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RV Financing for Full Timers


LCBacon

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We are brand new Escapee Members and have received our welcome packet. We are brand new to this and shopping for our RV. We contacted Alliant because there was a card for them in the info packet. We are looking at new travel trailers. When we contacted them they said if the dealership would not share the manufacturer's invoice with them they have no way of knowing how much they can loan on this travel trailer. Dealership says it is strictly against company policy to share this information and is true of most dealerships. Has anyone had this experience?  Is there a way to work around this?Would love to hear from anyone regarding this issue. Thanks, Larry & Charlotte 

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One easy way is to take the loan out with the dealership and then turnaround(sometimes you need to wait 6 months) and refi the loan with Alliant. This is what we did. Our dealer gave us 20 year loan, when we refied with Alliant we ended up with a 8 year loan.

Sometimes MSRP's can be found on the internet, in fact, I think Lazydays post the MSRP on their website. Maybe that would be good enough for Alliant.

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Thanks for you reply. Sorry to say that is the person who said she could not finance the trailer unless the dealership sent them the manufacturer's invoice, which is against strict company policy at the dealership we are working with. They by far have the best prices so we are persisting. 

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13 hours ago, LCBacon said:

I believe Manufacturer's Invoice is what the dealership paid for the vehicle.

You are absolutely correct about that. I suspect that the lender only needs that information for a model that they have no previous information on, but am only guessing. What they are looking for is some way to know the actual value of the security for their loan. Since Alliant writes many RV loans, it would seem that they don't usually have that problem so it may be your dealer. If you have some other asset that has a value greater than the loan amount that you are seeking, you could probably get that loan without the invoice by using the asset as collateral for the loan. I suspect that your dealer wants to handle the financing as part of the deal because the lender that he finances through will pay him a part of the interest of the loan for that business. That is a very common marketing tool in RV and automobile sales. Not uncommon for the purchase price to be higher if they do not write the loan for that reason. 

Good travelin !...............Kirk

Full-time 11+ years...... Now seasonal travelers.
Kirk & Pam's Great RV Adventure

            images?q=tbn:ANd9GcQqFswi_bvvojaMvanTWAI

 

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So, does anyone know the answer to this question? Does everyone require the Manufacturer's Invoice in order to loan money on a new RV? We have checked with the dealership with regard to their loans and they use Bank of America, who does not loan money on RV's that are used as a primary residence. 

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8 hours ago, LCBacon said:

Does everyone require the Manufacturer's Invoice in order to loan money on a new RV?

It is difficult to say about everyone, but since you will be living in yours I would point out to the sales manager that you will not be able to buy from them if they will not work with Alliant. It would not require them to tell you what they paid for the RV but only your loan officer. If they would allow the loan officer to call them they could disclose it with the stipulation that you not be told that number. The reason they don't want you to know is that it would mean that you would know exactly what markup they received. I am sure that Alliant would agree to keep the number in confidence as that is often the case with loan information. 

Good travelin !...............Kirk

Full-time 11+ years...... Now seasonal travelers.
Kirk & Pam's Great RV Adventure

            images?q=tbn:ANd9GcQqFswi_bvvojaMvanTWAI

 

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Kirk hit it on the nail head. Just have the dealer provide the info to the lender in confidence. If the dealer will not tell them they will loose the sale. I'm sure you could find another dealer who will cooperate and give you the same price if you look hard enough. You just may have to travel out of you home area. I have purchased both of my rigs from out of area dealers at good discounts. If you are full time it doesn't matter where your dealer of purchase is. 

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1 hour ago, Twotoes said:

If you are full time it doesn't matter where your dealer of purchase is. 

Very true. In fact, you might want to ask your Alliant loan person who they have done business with in the past. 

Good travelin !...............Kirk

Full-time 11+ years...... Now seasonal travelers.
Kirk & Pam's Great RV Adventure

            images?q=tbn:ANd9GcQqFswi_bvvojaMvanTWAI

 

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