RV financing

[LikinRvin]

It's nearing time for us to retire old faithful. We'd like to research financing options but I'm hitting a lot of dead ends. My go to credit union has horrible rates. Light Stream has great rates but won't loan on private party RV's. Other places have year or mileage restrictions or only short term loans. We have excellent credit

Who have you had great luck with financing used RV's? Looking at RV's in the $70-100k range, 2006 and newer and less than 60k miles.

 

[Scooterfan]

You might try Alliant Credit Union. I believe the RV needs to be 15 years or less in age . Good luck

 

[LikinRvin]

You might try Alliant Credit Union. I believe the RV needs to be 15 years or less in age . Good luck

Thanks! They don't have much info on their website but their rates look good. I'm reaching out to them.

 

[Jireh Financial]

RV loans are what my company does. We work with private sellers and dealers to provide an end to end loan service. We work with several lenders that have different appetites' for the specific deal. IF you need a hand with NADA values, let us know.
Our process is simple. We also have a title company so getting sales tax, titles and registrations completed is part of what we do.
Let us know how we can help.
Thank you,
Ken

 

[Joe Hogan]

A credit union is probably your best bet. They are cheaper than most, typically more lenient, as they are direct lenders.

 

[Jireh Financial]

One of the things with CU's is that MOST have a footprint of some sort. Meaning there are county's or states, or some sort of qualification to join. SOME will not lend on out of state items because the lien process can get tricky. All lenders approve or decline based on strength of buyer, value and the deal. Who handles the loan for a buyer has zero influence on approvals or declines. It would be great if we could affect the decisions. You can bet they would all get approved.
One more thing. SOME banks and CU's have very weak programs for recreational loans. Hunting for a good program that fits the deal is what we do.
Please note the use of MOST and SOME - this is different that ALL. Lenders have different rules and criteria so broad all inclusive statements don't work.
Thank you,
Ken

 

[Amigobaja]

Back in my working days as both a Rv and a Harley dealer we facilitated hundreds of loans for private party transactions. Find a reputable dealer near you and ask for their finance manager ill bet he'll be happy to help.
For libility purposes we did require a lpg systems preassure check on all used Rvs.

 

[LikinRvin]

RV loans are what my company does. We work with private sellers and dealers to provide an end to end loan service. We work with several lenders that have different appetites' for the specific deal. IF you need a hand with NADA values, let us know.
Our process is simple. We also have a title company so getting sales tax, titles and registrations completed is part of what we do.
Let us know how we can help.
Thank you,
Ken

Thanks for the info. I know it's credit and vehicle dependent but what are your average rates and terms? No sales tax in Oregon and we don't use title companies for purchases like this.

 

[Jireh Financial]

Thanks for the info. I know it's credit and vehicle dependent but what are your average rates and terms? No sales tax in Oregon and we don't use title companies for purchases like this.

We are not a lender so we do not have our own rates. Our lenders range from mid 5's all the way up to double digits depending on strength of buyer. Sometimes term and age of unit can also affect the rate. Mostly strength of buyer. Things like sales tax and titles are all state specific. Rules in the buyers state is what applies.
Thank you,
Ken

 

[LikinRvin]

You might try Alliant Credit Union. I believe the RV needs to be 15 years or less in age . Good luck

For future reference, Alliant doesn't do private party transactions, only through dealers.

 

[MyNomadLife]

Thanks for the info. I know it's credit and vehicle dependent but what are your average rates and terms? No sales tax in Oregon and we don't use title companies for purchases like this.

Thanks for the info. I know it's credit and vehicle dependent but what are your average rates and terms? No sales tax in Oregon and we don't use title companies for purchases like this.

This is very helpful information, thank you. Does Jireh do preapprovals?

 

[Jireh Financial]

This is very helpful information, thank you. Does Jireh do preapprovals?

Nothing really formal like in the mortgage business. Any approval a lender gives does need a unit tied to it. Now that unit may change but value VS price is a consideration in the approval process. We often look at bureaus and talk about options. There are several things in a credit application and bureau that give us a good picture of what would work for each buyer. We can get close on a ball park price area to shop for and what loan amounts would fit your history.
It's not an "official pre-approval" but we can get very close and help make a plan.
Thank you,
Ken

 

[LikinRvin]

Alliant has great rates but unfortunately restrictive on where you can buy the RV from:


RVs purchased through a broker or on consignment, Truck Campers, Prevost Buses, Tow Vehicles, Custom RVs, Tiny Homes, and Cargo Trailers CANNOT be financed.

• RVs must be 2007 models or newer.
• Alliant does not offer loans for RVs that have a mileage of more than 75,000 miles.
• Approvals are for Licensed RV dealership purchases only (no private party sales.)
• Terms up to 240 months are available for RVs based on the loan amount and collateral age.
• Rates for RVs older than 5 years will be 0.5% higher than the standard qualifying rate.
• The RV needs to be titled in the name of a person and not an LLC.

 

[DanTown2448]

It's nearing time for us to retire old faithful. We'd like to research financing options but I'm hitting a lot of dead ends. My go to credit union has horrible rates. Light Stream has great rates but won't loan on private party RV's. Other places have year or mileage restrictions or only short term loans. We have excellent credit

Who have you had great luck with financing used RV's? Looking at RV's in the $70-100k range, 2006 and newer and less than 60k miles.

What interest rates do you consider to be "horrible"?

 

[Jireh Financial]

What interest rates do you consider to be "horrible"?

I think I am mixed up with who is saying what? Sorry but I need help here. Is it DanTown2448 or LivinRvin who is looking for some help? Yes we work with used RV loans. We have lenders for different appetites' of buyers as well. If its easier, my you can send a private message or call anytime. My cell is (517) 930-2721 if that works better.
Thank you,
Ken

 

[DanTown2448]

Yes, its me. I have several lenders lined up but the terms are limited to 84 months (for 2019) @ 5.5% Interest rate. I was looking for a ten year loan vs 7 Year. Am I wishful thinking?
Thanks
Danny

 

[Jireh Financial]

Yes, its me. I have several lenders lined up but the terms are limited to 84 months (for 2019) @ 5.5% Interest rate. I was looking for a ten year loan vs 7 Year. Am I wishful thinking?
Thanks
Danny

Terms are generally based on loan amount, not model year. Rates are based on strength of buyer. Generally we can find more term than anyone needs. The tough part of shopping around is most lenders do have some sort of RV loan program. By by the time you find out it's not so good, you are already pulled and time has passed. We only work with lenders and CUs that are IN THE BUSINESS. I see you have (2019) in your note. Is that the model year you are buying? Should be no difference between new and used rates if that's the year.
We are ready when you are.
Ken