Even though travel trailers tend to be the least expensive and most flexible RV options, you still need to take utmost care when looking for financing. First and foremost, you should desist from filling out those instant approval or automated approvals type of application. Even though this does look simple and straightforward, the truth is that you accept a loan without asking some pertinent questions and getting answers. A simple question such as how many times a company will pull your credit score and lower it with each pull.
Generally, financiers are required by banks to pull a clients credit once so as to make sure you have good credit and send your application to the bank with the lowest rate. Without talking to anyone, you will also not be able to know what their fees are. You should ensure that there are no additional fees hidden under ‘other costs’.
You should also be wary of RV dealerships that masquerade as RV financing companies. This is because they tend to be more expensive since they tend to charge much more than the loan rates so as to make some additional profits. You are therefore better off dealing with the financing company directly since you will most likely be able to negotiate a better deal. Such dealerships also tend to affect your credit score since they keep on pulling your credit score and lowering it by sending your application to as many banks as they desire.
It is also important to note that genuine travel trailer financing companies and not the dealers are signed up with virtually all the major banks in the country as well as many other regional and local ones. By having a long lasting business relationship with these institutions, the financing companies are capable of offering clients true service. Since they speak with most of these banks on a daily basis, they know who is offering what and at what rate.
It is also highly recommended that you check on all the available testimonials offered by most of these companies. Always be on the lookout as to how real the testimonials are, be wary of only positive testimonials since chances are that these are doctored pieces. Real testimonials also tend to have both names and not just first or last names. If you want to talk to any of them, the company should be able to provide you with the contact details of the said client who can then go ahead and vouch for the company in question.
You should also be wary of those companies that are offering very low financing rates. Whenever a dealer offers you rates that are much lower than the current prime rate then you should know that there is some catch somewhere, make a point of reading the fine print. In most instances, you will find that the rig is being sold at a much higher price than what you would have gotten somewhere else and using the extra profit to offset the rate difference. The main problem with this approach is that you will be paying an outrageous amount on the value and when you will try to re-sell the unit, you may be forced to top up with your savings as your value will be way too much.
Finally, always make a point of comparing prices and offers before you sign the dotted line. Do lots of background checks on the company and ask as many questions as you may need so as to get clarifications. Take your time before you make a decision and most likely you will end up happier.
Travel Trailer Financing – Recommendations
Here are some of the top travel trailer financing companies in the market.
Mailing Address: 980 Fredericksburg Road, San Antonio, TX 78288
Phone Number: 1-800-531-8722
Web URL: http://is.gd/pz3kMJ
Other Products: the company does offer low rates on motor homes, fifth wheels, pop-up campers, slide on campers as well as motorcycle, RV and Boat loans.
2) Sun Trust Bank
Mailing Address: 901 Semmes Avenue, Richmond, VA 23224
Phone Number: 1-800-786-8787
Web URL: http://is.gd/HhlP7k
Other Products: the bank does offer lots of other financing options such as traditional home mortgages, RV loans, Marine and Boat loans, motorcycle loans etc.
3) Essex Credit
Mailing Address: 1267 Alcosta Boulevard, Suite 400, San Ramon, CA 94583
Phone Number: 866-377-3948
Web URL: http://is.gd/ctDwIM
Other Products: apart from very competitive RV financing offers, the company does also pride itself in offering boat financing for both full timer and live aboard financing.