Used rv financing sources

[morongobill]

If this is posted in the wrong forum, please move it.

I have decided to buy a used class c motorhome. Since I don't have thousands of dollars laying around, I will need to get a loan.

My situation credit wise is I am considered Tier One or Zero, 795 is my lowest Fico score, the other two are above 800.

Looking to pick up one at a dealer for around 15-20k and would like to do it with as little out of pocket cash as possible. I live in Orange County,California.

Thought I might get some good leads here for financing options.

Also, if there are any, can someone let me know if you have seen any posts here on negotiating to get the best used rv price?

Thanks for any ideas.

 

[BradKW]

Banks, credit unions and independent finance companies all offer RV financing. A list of RV financing companies is available on the RVIA website. Financing can also be arranged at RV dealerships.
As with autos, you want to have a financing deal in place before shopping for your vehicle. That way the dealer will have to beat the interest rate on the loan to get your business.

Check with your bank first. Scalf says, "Shop around so you know what interest rates are, what the value of the coach really is. Check it out."

People get so excited about finally purchasing an RV that they're not as careful as they should be when it comes time to crunch numbers. Scalf has heard from people who ended up paying thousands too much in interest. One reader learned that his RV was worth $10,000 less than the purchase price.

Riding along with automobiles 
Interest rates on RV loans are closely tied to auto loan rates.

"It's really similar because that's what the market bears for that kind of loan," says Karen Mason, director of publications for RVIA. "The auto and RV end up being very similar kinds of rates."

 

[squatting dog2]

If this is posted in the wrong forum, please move it.

I have decided to buy a used class c motorhome. Since I don't have thousands of dollars laying around, I will need to get a loan.

My situation credit wise is I am considered Tier One or Zero, 795 is my lowest Fico score, the other two are above 800.

Looking to pick up one at a dealer for around 15-20k and would like to do it with as little out of pocket cash as possible. I live in Orange County,California.

Thought I might get some good leads here for financing options.

Also, if there are any, can someone let me know if you have seen any posts here on negotiating to get the best used rv price?

Thanks for any ideas.

not sure how this would work for you, but, let me tell you my latest rv story. Wife and I decided to do some more rving and set out to buy a class A. my credit score was similar to yours. settled on a 2005 class A at a dealer and although it was a little pricey, the payment was around what we figured. (600) I think it was 6.8% interest. I know, sounds like a lot but, this is our last hurrah (maybe)   Anyway, a day later, I get a call from the dealer. Say's my credit score was 680 wtf????? However, they could still finance it at a slightly higher interest rate. Yeah right... A bank says I can't pay 6.8%, but I could do it at 12% and 1/3rd down. Needless to say, I told them to stuff it. 4 days later, I got the official rejection letter from the Bank or the West. 
I was bummed, but, the woman never quits. She tried Good Sam financing and lo and behold they came back and showed my credit score as 815. They also pre-approved me for $48,000 at 3.2%. Well, long story short, we found a newer rv (2007) 9500 miles at a used car dealer and offered 46,000. He took it, and we now have an 07 Gulfstream Independance 38' triple slide rv.
Oh, and the strangest part... the check from Good Sam came and it was issued through the Bank of the West. LOL Moral of story... never give up, and i'd say to check out Good Sam finance.
Good luck and happy camping.
SD.

 

[morongobill]

Thanks for the informative replies. I have heard the horror stories of going into a dealer and being told their is a credit problem and then ending up with 20 inquiries as one finance company after the other is shopped by the F&I guy at the dealer.

I am with US Bank and Capitalone so will start there. That lead from Good Sam is another one as well as that list at RVIA.

Great info and thanks!