How to get financing

[Kevin R]

Can anyone tell me how they are getting financing in the US to purchase Escapes in Canada? Every one of my banks and credit unions tell me they cannot loan for purchases from outside of the US.
I was directed to SE Financial in Tennessee but they tell me the SAME thing
Any advice will be greatly appreciated.

 

[Donna D.]

Hummm, personal loan or line of credit against your home rather than a loan for a trailer? I didn't get a loan for my trailer. I saved for seven years.

 

[Don W.]

Essex Credit, through good sam rv. They are used to financing purchases of boats and RVs from all over the world.

Eventually our loan was through bank of the west. You can apply online, and Tammy has worked with them many times before.

Just stay on top of the paperwork.

Don

 

[kstock11]

Another vote for Essex. They were great to work with and even secured state registration for me while I was on the road towing home.

 

[Patandlinda]

Another vote for Essex. They were great to work with and even secured state registration for me while I was on the road towing home.

Also started out with Essex Credit . I sat down one day though and figured out what we were really going to pay in interest that 4 .49 % would of added in time 33 1/2 % to cost of trailer . We decided to throw as much money as we could and paid it off in a year instead . It was through Bank of the West . We have just come to the conclusion you will be broke if you pay interest on anything . The process went smooth though and if can live with all the interest it works . Pat

 

[steve dunham]

Hummm, personal loan or line of credit against your home rather than a loan for a trailer? I didn't get a loan for my trailer. I saved for seven years.

When we considered buying a new trailer , I was apprehensive about putting my home up as collateral . If something happened , I would rather have them repossess the trailer and be done with it. We just waited another year , saved up enough money and paid cash. I realize for some this is not a viable option but I have never been a fan of borrowing money to purchase a non necessity.
Only had 2 loans in my 70 years cause that's what my depression era parents beat into my head.

 

[float5]

When we considered buying a new trailer , I was apprehensive about putting my home up as collateral . If something happened , I would rather have them repossess the trailer and be done with it. We just waited another year , saved up enough money and paid cash. I realize for some this is not a viable option but I have never been a fan of borrowing money to purchase a non necessity.
Only had 2 loans in my 70 years cause that's what my depression era parents beat into my head.

Very smart parents and child.

 

[float5]

Also started out with Essex Credit . I sat down one day though and figured out what we were really going to pay in interest that 4 .49 % would of added in time 33 1/2 % to cost of trailer . We decided to throw as much money as we could and paid it off in a year instead . It was through Bank of the West . We have just come to the conclusion you will be broke if you pay interest on anything . The process went smooth though and if can live with all the interest it works . Pat

Good for you, Pat. That interest adds up, all right.

 

[dfandrews]

Worth repeating

........but I have never been a fan of borrowing money to purchase a non necessity.
Only had 2 loans in my 70 years cause that's what my depression era parents beat into my head.

Steve,
That there is some wisdom worth repeating.
My parents grew up during the depression, as well. Their lessons finally sunk in part way thru my life, so we're OK now. We get to pass them on to our kids, by example.

 

[Patandlinda]

Good for you, Pat. That interest adds up, all right.

My Dad was a Vice President of a bank and I learned a lot from him . I just wasn't smart enough to figure at first what the heck this was going to cost . It just looks like low interest . Then you do the figures and oh my . Linda and I just worked our butts off and got some funds for rehabbing ,and literally went to bank and and keep throwing money at loan to get rid of the loan as fast as we could . Cathy the reason we just learn to live with what we have . Just dream . Nothing wrong with that. As far as having a RV , always have had one . Kind of security for me , especially after 1994 . Lived in motorhome in driveway while house was being put back . I refused to go anywhere else . Kind of PTSD for me. Now you know . Pat

 

[dfandrews]

.....We decided to throw as much money as we could and paid it off in a year instead ............We have just come to the conclusion you will be broke if you pay interest on anything . ..... . Pat

 

[float5]

Can anyone tell me how they are getting financing in the US to purchase Escapes in Canada? Every one of my banks and credit unions tell me they cannot loan for purchases from outside of the US.

Any advice will be greatly appreciated.

I have heard of this problem. Have you been given a reason? They simply cannot operate as a loan institution in another country? Then perhaps the company mentioned here has some kind of licensing in Canada due to the nature of RVing. Since Good Sam deals with people RVing into Canada, they are set up for that.

 

[Patandlinda]

I guess I could add most of the RV's were restorations previously owned .This was the final and a new RV . Not suppose to have to fix . Yay right ! Pat

 

[Greg A]

I just stayed with used Scamps and an Escape 17 until I was able to pay cash for the new Escape 19. Took four of them over the years to be able to do it.
Not many banks will loan on RV/Trailers especially used ones, which is one of the disadvantages of no Dealer Network. Dealers have the financing sources lined up so they can sell the trailers.
There is some outfit that I think is based in Utah that some folks on here have used, but I forget the name. Maybe someone will chime in with it. It might be US Bank https://www.usbank.com/loans-lines/rv-loans/ Good Sam loans on RV's as well https://www.goodsamrvloans.com/rv/

Might ask Tammy as she may know the one's that will.

 

[Patandlinda]

I just stayed with used Scamps and an Escape 17 until I was able to pay cash for the new Escape 19. Took four of them over the years to be able to do it.
Not many banks will loan on RV/Trailers especially used ones, which is one of the disadvantages of no Dealer Network. Dealers have the financing sources lined up so they can sell the trailers.
There is some outfit that I think is based in Utah that some folks on here have used, but I forget the name. Maybe someone will chime in with it. It might be US Bank https://www.usbank.com/loans-lines/rv-loans/ Good Sam loans on RV's as well https://www.goodsamrvloans.com/rv/

Might ask Tammy as she may know the one's that will.

Morning Greg I think Good Sam also uses Essex .Pat

 

[Greg A]

Morning Greg I think Good Sam also uses Essex .Pat

When I googled Essex I got a gentlemen's club in Phoenix.. :-[

 

[kstock11]

Just my thoughts about the idea of a loan for an Escape. First, you can take the interest off your federal income tax which reduces the actual cost. Second, sometimes the right thing is to "do it now," the cost of life. We bought our Escape & picked it up 3 years ago. Spent 6 days driving up to Chilliwack & nine weeks pulling it back home. The trip of a lifetime. 7 weeks after returning home, my wife was diagnosed with a brain tumor. She lasted 25 more months and we used the Escape for about 30 days during that time. One of the fondest memories I have of her is that first great trip! Too many times in this forum I've heard the story of couples looking at an RV and realizing that they had waited to long. Just my 2 cents.

 

[Patandlinda]

When I googled Essex I got a gentlemen's club in Phoenix.. :-[

Greg Essex Credit . How you doing ? Pat

 

[Patandlinda]

Just my thoughts about the idea of a loan for an Escape. First, you can take the interest off your federal income tax which reduces the actual cost. Second, sometimes the right thing is to "do it now," the cost of life. We bought our Escape & picked it up 3 years ago. Spent 6 days driving up to Chilliwack & nine weeks pulling it back home. The trip of a lifetime. 7 weeks after returning home, my wife was diagnosed with a brain tumor. She lasted 25 more months and we used the Escape for about 30 days during that time. One of the fondest memories I have of her is that first great trip! Too many times in this forum I've heard the story of couples looking at an RV and realizing that they had waited to long. Just my 2 cents.

Kevin this is for sure another thought on the subject . I am so sorry about your wife .I guess that was our thought at first .For us though as you age it is best to not have debt. You have great memories which is priceless .Some of the kids take the interest off their taxes . I think it can be as a second home . They are still in their money making years . Each of us did what was right for us . Memories are priceless . Pat

 

[cpaharley2008]

I have always borrowed money for non residential items but always had enough in the bank to pay off the loan at any time. That way, other than my home which one can use life insurance to pay off, I'm using the bank's money. It forces me to pay off the loan quickly also. But this only works when your interest on your loan is low because there is no risk to the bank as it is fully collateralized. I remember when home equity loans first appeared back in 70's, people were losing their house over a car payment. Now that I'm retired, I no longer save and spend my pension every month, I no longer save money as my savings only earns low interest, so I spend it. My plan is when I pass thru the pearly gates, my check to pay the toll will bounce....