them and there lenders may specialize in RV loans. Also a home equity loan maybe another opition with a low rate.
Good Luck!!

 

[PrincessMom98]

We just picked up our new 5th wheel this week . Here are some of the rates I found:
our Credit Union 9.49
Good Sam 7.55
KOA 8.25
Dealer 7.99
Commerce Bank 6.75

Good Luck!!

 

[Firebug]

Congradulations! I know you are excited. We are looking forward to our new purchase. The model we want is hard to come by so we are having to have our dealer get one from another dealer. We located one like we want and our dealer was going to see if he could arrange a transfer from the other yesterday. We are waiting to hear now.

Who was your lending institution?

USAA Savings Bank.
USAA= United Services Automobile Association.

FB

 

[alliebug]

We just purchased an RV a week ago Friday. We financed $21000 for 10 years at 6.49%. We also went through USAA.