Financing for "4x4 off-road camper"

Butch1979

Family Adventurer
Hello

In an effort to realistically evaluate our next potential camper, we've started running the numbers with different financing companies for off-road campers in the 100-150K range. What I'm finding is that the banks are more than willing to provide us the money, assuming we were purchasing a more "conventional" RV like a class A.


Does anybody have a specific financial institution that has experience with our kind of campers? I'm talking about builds like Outsidevan, Colorado Campervans, Four Wheel Campers, Phoenix Pop Up Campers, All-terrain Warriors and Earthcruisers? The kind of companies that will custom build for you versus off the shelf dealership items.


I've had brief conversations with most of these builders on suggestions for financing, and none of them could provide a solid answer for who could finance us living here in Denver Co. I recently went through the entire loan process with Good Sam, only to have them decline to finance "Off-road" campers.


Alternatively, I'm nervous about purchasing something that nobody else can afford to buy from me based on limiting financing options if we chose to sell it in 5 or so years.


Thoughts?

Butch
 

elmo_4_vt

Explorer
In my case, the FWC are financed just like a conventional "slide in camper". Most places will do this type of loan. I'm going to use USAA as their rates were, BY FAR, the best. I'll only need a 5 year term based on the (relatively) low entry price of the FWC, but they go up to 15 years I believe. Good luck.

Don

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Butch1979

Family Adventurer
I could see the FWC not being a problem for financing, but what about larger builds like an Earthcruiser? While I understand $130K is not chump change, in the RV world of class A campers, that is pretty normal. So Who will finance and "off-road" version?

I really like the FWC and flatbed option you are working (Elmo_4_vt), just looking into some other options also.

Thanks!

Butch
 

Butch1979

Family Adventurer
I'm actually having some luck with USAA, we'll see. They are asking for an appraised value, and that might get interesting.
 
I was able to finance my truck and XPCamper through USAA, even though it wasn't listed in the NADA Guide. They reviewed the website to get the value and financed it as a truck with a very expensive add on that cost more than the truck. I was limited to a seven year loan but that fit my need anyway.
 

As Scooter

Observer
I cannot imagine why anyone would finance an expensive off road rig like this, but that is just me. But then, I don't get a lot of things like this.
 

GR8ADV

Explorer
I will assume here that if you are talking about $150k for a toy that you have a lot of things in life kind of together; like maybe a house with a reasonable amount of equity. If so, take out a home equity loan, they really have little say in what you use it for, and reap the tax benefit as well.
 
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LukeH

Adventurer
I cannot imagine why anyone would finance an expensive off road rig like this, but that is just me. But then, I don't get a lot of things like this.

Um, yes.
The vehicles we're talking about represent freedom.
taking out a loan on the never never in order to be free strikes me as defeating the object of the exercise.
That'll be why there are so many self builds out there I guess; more because it's another way of spreading the cost over a long period than any other reason...
 

Butch1979

Family Adventurer
I will share what I've found, and appreciate all the perspectives.

USAA will finance an "offroad" camper as long as it is in NADA. They may still require an appraisal. I was not overly impressed with USAA during this interaction, but they did get the job done.

Why finance: This is a very personal decision based on each persons financial situation and goals. We did not finance much, and placed a large amount down. My mentality about not paying cash for the entire vehicle was more focused on the benefit of having my cash available to utilize to make more money (purchase more rental properties, or start a new business). I guess my theory is that I just have to beat the low interest rate the bank gave me on the money each year and I'm winning.

So, the take aways:

DON'T talk about the offload capabilities
expect to need an appraisal on rare vehicles

Cheers

Butch
 

LukeH

Adventurer
My mentality about not paying cash for the entire vehicle was more focused on the benefit of having my cash available to utilize to make more money (purchase more rental properties, or start a new business). I guess my theory is that I just have to beat the low interest rate the bank gave me on the money each year and I'm winning.
Butch

THAT is a reason!
A good, solid reason that clearly shows you know what you're doing.
Well done and more power to you for further travels!
 

plh

Explorer
Plus getting a bank or lending institution to lend money towards something validates the "value" of the rig. For example: Maybe you are in love with your $85K Syncro - but if you can't find a third party to validate its worth over $30K by giving you money towards it, then you know its overpriced. And as the OP states: How the heck am I going to be able to unload this thing in 5 years after I'm tired of it because nobody - in the future - will be able to get a loan on it for a fair depreciation. My opinion - its a valid concern.

Taking a note out on your house (home equity) is not a good example because it is biased against the value of your home (mostly) and your ability to repay the loan - not as much the value of the item you are buying.
 

MarAgt

Observer
Can try TD Bank auto. They financed my Ram AEV Prospector, which was priced substantially over the normal sticker of a Ram 2500 CTD. The dealer I bought it through uses them regularly for their AEV sales.

I was also approved through USAA. So long as there was a valid purchase order for the vehicle, they were willing to finance the entire amount of the truck if need be.

TD Bank also met USAA interest rate, extended warranty price and Gap insurance price.

Navy Fed wouldn't go above the KBB of a regularly equipped Ram 2500.
 

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