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  #1  
Old 07-11-2019, 08:36 PM
gwav8or gwav8or is offline
 
Join Date: Apr 2009
Location: Durant, Ok
Posts: 27
Default RV Aircraft Finance

Any recommendations for financing an RV? I contacted Dorr and they donít do RVs. I contacted a bank that I used for my previous aircraft and theyíll finance me but their rate is 6.9% which seems a bit high.
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  #2  
Old 07-11-2019, 08:56 PM
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majuro15 majuro15 is offline
 
Join Date: Feb 2013
Location: Charlotte, NC
Posts: 621
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First Pryority Bank.
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  #3  
Old 07-11-2019, 08:57 PM
rv7charlie rv7charlie is offline
 
Join Date: May 2006
Location: Pocahontas MS
Posts: 3,871
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If you really want to borrow money, try your local credit union. When I was younger and dumber, so was my credit union. They gave me the same rate as they were charging to finance..wait for it...RVs.
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  #4  
Old 07-11-2019, 09:15 PM
gwav8or gwav8or is offline
 
Join Date: Apr 2009
Location: Durant, Ok
Posts: 27
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Quote:
Originally Posted by majuro15 View Post
First Pryority Bank.
Yep thatís who I financed my first aircraft with. Talking with Bank of Locust grove now who is a sister Bank. The same person does aircraft rivals for both banks. They are great folks and have made things easy for me in the past. I want to use them again but want to make sure Iím getting the ďbestĒ rate.
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  #5  
Old 07-11-2019, 09:15 PM
gwav8or gwav8or is offline
 
Join Date: Apr 2009
Location: Durant, Ok
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Quote:
Originally Posted by rv7charlie View Post
If you really want to borrow money, try your local credit union. When I was younger and dumber, so was my credit union. They gave me the same rate as they were charging to finance..wait for it...RVs.
Ok thatís priceless. Might have to try.
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  #6  
Old 07-12-2019, 12:00 AM
cwilkins cwilkins is offline
 
Join Date: May 2011
Location: Camp Lejeune, NC
Posts: 60
Default LightStream

I highly recommend LightStream. The interest rate on my unsecured loan is 4.54%. Funded in a day on a holiday weekend.
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  #7  
Old 07-12-2019, 08:53 AM
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Snowflake Snowflake is offline
 
Join Date: Oct 2009
Location: Victoria, BC, Canada
Posts: 3,548
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Tell the bank you'd like to buy an RV. Don't be specific.

Seriously though, I bought mine using my line of credit on my mortgage, about a year before renewing the mortgage. When I renewed the mortgage, the amount was rolled in to the principal. Presto, RV loan at housing loan rate.
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  #8  
Old 07-12-2019, 09:05 AM
rv7charlie rv7charlie is offline
 
Join Date: May 2006
Location: Pocahontas MS
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I realize that everybody's finances are different, and maybe the only reason some of us even have a loan on our house is to get the (relatively) free interest available these days, but I can't imagine risking my family's 'roof' on a toy (or even a business venture, for that matter). If I were so flush with assets I could use my 2nd or 3rd vacation home as collateral...
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  #9  
Old 07-12-2019, 09:17 AM
gwav8or gwav8or is offline
 
Join Date: Apr 2009
Location: Durant, Ok
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Quote:
Originally Posted by rv7charlie View Post
I realize that everybody's finances are different, and maybe the only reason some of us even have a loan on our house is to get the (relatively) free interest available these days, but I can't imagine risking my family's 'roof' on a toy (or even a business venture, for that matter). If I were so flush with assets I could use my 2nd or 3rd vacation home as collateral...
Yep, I feel the same way. I can't risk the roof over my head for a toy. I know people that have done that with business and have been very successful, but it's just not for me. I'd rather have the security knowing that I can liquidate the asset without risking necessities.
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  #10  
Old 07-12-2019, 09:18 AM
gwav8or gwav8or is offline
 
Join Date: Apr 2009
Location: Durant, Ok
Posts: 27
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Quote:
Originally Posted by cwilkins View Post
I highly recommend LightStream. The interest rate on my unsecured loan is 4.54%. Funded in a day on a holiday weekend.
That is definitely an attractive option but I don't really want the 84 month term.
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