Who do you use to finance your custom 5er?

[13speed]

I have heard somewhere that some places will only go up to a certain dollar amount like 150K. I will need to be financing around 190K. Is this place legit? https://www.rvfinancing.com

 

Any help will be appreciated.

[HERO Maker]

Check with the rv builder/dealer you are buying from. They probably have a few sources.

[Jim Gell]

I can't answer your question about this company.

I will say that I find it interesting that they advertise setting up LLC's along with their financing. We considered buying an expensive set up, but in the end we decided we did not want to spend that much money in case the FT lifestyle did not work for us. We would have needed to pull a large sum from tax differed savings, incurring a large income tax bill, or taken out a loan. I looked around and could not find anyone loaning to LLC's.

It seems to me that the lender is the one assuming the risk. I may be naive, but off hand, it seems to me that if you read and understand the contract with them and the terms are acceptable, and they provide the money, that you should not have to worry about their legitimacy.

Jim

[13speed]

Check with the rv builder/dealer you are buying from. They probably have a few sources.

I did ask and they no longer recommend anyone.

 

 

I can't answer your question about this company.

I will say that I find it interesting that they advertise setting up LLC's along with their financing. We considered buying an expensive set up, but in the end we decided we did not want to spend that much money in case the FT lifestyle did not work for us. We would have needed to pull a large sum from tax differed savings, incurring a large income tax bill, or taken out a loan. I looked around and could not find anyone loaning to LLC's.

It seems to me that the lender is the one assuming the risk. I may be naive, but off hand, it seems to me that if you read and understand the contract with them and the terms are acceptable, and they provide the money, that you should not have to worry about their legitimacy.

Jim

 

 

I just don't know where to start. These high end 5er's are a very niche market and I am assuming that a traditional bank or credit union would not touch them as there are not a lot of comparable models to determine its value. They would also have to figure out how to sell it if you were to default?

[Big5er]

Alliant Credit Union
800-328-1935, alliantcreditunion.org

Essex Credit
866-377-3948, essexcredit.com

Good Sam Finance Center
800-444-1476, goodsamrvloans.com

Sun Trust Bank
800-786-8787, suntrust.com

[Jack Mayer]

I like Alliant. They have a discount for escapees, have competitive rates, and will do everything electronically.

[Big5er]

They have a discount for escapees,

Jack, tell me more.

[GlennWest]

We really like Alliant also. We use HFCU mostly though because we have a long time relationship. Never seen the business but all you need is on line.

[Jack Mayer]

Jack, tell me more.

Last time I checked - which is now a while ago - they gave a 0.5% discount for Escapees. You can call them and ask if that is still in effect.

 

Also, they will come down on their initial rate quote once you execute the loan IF your credit is very good and you press them on it. Most of the providers will do that.

[Imurphy907]

I just dumped Alliant, been fighting with them for several months about our insurance. they decided to place their own insurance on our trailer, after saying ours was not good enough. Yet every time we talked to the insurance department they said oh yeah, you have more coverage that what is required. On and note, the insurance department does not take outside calls, we had to call the main number get transferred around 10 times than leave a voice mail for the consumer loans manager. Only after that, would we get a return call from the insurance department. Their insurance almost doubled the payment.

 

While talking to our local credit union who we do alot of business with, they agreed to refi the loan. Even tho they don't write loans for 5th wheels, only bumper pull trailers and truck campers. we were surprised when they made the offer as we asked before we purchased if they did 5th wheels and were told no. Since they were doing that, we also refi'd our income property from another bank at a 2% savings.

 

Would I use Alliant again? MAYBE, but I would have to really need THEM. Given just about any other choice I would pick the other choice.

 

Knowing then what I know now, it would have been easier to get a non conventional loan at 7%. instead of dealing with all the crap at Alliant.

 

Thou it was nice getting a refund check from them for 5 months of insurance we didn't need.

[GlennWest]

I believe most wants a certain amount of insurance on a loan they really own until you get it paid for. Even HFCU which is great to us requires lower deductibles that standard insurance. I always ask what required and go with it.

[13speed]

Thanks for the replies guys. I just got off the phone with Alliant and WOW it was not good. The current rate for a 20 year loan with 700-739 credit score is 8.49% plus a additional .75% if you are a full timer. Then they will only loan 90% of the factory's build cost not 90% the invoice amount that I would pay. That build cost is something I cannot get so I have no idea how much they would actually loan me. The trailer is going to be around 260K with a 30% down to get built. 260K-30%=78K leaving a needed loan amount of 182K. That might or might not cover it depending on what "cost" the builder gives them.

[Bobi and Dick McKee]

We did very well with Gardner Bank in Kansas last winter when we financed our Mobile suite. 4.9%, but we only financed about 30k which might make a difference.

[13speed]

Ok, Just called Good Sam and got a girl from "Essex" i think and the story was much, much better. 4.49% for any score over 690 and a 20% down payment based off of the invoice I pay. They also do not penalize you for being a full timer. I don't know what is up with that Alliant CU but they are awful!!! I would still like to shop around if there is anything better out there...but I feel a little better for now.

[GlennWest]

Call Houston Federal Credit Union. That is the one we always finance with. Great rates. They know we full time. Won't hurt to try. We had Essex and was very disappointed. No way to check on line anything. They may have changed though

[Jack Mayer]

I called Alliant 3 months ago and was offered a 4.49% rate with 20% down. The loan amount was much smaller and the term was 15 years. What you experienced is ridiculous. Clearly they do not want your business. Good Sam sounds far better.

[Sculptor]

I have heard somewhere that some places will only go up to a certain dollar amount like 150K. I will need to be financing around 190K. Is this place legit? https://www.rvfinancing.com

 

Thank you for asking this question. I am considering financing now also.

 

I made a few calls to this place and was less than impressed. The first call was a short return call by a rather impatient male who could not talk and did not want to answer questions. I called at least two more times and spoke to females who were pleasant and promised to have someone call and promised to email an application. No call and no email.

[13speed]

I called Alliant 3 months ago and was offered a 4.49% rate with 20% down. The loan amount was much smaller and the term was 15 years. What you experienced is ridiculous. Clearly they do not want your business. Good Sam sounds far better.

Yes for sure! I will make some more calls so that I have a few to choose from when the time comes. Good thing I am not in a hurry.

 

r

 

I made a few calls to this place and was less than impressed. The first call was a short return call by a rather impatient male who could not talk and did not want to answer questions. I called at least two more times and spoke to females who were pleasant and promised to have someone call and promised to email an application. No call and no email.

 

Customer service in all businesses has gotten worse and worse to the point it is hard for me to be nice sometimes even though it is not always the person on the other end of the phones fault. It is so maddening the way these companies treat their customers as well as their employees.