Who has the best Financing

[DanTown2448]

I have made an offer on a new Coachmen Mirada. Now I am looking for the best financing available? Any recommendations of financial institution, interest rates, term lengths? Thanks!

 

[Germanrazor]

Like a auto, depends on your credit history and rating. But most loans can be up to 10-12 years on such things as RV’s.

 

[DanTown2448]

Like a auto, depends on your credit history and rating. But most loans can be up to 10-12 years on such things as RV’s.

Thanks for the quick response....
Excellent credit and looking for those 10-12 year terms. Just wondering if anyone has had good interactions with a specific lender. I have reached out to SunTrust (current Mortgage holder) but they only finance up to 84 months.... I am waiting on a response from my Credit Union now... hoping to get sub 5% if possible.
Danny

 

[DanTown2448]

Thanks for the quick response....
Excellent credit and looking for those 10-12 year terms. Just wondering if anyone has had good interactions with a specific lender. I have reached out to SunTrust (current Mortgage holder) but they only finance up to 84 months.... I am waiting on a response from my Credit Union now... hoping to get sub 5% if possible.
Danny

Also found that USAA does perform RV CLass A motorhome loans.... As long as they are less than $35K. Seriously? Doesnt sound like USAA is really serious about being in the RV Financing business.

 

["EZ"]

I used Bank of the East who then sold the loan to 5th Third Bank. Mine was a 2006 model so the interest rate was a bit higher since it was close to the model year cut off. I have excellent credit with an 830 FICO score so your mileage may vary. I think I got a 20 year loan for 6.5% three years ago. I just wrote a check to pay the loan off this month so we're done with payments for a while!

 

[Germanrazor]

Thanks for the quick response....
Excellent credit and looking for those 10-12 year terms. Just wondering if anyone has had good interactions with a specific lender. I have reached out to SunTrust (current Mortgage holder) but they only finance up to 84 months.... I am waiting on a response from my Credit Union now... hoping to get sub 5% if possible.
Danny

We used M&T Bank. Did a 12 year finance at like 6% but plan to pay the TT off within a few years.

 

[Germanrazor]

Also found that USAA does perform RV CLass A motorhome loans.... As long as they are less than $35K. Seriously? Doesnt sound like USAA is really serious about being in the RV Financing business.

Guess they are like most traditional banks are on raw land…..will loan as long as you put almost 50% down and no more than 8-10 years. Used Farm Bureau once since they lend on raw large tracts.

Some banks just find it more of a hassle to loan on such luxury items. But as expensive as cars are now days, they may want to reconsider as they are at times no more costly. But to be honest, in hard times, people will let such things go back to the bank first then banks are stuck.

 

["EZ"]

Don't we have a finance and insurance guy hanging out here? He should have a listing in the commercial section of the forum..............

 

[DanTown2448]

What kind of interest rates should we be expecting to get for a $100K RV Loan?

 

["EZ"]

I found him!! See his post I copied and pasted below....................


This is my first post on RVForums.com. My company is in the loan and service contract business. If we can help in anyway, please let me know. We do also offer loan services if you are in need. We work with lenders that do have different appetites' for the type of buyer. Also, buyers are often traveling across state lines to purchase and that can add wrinkles.
Let me know if we can help.
Thank you,
Ken

[email protected]