Financing question(s)

[Naysmith761]

We are looking into purchasing our first 5th wheel and wondering about financing options? For instance, is it any more difficult to finance used vs new? Are rates comparable? What can I expect as far as is it any more challenging than getting a auto loan? So many things running through my head for first time owners. Thanks in advance!

 

[Buster]

paging @Jireh Financial to the discussion.

 

[Jireh Financial]

paging @Jireh Financial to the discussion.

Good morning,
Answering the bell.
Thank you,
Ken

We are looking into purchasing our first 5th wheel and wondering about financing options? For instance, is it any more difficult to finance used vs new? Are rates comparable? What can I expect as far as is it any more challenging than getting a auto loan? So many things running through my head for first time owners. Thanks in advance!

Good morning,
The RV loan business is much different that the car business. That does not mean it is any more difficult. We have been doing this for a long time and have some very good processes in place. We can help if you are buying from a dealership or a private party.
I am a better talker than typist. If you have a couple minutes, a phone conversation to start would be a good idea. We can walk through our process and see how we can help. Also, if you are buying used, we can help with finding a value before you pull the trigger.
We look forward to helping you.
My contact info is below.
Thank you,
Ken

 

[Joe Hogan]

There are many considerations, some not obvious for a new owner, when financing a large maintenance intensive item like a RV. The potential benefit of new is a warranty from a reputable manufacturer to help with immediate maintenance/repair issues. If your loan payment stretches cash flow even in the slightest amount, and you rely on others to perform maintenance, be very careful from whom and what you buy.
It is not a matter which RV you buy, Prevost, Newmar, Jayco, they all will have items that need to be addressed. For new, the first year is typically the most intensive repair/maintenance period.
We have a 2024 Newmar which has been to various repair facilities for warranty and general maintenance work many more time than I care to admit.
Our 2024 DutchStar is currently at Cummins chasing persistent coolant leaks. This is the third attempt to repair, first by Cummins shop.
Used RV is another ball game completely. You are literally on your own as far as repairs. If you are handy with repairs, and willing to invest your time knowing/repairing the systems on the RV. You can probably get a reasonable deal on a newer unit. Many low hour/mileage units exist from unhappy owners
There are plenty to chose from on the market. With no warranty, you will want to test and inspect all systems on the Unit prior to commitment.
Hope this helps.

 

[topknines]

As a first-time buyer, financing can seem tricky, but it’s not too bad. Used RVs can be harder to finance, but you can find a good deal if you compare lenders. Sites like RV Trader and Camping World are good, but I also found Camp Travel Trailer through the group for some good used RV listings. Worth checking out!

 

[Jireh Financial]

Good morning,
Financing of new or used is very similar. In fact, none of the dealers we work with have any difference on rate or term based on new or used. There could be some age restrictions. Those generally don't start until the unit is really growing old. Also, not all lenders have competitive rates for RV loans. Some have a better appetite for the business than others.
Working with someone with years of experience in that business (like us) can save time and credit bureau abuse.
Let us know how we can help.
Thank you,
Ken