Good Sam Club Open Roads Forum: How to get a loan for RV
Open Roads Forum Already a member? Login here.   If not, Register Today!  |  Help

Newest  |  Active  |  Popular  |  RVing FAQ Forum Rules  |  Forum Posting Help and Support  |  Contact  

Search:   Advanced Search

Search only in Beginning RVing

Open Roads Forum  >  Beginning RVing

 > How to get a loan for RV

Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 7  
Next
et cetera

South-East

Senior Member

Joined: 12/26/2002

View Profile


Offline
Posted: 04/06/21 04:11pm Link  |  Quote  |  Print  |  Notify Moderator

Looking at all the forums, none are a perfect fit so will ask here, my apologies if not the best sub-forum.

Trying to figure out how much I can get in a loan. I need some help with loan basics as I've never gotten one before.
And how much I get will drive my purchase decision, alternating between B-class and C-class. I full-timed in a 32' TT before but it was bought with cash. Anyway, that's immaterial.


I have no debt, no bankruptcies, my credit history is this: TransUnion is 705, Equifax is 630 via CreditKarma. I don't have the FICO score. I am hoping to get at least 40K but where do I go, my bank or maybe Navy Federal Credit Union, or what?

Lwiddis

Near DVNP, California

Senior Member

Joined: 08/12/2016

View Profile



Good Sam RV Club Member

Offline
Posted: 04/06/21 04:18pm Link  |  Quote  |  Print  |  Notify Moderator

Start with your local credit union. Try your bank if you have dealt with them for a while. If buying from a dealer, have them carry the ball on this issue.


Winnebago 2101DS TT & 2020 Chevy Silverado 1500 LTZ Z71, 300 watt solar-Lossigy 200 AMP Lithium battery. TALL flag pole. Prefer boondocking, USFS, COE, BLM, NPS, TVA, state camps. Bicyclist 14 yr. Army -11B40 then 11A - (MOS 1542 & 1560) IOBC & IOAC grad


gemsworld

Arizona West Coast

Senior Member

Joined: 03/08/2009

View Profile



Good Sam RV Club Member


Posted: 04/06/21 04:27pm Link  |  Quote  |  Print  |  Notify Moderator

Based on the amount you want to borrow, it appears you'll be buying used. Lenders will typically lend on newer RVs and charge a higher interest rate, compared to new. Your best bet will be to check with your credit union.





wanderingaimlessly

Buggs Island lake

Senior Member

Joined: 08/23/2017

View Profile


Offline
Posted: 04/06/21 04:29pm Link  |  Quote  |  Print  |  Notify Moderator

I would try your credit union first,
But understand, each time a creditor runs your credit, your score will drop.
Another option may be USAA since you mention a military credit union.

toedtoes

California

Senior Member

Joined: 05/17/2014

View Profile



Good Sam RV Club Member

Offline
Posted: 04/06/21 04:34pm Link  |  Quote  |  Print  |  Notify Moderator

Credit unions will usually have the best rates. New RVs are pretty easy to finance, but used ones can be much harder to finance (RV loans usually have an age restriction). If buying used, you may have to get a personal loan or equity loan.

With all that, really think about financing an RV. It's rarely a good move as the RV depreciates and you'll be underwater for most of the loan life.


1975 American Clipper RV with Dodge 360 (photo in profile)
1998 American Clipper Fold n Roll Folding Trailer
Both born in Morgan Hill, CA to Irv Perch (Daddy of the Aristocrat trailers)

mich800

Pontiac, MI

Senior Member

Joined: 05/30/2004

View Profile



Posted: 04/06/21 05:27pm Link  |  Quote  |  Print  |  Notify Moderator

et cetera wrote:

Looking at all the forums, none are a perfect fit so will ask here, my apologies if not the best sub-forum.

Trying to figure out how much I can get in a loan. I need some help with loan basics as I've never gotten one before.
And how much I get will drive my purchase decision, alternating between B-class and C-class. I full-timed in a 32' TT before but it was bought with cash. Anyway, that's immaterial.


I have no debt, no bankruptcies, my credit history is this: TransUnion is 705, Equifax is 630 via CreditKarma. I don't have the FICO score. I am hoping to get at least 40K but where do I go, my bank or maybe Navy Federal Credit Union, or what?


Do yourself a favor and get your real fico scores so you have a general idea what tier you would be in for a loan. Credit Karma scores are worthless for anything other than entertainment.

Then it generally comes down to debt to income ratios the lender uses.

Lwiddis

Near DVNP, California

Senior Member

Joined: 08/12/2016

View Profile



Good Sam RV Club Member

Offline
Posted: 04/06/21 05:46pm Link  |  Quote  |  Print  |  Notify Moderator

Wise words, mich.

spoon059

Just north of D.C.

Senior Member

Joined: 10/03/2010

View Profile



Good Sam RV Club Member

Offline
Posted: 04/06/21 05:51pm Link  |  Quote  |  Print  |  Notify Moderator

Do you own a house? We took out a HELOC at a very low rate and used that to buy our trailer. Paid it off in less than 3 years. Rates are so stinking low right now for mortgages it's even more beneficial than it was 6 years ago when we did it.


2015 Ram CTD
2015 Jayco 29QBS

azdryheat

Tucson, AZ

Senior Member

Joined: 03/02/2012

View Profile



Good Sam RV Club Member

Offline
Posted: 04/06/21 06:21pm Link  |  Quote  |  Print  |  Notify Moderator

You don't have a high enuf credit rating to buy where I work, which is pretty much how it is industry wide.


2013 Chevy 3500HD CC dually
2014 Voltage 3600 toy hauler
2019 RZR 1000XP TRE


pconroy328

Colorado

Senior Member

Joined: 01/30/2015

View Profile


Offline
Posted: 04/06/21 10:57pm Link  |  Quote  |  Print  |  Notify Moderator

we bought ours about three years ago. I shopped around and Good Sam had the best rates.

They required one of their licensed inspectors inspect the RV before they'd write the loan.

Once we knew the loan was approved, we went ahead and pulled from our HELOC to essentially pay cash for the RV. Then used Good Sam to repay most of the HELOC.

Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 7  
Next

Open Roads Forum  >  Beginning RVing

 > How to get a loan for RV
Search:   Advanced Search

Search only in Beginning RVing


New posts No new posts
Closed, new posts Closed, no new posts
Moved, new posts Moved, no new posts

Adjust text size:




© 2021 CWI, Inc. © 2021 Good Sam Enterprises, LLC. All Rights Reserved.