RV loans

[Littleolwoman.aka.Kristie 119]

We are in the process of purchasing a used RV from a private seller. I have literally spent all week on the phone with various credit unions, banks and rv loan associations trying to find the best rates and terms. What a complete nightmare this has all been. Our credit is excellent and we have a good down payment. The problem is the rates and terms being offered. They have been all over the board from 12.9% down to 4.99%. From 60 months out to 180 months. Some places require 10% down others require nothing. The credit unions require memberships but with various stipulations. I know understand why people go through a dealer. 

[PGHFiend 140]

Good sam seems to offer reasonable rates, though  I do not know what the condtions are. Many use a home equity loan and deduct the interest as a second home.  I personally will use my credit union as I do not use any commercial banks. 

Good luck.  

[Littleolwoman.aka.Kristie 119]

Good Sams had terrible reviews but we went with them because of the better rates. Fingers crossed we have a good experience.

We originally wanted to use PSECU but we didn't meet their membership terms. The credit unions here in Indiana have had terrible rates. 

We thought about the home equity route but knew from past experiences it would take at least a month to finalize everything. 

[Grumpy and Grandma 739]

15 minutes ago, Littleolwoman.aka.Kristie said:

The credit unions here in Indiana have had terrible rates. 

Many CU's won't even loan on an RV. 

[PGHFiend 140]

I am Psecu and love them. Can't say enough about the professional way they conduct business.  

[BouncingTiggers 98]

I use Bank of America for my current camper. They had good rates and the process could not have been easier.

[Littleolwoman.aka.Kristie 119]

13 hours ago, PGHFiend said:

I am Psecu and love them. Can't say enough about the professional way they conduct business.  

We spent a lot of time talking with them and we're very impressed with their rate/terms and professionalism.  If we had lived in PA or had a family member already a member we would have definitely gone this route. 

[Littleolwoman.aka.Kristie 119]

11 hours ago, BouncingTiggers said:

I use Bank of America for my current camper. They had good rates and the process could not have been easier.

We looked into them and the rates/terms were not very good compared to others,  but you may have bought a while back.

[bdm 47]

A good friend got a 2nd mortgage to purchase his class A.

Advantages to that are, the interest are tax deductible, no need for full coverage on the camper, and extend it out 15+ years. 

[Littleolwoman.aka.Kristie 119]

Definitely tempting.

[PGHFiend 140]

2 hours ago, bdm said:

A good friend got a 2nd mortgage to purchase his class A.

Advantages to that are, the interest are tax deductible, no need for full coverage on the camper, and extend it out 15+ years. 

It would be reckless to not have full coverage on a home equity loan with the little bit it costs. One tree, hail storm or whatever puts your real home at risk. 

[bdm 47]

3 hours ago, PGHFiend said:

It would be reckless to not have full coverage on a home equity loan with the little bit it costs. One tree, hail storm or whatever puts your real home at risk. 

Damage from a tree, or weather (if the camper is parked) is covered by your home owners insurance policy anyway (if the camper is at home, storage facility, or campground i.e. not traveling).  Your Full coverage for the camper is just to cover the camper while traveling, identical to how your car insurance is.  -This is my understanding, as I just renewed my insurance this last week-

 

Also the whatever you purchase with the money from the equity loan has no weight on the loan.  People use the to pay off credit card debts, pay for vacations etc etc

[PGHFiend 140]

2 hours ago, bdm said:

Damage from a tree, or weather (if the camper is parked) is covered by your home owners insurance policy anyway (if the camper is at home, storage facility, or campground i.e. not traveling).  Your Full coverage for the camper is just to cover the camper while traveling, identical to how your car insurance is.  -This is my understanding, as I just renewed my insurance this last week-

 

Also the whatever you purchase with the money from the equity loan has no weight on the loan.  People use the to pay off credit card debts, pay for vacations etc etc

I stand by my statement, hail storms can happen anytime even while driving.  One of our members even recently totalled his truck and camper driving on new pavement on a sunny day. Anything is possible.  I know you can use the money for whatever....what I mean by my second statement is that if you crash your rv without full coverage you could end up with a lein on your home without the collateral. 

It's just not a good idea in my mind but ymmv. 

[keith_h 420]

3 hours ago, bdm said:

Damage from a tree, or weather (if the camper is parked) is covered by your home owners insurance policy anyway (if the camper is at home, storage facility, or campground i.e. not traveling).  Your Full coverage for the camper is just to cover the camper while traveling, identical to how your car insurance is.  -This is my understanding, as I just renewed my insurance this last week-

 

Also the whatever you purchase with the money from the equity loan has no weight on the loan.  People use the to pay off credit card debts, pay for vacations etc etc

That's not the case for my policy. Auto and trailer are only covered under my auto policy regardless of location. No comprehensive , no coverage. There is an exception and that is contents from the house like TV, computers or phone they are covered under my home owners.

[Cortezcapt (Derek) 156]

I would check with your insurance companies and specifically ask what is covered.  I know the 2 different companies we had one on our old house and one on the new did not cover the travel trailer or any vehicle for anything other than liability when on the property and no coverage when not on the property. Our Auto insurance is the same it covers liability when connected to the truck only.  We don't have a loan on the TT but did go ahead and got insurance on it as we plan to do some longer trips and to be honest was scared of possible storm damage. In a few years time it might not be worth having the insurance on we will see. If it was financed I think I would definitely want a policy that would cover any damage and a specific RV policy, I think I paid 5 or 10.00 more for full replacement costs of things like the awning instead of them being prorated. 

 

If it's a motorhome I don't know how those policies are written as far as replacement and repair. 

 

Even with insurance you may not end up getting what you paid for the RV if something were to happen, but at least you wouldn't be stuck paying on a loan for something you don't have anymore.

[Dogdiver 3]

Paid cash for 2017 Montana 3731FL. Able to do this because we have Progressive Full Replacement coverage on our 2015 Mountaineer 375FLF. Totaled my F250 and our 5er in May. Took a beating on the 2011 F250 because it was payed off when we got our 2017 F350 duelly. 

[mileshigh 0]

On 9/16/2017 at 10:27 AM, BouncingTiggers said:

I use Bank of America for my current camper. They had good rates and the process could not have been easier.

A previous neighbor use Bank of America as well and they seem to have good rates back then.

[BradyBzLyn...Mo 2,023]

On 9/15/2017 at 7:22 PM, Grumpy and Grandma said:

Many CU's won't even loan on an RV. 

All our camper loans have been with CUs here in NH - although all through the dealer. Rates have been decent and they've been good to work with.

When we rolled our last TT on the highway (not our fault) our car insurance covered most of it, and then the gap insurance on the camper kicked in (it was only a year old).  We ended up being able to replace everything for just the cost of the deductible on our car insurance. We got the exact same camper, brand new (luckily the dealer still had one on the lot), and replaced our Navigator (that we still owed some on) with a used Excursion that we got a great deal on.  

Crazy part is that 6 months later our car insurance company called us to say that they never caught the person that caused the accident, but we had uninsured motorist coverage and "what would you like to do?"  We said we'd like our deductible back and they cut us a check that day.

[desiphil 7]

Check Essex Bank. They are affiliated with Bank of the West - which is a major dealer lender. Check the online rate sheets for your local credit unions as well. They will list available terms. With dealers, $25k and over can get you 180 mos. Wonderful credit will get you 4.74 - 6.25 depending on how much your finance guy marks up the rate. Loans under $25k max out at 12 years.