RV loan

lactic · 06-22-2007, 04:16 PM

I am looking to get a 15 year RV loan and was wondering where to start looking other than the obvious- my bank. Any recommendations?

Thanks!

Christopher Thwaites · 06-22-2007, 04:20 PM

Try "your bank" then a credit union. Google RV Loans. The credit union will likely be the best rate.

lactic · 06-22-2007, 04:25 PM

Thanks! Any input regarding the Good SAm GEMB loan program? I believe it the same one SMB uses if you finace through them.

Christopher Thwaites · 06-22-2007, 05:06 PM

No experience with Good Sam. My credit union was the best I found. Beware, you can only borrow a % of the fair market value established by appraisal. I checked only on a loan for a used SMB and although the rates were good they wouldn't loan what I needed. Not sure how it works for a new SMB. I'd rather buy used and let someone else cover the initial depreciation. Have you thought of an equity line type loan. Easy to get usually. Interest is deductible. No hassels with appraisals etc.

Colorado Ken · 06-22-2007, 11:13 PM

As a lender, I know you will probably be subject to the "lesser of purchase price or XX% of value (80% or 90%)" rule. Unfortunately, valuing an SMB for collateral purposes can be tough for a bank, whereas an "invoice" is easy.

My suggestion: Home equity line. That's how I did it.

Ken