Travel Trailer Financing

[lamplight2012]

Hello, all. We're looking to get a Travel Trailer for our family. We don't want to get anything more than 15K or so. Hopefully we can get one for under that with one slide.

Anyway, my scores range between 690-700(one collection, no latesacross the board. I'm currently members of the following credit unions/banks.

Navy Federal
Alliant
Unify
PenFed
Chase
Capital one

Do you have any recommendations for who we should go with?

Thanks!

[sccredit]

Look at Logix.  That is who we used when we bought ours.  

[lamplight2012]

Thanks for the response!

What rate did you get? And were your scores similar to mine?

[lamplight2012]

Looks like I'm out of their jurisdiction(I'm in Kentucky)

"RV loans are available only in AZ, CA, DC, MA, MD, ME, NH, NV and VA. Rate accurate as of 6/4/2018 and is subject to change."

[Anonymous]

Many captive lender's offer competitive RV financing, Ally, US Bank, Union Bank and Trust, etc. Typically they are going to want around 5-10% down (Ally I know for a fact requires a down payment, regardless of LTV/fico scores.)

You should be able to find a nice, new, travel trailer with one slide for around 15k. Be sure to haggle on price quite a bit, all manufacturer's carry the same floor plans, typically the only differences are fit and finish, and manufacturer upgrades (larger AC units, power tongue jack, etc).

There is quite a bit of mark up on new RV's, for example a travel trailer with a MSRP of 26k can very well have over 10k worth of mark-up.

You may check with Scott Credit Union (based out of illinois) and see if you are elibile for membership and if they do lending in KY, they are a very competitive RV lender in the area with great rates at extended term's and they do not require money down. Although, I highly recommend putting a down payment down as Travel Trailer's depreciate very quickly.

Goodluck!

[CCrew]

We just bought one beginning of May. Went through Connexus Credit union out of Wisconsin. 5.1%

@SEMO is correct on markups, 35% off MSRP is to be expected and better can frequently be negotiated. Our MSRP was $27.4k and we paid $18.7 OTD.