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Old 06-30-2008, 08:47 AM   #1
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Financing Options

I know questions about financing surface all the time. The following is a link to National City's RV/Marine financing page LINK TO PAGE. As a former Lender, I can tell you that these terms up to 20 years are really good. It is rare to find a bank that will finance an RV beyond 7-10 year terms.

I just thought I'd put this out there since I myself have a Sportsmobile I'm trying to sell and I want to make sure potential buyers know that they don't have to settle for shorter terms; not to mention, qualifying for these shorter terms is more difficult (term plays a bigger part in qualifying than rate does). Feel free to ask questions.

Please Note, I do not have any association with National City other than a home equity loan which financed most of my SMB purchase in 2007. I just wanted buyers to know their options.

Ken Keister
BigRed4X4Van.com
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Old 07-01-2008, 09:50 AM   #2
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Will they finance Sportsmobile?

Do you know for sure that they will finance a Sportsmobile as an RV loan. Been through a few of these and they all say they will then when it comes to the valuation of the vehicle they say they can't find the correct value and come back with being able to just finance the van's value, not the sportsmobile. I've given up looking for financing on a used sportsmobile because of these issues. Now I'm banking my acceptable payment each month to save up for either the right priced older SMB or a down payment on a new with the financing SMB can get.

Just wondering if someone has actually financed a SMB through this vender as an RV loan. I know the home equity is popular, but my wife and I commited a long time ago to never touch our equity. Nor am I willing to take out a loan on a vehicle which I have already paid off. I for whatever reason find it insulting when the loan specialists take a look at our assets and tell us we need to take out a loan on something we either have equity or have paid off. Seems like moving backwards in my head.
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Old 07-01-2008, 11:16 AM   #3
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Re: Will they finance Sportsmobile?

No, I do not know that this bank will finance a Sportsmobile as an RV. I just always figured a little extra legwork to help a bank underwrite the loan as an RV loan is worth the favorable terms. It seems to me that if my town requires me to pay excise tax on 100% of the build price of my SMB (less age factor) and my insurance company has no problem insuring the SMB for full replacement cost (documentation required for both) then it seems like a large lender like National City would be able underwrite a loan for more than just the value of the van. Just my opinion.

Quote:
Originally Posted by Soloracer
I for whatever reason find it insulting when the loan specialists take a look at our assets and tell us we need to take out a loan on something we either have equity or have paid off. Seems like moving backwards in my head.
Unfortunately, this is common in banking. It's a lender's lazy way out (yes, I've done this as a lender). Bankers have so many customers saying they need money immediately for non-typical needs that they often suggest the quick and easy way. This is both for the benefit of the banker and the customer since the non-typical request will take longer to justify value; but a loan on an owned car or equity in a home can usually be closed within 48 hours of application (plus 3-day right of recision on home equity loan).
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Old 07-01-2008, 11:45 AM   #4
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thoughts on Financing

I purchaced my SMB earlier this year and was able to get a RV loan with no problem. I had my loacal credit union get a pricing list from SMB and they had no problem getting it up to the value that I needed. Though I did buy used and for much less than a new SMB I got a great rate for 12 yrs. i kept hearing about how hard it was to get a loan for a SMB but as soon as I needed one it was pretty easy I thought. maybe because of the lower cost of mine. Under $50k
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Old 07-02-2008, 08:39 PM   #5
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thoughts on financing

Soloracer;

We were able to finance a used SMB without any problems. Like you, the banks were unable to find an accurate value on the SMB, and only wanted to lend on the value of the van via KBB. We spent the $200 and had the one we wanted appraised. We made an offer first, and the private party accepted. Had it appraised. Then financed. It was financed as an RV. We just made sure we had plenty of photos for the bank. We also insured it via AAA as an RV. We had 3 out of 4 'items' to make it an RV.

We ended up getting a killer deal, and below what it appraised for. It was worth the $200 for the appraisal. Had the seller had the appraisal done, they would have known what it was worth, expedited the financing, but then somebody else would have had it.

We used a credit union.
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