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Financing question


sheldons65
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We visited a dealership today looking for a new quality 5er we have shortlisted. I inquired about interest rates and also mentioned my Escapees address. Oh no you can’t use that, not suitable for banking, etc etc. All of my banking, investments, and everything else is ok with that address. He was familiar with the Rainbow Drive address. I believe that may be true for the common finance companies they use. With any major purchase I make sure to research it thoroughly. 

I’ve been following this forum for many years. It seems better to arrange my own financing through like Bank of the West or Alliant Credit Union? I’ve got an 800 credit score and could put plenty down like 20%. Plus I have verifiable income. 

Just looking for a reality check. Thanks!

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9 hours ago, GlennWest said:

That's strange. We never have had an issue with my Escapees address. Our credit union it's non issue

We never did any paperwork with this dealership. It was just general discussion. I love and respect Escapees. I believe in my address. It’s a good legit address. 

Edited by sheldons65
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8 hours ago, sheldons65 said:

It seems better to arrange my own financing through like Bank of the West or Alliant Credit Union?

I have always shopped financing before I made any major purchase, just as I do the purchase itself. In most cases you can do better than what a dealer will offer, and even if the dealer has better rates, you have a basis to compare his offers to. The reason dealers try to arrange financing for you is that they get a commission for having done so. Back 30+ years ago, when my wife was a loan officer the standard with her bank was to give the dealer 1% of the loan principal. That amount was always added into the loan somewhere, which is one of the reasons that you could get the same loan from her bank, usually for about 1% less interest. 

As to the Escapee address, it sounds like the dealer you were talking to wasn't likely to be very service oriented if he is telling customers what they must do in order to spend their money with him.

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I would not necessarily be deceptive but if you flat out told the dealer you are going to finance elsewhere he will know he is losing that percentage that may be what Kirk spoke about and may be less willing to deal on price. These days the way RV's are selling I wouldn't count on anything being normal. Dealers are rarely going to lose.  When I finance which is extremely rare I know that I am going to do a full payoff of the loan within 6-12 months so I make sure there is no early payoff penalty.

I have financed vehicles through a dealer but paid off early even if it was by a cheaper rate loan from somewhere else.  I would finance almost anywhere if it is best for me but I mostly like to use credit unions when I can. I don't think I have financed anything in about 30 years and it isn't because I have a ton of money because I sure don't.

Edited by bigjim
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I, like above, always have financing before I go to the dealer, autos, trucks, trailers and RVs. Mostly over the years the dealers got me better interest rates then I had and I wouldn't tell them what rate I had. Only two times did I end up using the financing that I had.

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We once had financing prearranged through our bank. The dealer didn't make as good an offer. We told him we would go through our bank. Suddenly, the dealer made a better offer than the bank's offer. "Oh, the games people play now."

Linda

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I will usually go thru the dealer for my financing so that the dealer get a commission from the bank but I insist that the dealer gives me a better purchase price. I am going to pay off the loan in full after a couple of months anyhow so the rate is irrelevant. 

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2 hours ago, sheldons65 said:

So it seems like members have successfully many times used the Escapees address for financing an RV?

Yes, but. It is important to know when they got that financing. Before or after the current rules went into effect?

Linda

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FYI got pre-approved from Alliant for the amount I wanted using my Escapees address. Now we have a short list to make a move on in the next 45 days. It’s comforting to know we are in control of financing. Of course we might consider what the dealer has to offer. The benefit is we have eliminated that leverage by the dealer. 
 

We are looking at several full-time grade 2016-2018 used 5ers with a bunkhouse I can convert to an office. 

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  • 2 months later...

I got approved today for a hefty amount on my first RV. Went with Alliant credit union after comparing them to a few others. Had to fix up my credit. I removed a chapter 13 bankruptcy that would have stayed 4 more years on my record. Royalfinancialrescue.com were absolutely amazing in treating my credit issues. They even removed hard inquiries.

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  • 8 months later...

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