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oscararias102909

Financing travel trailer.

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Looking to finance a travel trailer. Don’t mind sleeping in the Tahoe but time to start getting the kiddos out there. Any suggestions on where to go in the valley?  Thank you all for any replies in advance!

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Most banks and CU will finance RV but the rates will vary quite a bit. 

I suggest looking into a financial company that caters specifically to RV's. For my first travel trailer I went in to the dealership with prior approval and it saved me at least 3% interest. 

Once you get your rig there are insurance companies that specialize in insuring RV's too. The company I used was out of Southern California and they saved me $40 per month and they had substantially better coverage. Like agreed upon value in case of loss. 

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If it has a bathroom you can count it on your taxes as a 2nd home and right off the interest. 

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22 minutes ago, Hoss50 said:

If it has a bathroom you can count it on your taxes as a 2nd home and right off the interest. 

This. And I'd look for something used. What they want for the newer ones is ridiculous imo.

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Boat and trailer loans make the lender rich.  Used prices are dropping daily due to COVID19. Although dealers will be dropping prices 50% just to payoff their floor plan financing. Good luck. 

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The ability to buy now is a very good thing for those that can. Time is on your side. Inventories are aging by the day and dealers will soon start to cut prices to motivate the buyers that can. 

 

Most people probably buy new because the terms are stretched so far that monthly payments are doable by just about anyone. 

I wish I hand cash in hand to pick up something.

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19 minutes ago, Shane.A.Luke said:

Boat and trailer loans make the lender rich.  Used prices are dropping daily due to COVID19. Although dealers will be dropping prices 50% just to payoff their floor plan financing. Good luck. 

I wish. We have been looking at boats @ BP.

 

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If you have to finance a camper you shouldn’t buy it.  Pay cash and be done.  Plenty of people and dealerships dropping prices.  Or just rent one for a weekend or two per year.  

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Let’s say you finance a $15,000 camper @ 5% per year.  That’s $750 per year in interest you pay.  You can rent one for a weekend or two @ $100 per day and basically brake even plus you don’t have to store it or worry about maintenance(tires, brakes, lights..) and you don’t have a monthly payment or insurance cost.  
 

I do think it is a great time to pick something up at a great price, financing campers and boats is just a bad financial move if you can’t pay cash or pay off the loan from savings.  Just my 2 cents.

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You can find good used deals if you can wait for the right deal. 

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11 hours ago, PRDATR said:

I wish. We have been looking at boats @ BP.

 

I don’t think BP has a cash flow problem seeing as they own the boat companies that they sell 

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To actually answer your question, we have had good experience with Bank of the West for trailers in the past. All three trailers we have purchased, their rates were better than my work CU, Az Fed CU or the big 3 (Wells, B of A, Chase). Good luck and enjoy! 

 

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