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Old 08-06-2013, 03:56 AM   #11
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Join Date: Jul 2013
Location: Orange County, CA
Posts: 149
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Quote:
Originally Posted by wsrsdca View Post
Happy for the 2 of you and your new VOLTAGE.
We are waiting for the Dealer to be able to order the 2015's. Hopefully March 2014.
Were glad you mentioned financing. We were going to go through Richardsons.
Our Credit Union also does financing. Any thoughts on that?
Can't Wait.
Well, let me tell you this. I would never try to get financing through a dealer. That is, never try again. I actually DID try that, with Richardsons. They approached TWO banks, B of A and US Bank. Both declined me. Then Richardson's gave up. Said they couldn't find financing.

Should I have given up as well? No way. I started looking online, of course. I mean, where else do you look these days? I found a company called Essex Credit in northern California. I applied online. I did NOT fill in any of the information about current debt, bank accounts, that sort of thing. Then I submitted the application. The next day, I had an email saying after they reviewed my information (they pulled my credit through Experian, so all the financial info they wanted online wasn't necessary to fill out) and the loan was approved.

I put 10% down on a $79,995 sale price. Essex financed the rest.

Before I continue, let me tell you something more. My State Farm agent called and said how about an RV loan through State Farm Bank. So I agreed to have them try. They wanted to do 8% and would finance only $50,000. Richardson's was trying to get me a loan at 5.99%. Keep this number in mind.

So, Essex comes through at 3.99%. And on that site linked to above, about what to watch out for when purchasing, they said dealers will mark up interest rates by 2% and keep the profit. This would be illegal, so I'm not sure that's accurate information on that site, but anyway, 3.99 is 2 points lower than 5.99, right? Draw your own conclusions.

If you want, call Dani White at Essex. Well, don't call. Just go online and fill out the credit application and she'll call you. That's how it worked for me. And, they're financing my Voltage for a 20 year term. Now, for those of you with money to burn, that may seem silly. But for me, it keeps my monthly payment at $479, which is really, really affordable for me.

Essexcredit.com is the place to go. They may or may not finance you, depends on your FICO score, income to debt ratio, number of outstanding debts, etc. But certainly go online and fill out the application, submit it, then watch your email. And if you're approved, Dani White will be the one handling your account, probably. Tell her Tom sent you. She's good people.

Then let us know how you made out. I'd love to hear your story.

Dealership = meh. That's not working for us. Independent financing is better. No credit union or bank could match Essex. They only make loans for RVs and boats. So that's all they do, and they're owned by Bank of the West. Check them. And no, this not an ad for Essex.

But wait, there's more!! (Just kidding... there's not.)
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Old 08-06-2013, 10:17 AM   #12
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Join Date: Aug 2013
Location: ramona
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Really appreciate the financing info. It is sure worth it to save 2%.
We will look into Essex.com. We will be ordering in March.
Waiting for the new 2015 3950's to come in.
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Old 08-06-2013, 12:07 PM   #13
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Try your credit union first......any financing thru and RV dealer is usually thru banks and "lenders" - who want to get the "big bucks"! They don't know you whereas your credit union has a history with you!

Whenever I've had to finance anything I go to our local bank - where they know my face and credit history - because of that I get great interest rates....but they again, they only have my mortgage loan! However at one time, they held the mortgage on a commercial business property we owned - everyone wanted 9%+ (back in 1998) - I got it thru them at 6%! So shop locally first!
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Old 08-06-2013, 06:04 PM   #14
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Wow! Huge differences on Rv Loans.
Took your advise and called our 2 credit Unions. CRAZY!
Did not give either one personal information, so just general info.

Navy Federal=says it is not called an RV loan it is a tangible collateral loan
Interest rates are 8.55% - 17.55% , upto 180 months, upto 100% financing.

San Diego County Credit Union finances Rv loans.
Interest rates are 10.99% -20.99% upto 84 mos, 80% financing

Was in the KOA Campground website and also saw they advertise Essex Credit. Will talk to them next. According to their website, it looks like their rates are approx. 4.88% and up.
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