financing options

joesulak · 01-24-2018, 10:16 AM

Did any of you shop for financing options or did you just go through SMB/dealer? If you shopped around, what good options did you find? It seems like rates can vary quite a bit, I just want to feel like we did our research when we decide on a lender.

Thanks!

ctb · 01-24-2018, 12:42 PM

We went with what SMB found for us (SMB North)...it was pretty competitive and more importantly, EASY...sign and drive sort of speak...we got it under a 20 year loan/ "second home" guise...our SMB has sink, furnace, and fridge which ( i'm pretty sure) qualified it as a second home...We got tot take off interest on taxes too (don't know if you can still do that)....we (eventually) ended up cashing out some equity on our house to "pay-off" the loan...the trade off was a 1.5% savings on overall rate (3% down form 4.? whatever it was), and shaved 5 years off with a 15 year mortgage, thinking saving over 30K on overall interest (though it is all on paper, sort of speak)...so that is how we did it...good luck with whatever you do decide to do, keep us all posted!...
PS. good thing is, these wonderful machines hold their value quite well...

rltilley · 01-25-2018, 10:23 PM

When I picked up my SMB in 2012 they used Bank of the West and I went with them due to their familiarity with the vehicles and also due to the fact that their rate was competitive. I'm still happy with the choice.

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joesulak · 01-26-2018, 07:22 AM

Thanks for the input! Seems like that's the way we're going.

ghetto fireman · 01-26-2018, 09:40 AM

Lightstream quick and easy. good rate also.

smithie · 07-12-2018, 04:57 AM

x2 on Lightstream. Simple, fast, very good rate.

NWAvant · 07-19-2018, 06:08 PM

Local Credit Union - Easy, but had to get an appraisal for them to get a value on it as KBB and NADA both do not adjust well for the SMB.

KeindeAbiola · 05-23-2023, 09:56 AM

I'm sorry for reviving an ancient thread, but I have a similar question. Did any of you explore different financing choices, or did you simply rely on SMB/dealer? If you did shop around, what were some favorable alternatives you came across?

Twoxentrix · 05-23-2023, 05:02 PM

In the absence of Cash, the best rates will probably come from (as mentioned earlier by member ctb) a home equity loan. If neither of these is an option, and taking into account the current state of the economy & financial market, calling around is your best bet.
Suggest you also embrace the task of securing Insurance at the same time - Depending on the Rig, your targeted budget, and your location it's possible this will prove a challenge as well. Couple threads associated with this which may help provide some leads, insight, & reference some obstacles/questions you may face in the process - Good info to be armed with (some started years ago, but have been built upon with contributions from the last several years):
https://www.sportsmobileforum.com/fo...ion-27648.html

https://www.sportsmobileforum.com/fo...red-23885.html

https://www.sportsmobileforum.com/fo...-smb-5412.html

https://www.sportsmobileforum.com/fo...ate-27645.html

https://www.sportsmobileforum.com/fo...ast-31157.html

The_Vermonster · 05-23-2023, 06:15 PM

We used Lightstream and the process couldn't be easier. After the application, we waited a few minutes and got an approval email. The funds were deposited less than 24hours later. But it's more of a personal loan, so it's based heavily on your income and credit score. On the plus side, you hold the title as the vehicle is not used to secure the loan.