Good Sam RV financing is one of the best services in the country with offering services for the purchase of new or used RVs, refinancing of RV loans, funding for full-time RVers, and insurance services.
Good Sam RV loans offer competitive interest rates for the purchase of new or used RVs. They have excellent customer care services and guide you well in their office or via a telephone call. They have loan amounts starting from $10,000 to $2 million, depending on the agreement. You can get the same interest rates on refinancing an existing RV loan resulting in reduced monthly installments.
The largest, Good Sam RV club, has millions of members that offer discounts on specific RV campsites, literature, and other services.
I have talked with hundreds of people who have used their service, and here is my summary for Good Sam RV financing reviews.
Good Sam Organization
Good Sam has been an organization providing services to RV owners since the late 1960s. Being one of the oldest and largest RV organizations, it has millions of members that can benefit from its services.
In addition, it has a network of more than 2000 parks across the USA and Canada that offer discounted offers to RVers to make their journey comfortable and full of fun.
Besides loans, it also has a network to provide roadside assistance, Good Sam insurance, maintenance warranties, and other travel-related programs for the RVing community.
Services offered by Good Sam Financing
It offers several products for RV financing ranging from the purchase of new or used RVs to refinancing existing loans.
Moreover, it has a unique program to provide loan services for persons who use their vehicle as home full-time. Here is a brief overview of all these services and their features.
Purchase of new or used RV
You can purchase a new or used RV using their services by fulfilling their selection criteria. Loan interest rate and other terms can vary according to the condition of RV, your credit score, and the length of the repayment period.
You can buy the vehicle from an authorized dealer, an owner, or a broker. Finance service is available for RVs having the model year from 2010 or later.
Types of vehicles covered by the financing scheme are class A, B &C motorhomes, pop-up campers, travel trailers, bus conversions, 5th wheels, and horse trailers having more than half the living area.
Refinancing services for RV loans
One of the best services offered by the Good Sam that differentiates it from other organizations is refinancing facilities on existing RV loans.
It charges the same interest rate for this service as for getting a new loan. In this way, you can even get a lower monthly repayment amount.
Full timer financing
Some people prefer to live in RVs as their primary residence. No other company takes the risk of lending to someone who continuously remains on the move. They have unique plans and procedures for full-timer financing.
It includes additional paperwork and guarantees involved, but still, it is a beneficial option. Interest rates and other terms and conditions remain the same.
The minimum loan amount for full-time RVers for recreational purposes or primary residence is $24,500-$25,500. You need to provide your complete biodata and other details of the vehicle you want to purchase.
Good Sam has RV insurance packages to fulfill the particular needs of RV drivers. They can vary from lowest levels to highest levels according to their coverage plans.
Insurance packages include the battery, fuel, lockout coverage, tire service, help and guidance from certified technicians, no limit for towing distance to the nearest service provider, and mobile mechanic workshops. Besides maintenance coverage, they also provide life and health insurance plans for RVers.
Roadside Assistance and Warranty Plans
Good Sam has covered all aspects of services required for drivers during their camping journey.
It offers roadside assistance packages as a separate subscription, and its experts remain available 24/7, just a phone call away. In remote locations with no mechanics or towing services, it is essential for your family’s safety.
Their country-wide network of service centers also covers other maintenance aspects by providing extended warranty plans for RVs.
Features of Good Sam financing services
The popularity of Good Sam finance services amongst the RVing community is due to its complimentary services. They are suitable for each segment of society with camping interests. Here is a brief description of salient features offered by the company.
Competitive interest rates
Good Sam’s annual percentage rates for RV loans can vary from 3.7% to 9.5%, depending on the amount and its number of terms.
These rates are competitive for all markets that offer financing services for the purchase of recreational vehicles.
Above all, the same rates apply irrespective of the old or new models, financing for full-timers, or refinancing on existing RV loans.
The lowest interest rate of ~3.7% is for loan amounts ranging from $50,000 to 2 million dollars for a tenure of 5 years.
The interest rate can increase by reducing the amount from $50,000 to $10,000 and increasing the number of payment terms from 4 to 20 years.
Good customer service
Being the oldest and largest in service for RVers, they have a well-established network of service providers.
Therefore, you don’t have to wait for longer to get a response or feedback on your financing application.
They have a clearly defined 4-step procedure to avail the loan facility with a clearly mentioned number of working days required for each step. Therefore, you can schedule your purchase accordingly.
Despite the COVID pandemic, they try their best to respond to your application within 1-2 working days and complete the process in 3-4 weeks.
Moreover, they have polite behavior and provide sufficient guidance regarding the requirements and any problem during the procedure.
Wide range of loan amounts
Good Sam RV credit amounts range from as low as $10,000 to as high as $2,000,000. Therefore, it is suitable for the needs of every person whether you want to buy a pop-up camper or a large class A motorhome.
In addition, for amounts above $50,000, interest rates are relatively lower and highest for small amounts up to $10,000.
No other financing service provides such a wide range of credit amounts at competitive rates. Therefore, it becomes the only available option for few segments of society with limited income resources.
Flexibility for older model years
It provides a financing facility to buy RV models 10-12 years older. As per the latest policy on their website, you can become an owner of any of the 6 recommended types of RVs having the manufacturing year 2010 or later.
However, they have a maximum limit of 59,000-61,000 miles driven for gasoline engines and ~105,000 miles for diesel ones.
Other organizations cannot provide loans for vehicles older than 8 years.
Easy terms and conditions
Availing Good Sam RV is a straightforward procedure, and you can start by applying online. Moreover, repayment terms and policies are easy and flexible according to your requirements.
They also offer loans for full-timers who use vehicles as their permanent residence. You can also avail of refinancing on your existing loan according to the current condition and rescheduled payment plan.
Down payment can also vary from 10% to 30% with an increase in the loan amount. Anybody living in 50 US states and 18 years or above age is eligible to apply for financing.
Longer repayment terms
This company gives you the option to choose the number of repayment terms according to your facilitation.
The number of terms can vary from 4 to 20 years according to the credit amount. Maximum number of repayment terms for $10,000 to $24,999 in 12 years, for $25,000 to $49,999 is 15 years and amounts above $50,000 is 20 years.
Low processing fee
They have no application fee and the lowest processing fee of all other service providers in the United States.
The fee rate can vary according to the loan title you are availing of; however, they will tell you the amount before processing.
If you don’t want to pay it out of your pocket, you can adjust it in the loan amount. Usually, it can range from $300-$600 depending on the loan amount and its duration.
Largest RV owner’s club
By buying an RV through a Good Sam loan, you become a Good Sam club member with a vast network of more than 2000 campsites and other services for RVers. Club has about 1.6-1.8 million RV drivers as members.
You can avail yourself of discounts on stay at any of the parks and RV spares, services, and fuel at discounted rates.
You can also buy vehicle literature, including travel guides, books, magazines, and other roadside assistance services.
Moreover, they have blogs and forums to share your experiences or find solutions to any specific problem you face during your camping journey.
Drawbacks of Good Sam RV loans
Despite various good features, there are few problems of minor level that I have faced during my loan application procedure with Good Sam. A few other customers have also reported the same.
Strict qualification criteria
They have the same qualification criteria for RV purchase as other service providers with strict requirements.
Other factors that can disqualify you from getting a loan are a suspicious income source, bankruptcy, debt amount beyond your income level, bank defaulter, and insufficient collateral value regarding the loan amount.
Therefore, you should have a clean banking record with a reliable and verifiable income source to qualify for a finance facility.
Variable interest rate with RV condition
Loan amounts, processing fees, and interest rates can vary according to the camper’s condition. The reason can be increased insurance charges for an RV not in good status.
However, you remain unaware of the actual loan amount you get and complete the repayment procedure until the lending team doesn’t evaluate the vehicle.
Complex online application
Although you can apply for RV finance on their website through an online application, it is complex and challenging to understand for ordinary people.
First, you need to fill in the information related to the vehicle you want to buy, including its model, make, year of manufacturing, personal information, and income sources.
It took me about 30-40 minutes to complete it with doubts or ambiguity regarding clear answers of various fields.
Their website is not informative
Good Sam RV loans have a simple website containing basic information regarding the financing facility.
However, you have to call their customer care service or helpline to gather factual details or completely understand the loan procedure.
Moreover, they have skipped certain information regarding terms and conditions and the minimum credit score required. However, it has a FAQ section to answer your queries.
Credit score limitation
Banks or RV financing services consider RV a luxury item and have strict credit score criteria for loans.
For example, Good Sam has a credit score limit of 600-800 for RVers. It can also vary according to the reporting agency, as different agencies have their scoring criteria.