gouda
NW WI
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Joined: 02/04/2007
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We just went through this on our MH in the past two weeks. No real problem, took some time and all the "t's" had to be crossed etc. The companies are really looking closely at your situation and everyone is different. Part of the problem with RV's is that GE stopped doing RV loans recently (not sure why)so one of the big players is now gone. But this was two weeks ago now, so things likely have changed in that time. I wouldn't expect to see any interest rates less than 7.25% and likely more. The better deal you get on the pricing the better deal on fiancing you'll see.
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econometrics
35000'
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Joined: 03/02/2006
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Chellyoung wrote:With all this talk of Banks falling under...I've heard talk that a lot of the banks won't finance on campers right now. Is this true?
Some dealers do have recourse agreements with banks and it does depend on the dealership relationship. Generally speaking, the more expensive products the dealer handles, the deeper pockets he has and more liquid assets he can rely on. This allows for the dealer to leverage himself reasonably and acquire good banking terms for his clients.
There actually is a dealer in Atlanta that brokers paper to other dealers in the state. If you want to know, chellyoung, PM me and I'll tell you who they are.
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Dick_B
Palos Heights, IL USA
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Joined: 07/10/2002
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You should be able to get a home equity loan if you have sufficient value over the current mortgage amount.
Can't imagine a bank loaning money with the RV as collateral because if you default the bank owns an RV and would not know what to do with it.
Dick_B
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kakampers
Fulltimer
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Joined: 04/02/2004
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Banks always hold the RV as collateral...that's the only way we've financed every RV we've ever owned...just like a car!
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tazzy
Kentucky
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Joined: 01/27/2008
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don't feel bad if you're in the 7% range. interest rates were pretty crappy earlier this year, too. our credit union was offering something like 7.5% on a 10-year RV loan and our local U.S. Bank, where we have a checking acct., was around the same amount. we ended up financing 100% of our loan (oh wait, I think we put $1,000 down) for 6.75% from the dealer for 15 years. that was at the end of May this year. we have perfect credit, too. and yet despite shopping all around, that was the best rate out there.
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smkettner
Southern California
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Joined: 03/21/2005
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7 to 9% is reasonable. If you get less than 7 fantastic.
B of A rates
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bigslim
NC
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I just got 6.5% about 3 weeks ago from Bank of the West thru the dealer. I thought that was a good rate and from the above posts it was.
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WTTCS
freedom , U.S.A.
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Joined: 07/28/2003
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I am a reseller of merchandise, so I went up to my bank Monday to check the availability of money. This winter, I will load up and go to the RGV and sell rvs and other stuff. I pointedly asked the loan president what the road looked like for financing the rvs, if I sold them . He told me they were not in trouble, that the deal on the bailout did not really apply to main street banks, but to the bigger guys . He gave me 50 credit apps and went over with me the places that were important. He did say that he would require a minimun of 680 on a credit score to process the loan. I say good for them, thats protecting my money also.
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sirdrakejr
Las Vegas, Nevada
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Moved from 5th wheel to Gen'l RVing Issues.
Frank
RV.net blog
For those of you looking for expert advice, here ya go!
Frank
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SlickWillie
East Texas
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Joined: 12/01/2006
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I think our fifth wheel is financed with US Bank. IIRC, they opted out of the RV market several months ago. Not sure why, but I don't think it had to do with the current crisis. And, I could be wrong. (I'm just to lazy to look it up today.)
Will
2004 GMC EXT/C D/A 2500HD 4X4
2006 Montana Mountaineer 303RLD
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