Financing Tips

In an effort to keep our customers
informed about RV financing I thought some issues should be brought
to your attention. This information can save you money and will help
you to understand the loan process. It will alert you to some major
issues you should be aware of.


  1. NEVER, never fill
    out an automated “instant approval”, “automated
    approvals”, “5 minute approvals”, “30 minute
    approvals” type of application.

    Why not, it’s pretty
    simple, you should not be comfortable applying blindly! You need to
    ask “how many times will your company pull my credit score and
    lower it with each pull”? If you do not ask they will do it as
    many times as they like, because you have given them the right to do
    so; Without speaking with someone you will never know!

    We are required by the banks to pull your credit one time to make
    sure you have good credit, then we send your application to the bank with the lowest rate, that is most likely to
    approve your deal. They will pull your credit again, either from one bureau or a tri merge. THAT IS ALL WE PULL; The
    only exception (and it is an exception) is, rarely we will have to pull it at two different banks for competing rates
    for you. So, the most your credit will be pulled is one from us and two banks, to get you the lowest current rates.

    Without talking with anyone, how will you know what the fees are?
    Find out what their fees are. Make sure there are none that are
    hidden under ‘other costs’. You may be surprised with a
    bill for an extremely high loan processing fee a month or more after
    the loan is finished.


  1. Another gimmick is “get money back when you finance with us”. Ever wonder who’s money that is? Ever wonder who is paying the interest IF you
    actually do get money back (You, of course)? Do you wonder if the bank involved actually knows of this money back
    scheme? Just some thoughts for you to ponder.
  1. A number of dealers are claiming
    to be RV financing companies, when in fact they are RV dealerships
    with regular F&I departments. They usually have to charge much,
    much more for the loan rates, because that’s how the dealership
    makes additional profits. We are actually getting calls, and hearing
    complaints, from people who have applied through them. These people
    are always very upset to find their credit score has dropped by
    many, many points. This is a common dealership tactic, that the
    dealership uses to make more money by “shot gunning
    your application to as many banks as they can sign up with. By
    the way, they will generally try to switch you to buy one of their
    RV’s if they get an approval for you. Another thing they are doing
    is saying “you’re approved”; We just need a
    few more things to lock up the deal, when in fact they do not in
    actuality have a real approval for you!!!! They are just pulling
    your credit score, and if they see that you have good credit they
    assume you will be approved depending on the deal you are applying
    for, while actually knowing nothing about your complete credit
    profile…only your score.


  1. I personally know of many retired
    people who have great credit scores, but get turned down because they
    do not have enough disposable income to afford a new motor home or
    other luxury item. Your credit score is not the total answer…your
    complete credit profile is.


  1. Real RV financing companies, not
    the dealers, are signed up with many or all of the major banks in
    the U.S., as well as many local and regional ones. By working with
    these major banks we are able to offer you the true service we are
    known for. We speak with the banks daily, and therefore we know
    without pulling your credit 10 times who is buying deals today and
    who has the best rates for you today.


  1. Another issue people have been
    asking us about, is the online surveys. We had our tech department
    look at a couple of them, and found them to be very questionable.
    They seem to lead back to an RV dealership. You really just never
    know. You must be careful, and use good common sense when looking at
    these supposed surveys, which could not be real surveys. If you

    • Actually read them
    • Give them some thought
    • Take your time, do
      your homework
    • And think through these “surveys”

    will figure out they are not true, and are just a scam to make you apply.


  1. Testimonials. Always check for how
    real they are:

    • Do they have last names, or just a first name?
    • If you
      ask to contact them will they provide a contact number for you

    our company, if you would like to talk to a real customer that has
    actually done business with us, we will put you in contact with them. They are happy to recommend our

  1. You remember this old saying: If
    it’s too good to be true, it usually is? Enter the low, very low
    financing rates now being pushed by some of the large RV dealers
    nationwide. When a dealer offers rates that are less than the
    current Prime Rate , there is some catch
    involved. Read the fine print and COMPARE PRICES. The dealers using
    this technique are selling the RV’s for MUCH MORE money than you
    could by the same rig elsewhere, and they are using the extra profits
    to buy down the rate at the financing bank. The big problem with
    this is that you are paying and financing much, much, more than the rig is worth.
    When you are ready to trade, or sell the RV, you will
    have to dig into your savings to get rid of it, because you will be
    upside down” in its value. Unfortunately,
    we have people each and every week calling us about this situation,
    and asking how to get out of the problem. The only real answer is
    cash to pay down the balance. Many people who finance with the
    dealers, who use this very low rate as a come-on method, are thousands
    and thousands of dollars upside down. On average, with $125,000
    amount to finance through one of these programs, AFTER
    a down payment has been made, the customer is usually over $30,000
    upside down. DON’T LET THIS HAPPEN TO YOU. Do
    you homework, and shop and shop.

  1. We are always available by phone
    for any questions you may have, don’t be bashful, call us toll free at 888-929-4424 . We are
    here to help you with any your RV financing or refinancing needs.

Charlies Davis, CEO
Charles Davis

888-929-4424 5th Wheel Motor Home Travel Trailer and RV Financing New or Used