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Old 07-18-2015, 12:20 PM   #11
Join Date: Dec 2014
Location: Medford, Oregon
Trailer: "Olaf" 2015 21'..... 2015 Tundra CrewMax
Posts: 99
Thanks for breaking down the options you have explored. It appears that at times one has to get creative with financing to be able to pay for in full an out of the country trailer that you do not yet have possession of!

I'm currently in talks with my local credit union whom now won't send a payment out of the Country for a trailer I won't have possession of until September. So we're exploring other options with them that will be a little more work up front but will be a guarantee the trailer will be paid for in full by our completion date. Something that I don't want to trust to Essex.

Originally Posted by GRINGOandTICA View Post
Essex sucks hands down. I bet I've dealt with the same loan officer. I only got her on the phone after I complained to management. The terms of an RV loan are nice if you are looking to pay it off in 15yrs. I really don't see much of a tax right off, but yes one exists.

I don't have 5 weeks to try closing a loan, so I will share my options.

1) pension loan at 5%, lenght is short so payments are high.

2) take a loan from my 457 plan, 5.5% interest rate that I pay back to myself. Not sure of the lenght, waiting to hear back.

3) personal loan from a credit union. 72 months at 5.5%.

Something else that turned me off about Essex is the rates are high unless you borrow more than $25,000. Up around 9%.

I've never made a minimum payment in my life, so terms of a loan don't really concern me, but in case of an emergency I like to feel comfortable with the payments.

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Old 08-02-2015, 11:50 PM   #12
Join Date: Dec 2014
Location: Medford, Oregon
Trailer: "Olaf" 2015 21'..... 2015 Tundra CrewMax
Posts: 99
As a follow up about our Essex experience; we went ahead with "plan B" through our local credit union and paid for our trailer in full about four weeks before the completion date.

We then called Essex to cancel our application. That was over three weeks after submitting our initial online application to them. During that time period the only communication we received from Essex was the initial "congrats" email saying we'd been approved (the day after submitting our online app) and the same day we submitted the requested documents. We also received a copy of our credit score in the mail. That was it. So after over three weeks our loan with them had not gone anywhere despite several emails and voicemails to our loan officer and even a call and conversation with the folks answering their 1-800 number.

Granted it is summer and their "busy season" (which is the excuse we got when we called their 800 # to talk to a live person). Folks may have better luck off-season but either way if you're planning on attempting a loan through them be prepared that it may not be the smoothest and/or quickest process.

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Old 08-03-2015, 09:10 AM   #13
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Join Date: Jun 2014
Location: San Antonio, Texas
Trailer: 2015 19 "Past Tents", 2015 F150 Ecoboost
Posts: 5,346
Trenton, sounds like you got one of the really bad loan officers. Most of them at Essex are in that category. Only a couple that actually follow up and stay in touch with the borrower. Anyway, glad you got a lender that actually responds.

"You can't buy happiness, but you can buy an RV. And that is pretty close."
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