Financing a Canadian trailer

[ruadhrigh]

Curious if anyone has had experience with financing a trailer purchase in Canada as an American?

I have tried multiple credit unions and US banks and all of them have told me that purchasing a trailer in Canada would be a "foreign transaction." The manufacturer has suggested some Canadian banks but so far they do not offer loan services to non-residents.

Looking for any experiences or suggestions.

 

[Ninelitetrip]

Probably have to go through someone like LightStream for a personal loan. But they would probably take it over 10% interest. They are part of Truist bank.

 

[ruadhrigh]

Thanks for the suggestion, I sent them a message. Would like to avoid the personal loans and take advantage of the longer terms most RV loans provide. But still worth a message. Thanks

 

[Ninelitetrip]

Could also try https://www.newcoast.com/

 

[driveby]

You might try a RV Dealer. They may do a 1 off pull through deal. IE they buy from the manufacturer, sell to you and take a couple $$ as a service fee. They may also do it for free if they get kick backs from their banks they use. It's just a paper pusher exercise but it might be a way to get it done.

 

[Obsessed2findARuggedHybid]

Curious if anyone has had experience with financing a trailer purchase in Canada as an American?

I have tried multiple credit unions and US banks and all of them have told me that purchasing a trailer in Canada would be a "foreign transaction." The manufacturer has suggested some Canadian banks but so far they do not offer loan services to non-residents.

Looking for any experiences or suggestions.

Are you buying direct from an rv manufacturer or used?

 

[ruadhrigh]

Are you buying direct from an rv manufacturer or used?

Direct from manufacturer.

 

[Obsessed2findARuggedHybid]

I take it they don't offer financing?

I know Aaron at Arkto Trailers would have information on this. Assuming your not buying from them he may offer some advice.

 

[ruadhrigh]

I take it they don't offer financing?

I know Aaron at Arkto Trailers would have information on this. Assuming your not buying from them he may offer some advice.

No financing for American customers.

The trailer is from Arkto and I have been working with Aaron. Just looking for some more suggestions from the collective.

 

[ruadhrigh]

Probably have to go through someone like LightStream for a personal loan. But they would probably take it over 10% interest. They are part of Truist bank.

LightStream said it would not be an issue to buy the trailer. Their response made it sound like it would be a personal loan, not an RV loan. Hopefully I meet their qualifications.

 

[EPO]

Have you thought about purchasing from B&B RV in Denver? They might offer a finance option.

 

[ruadhrigh]

Have you thought about purchasing from B&B RV in Denver? They might offer a finance option.

I was ordering direct from Arkto to spec the trailer with all of the options I wanted. At the time, I did not realize that there would be an issue getting an RV loan for a Canadian trailer. Looking at some other financial options before going for a stock unit from B&B RV.

Quick update:
OEV uses Newcoast so I am in contact with them now.

 

[DirtElk]

I bought an Arkto direct through Aaron and financed a portion of the purchase. Don't know if you have access to a home equity line, but after talking with my credit union it was a much better rate to use the home equity vs a standalone RV loan.

 

[Zillon]

LightStream said it would not be an issue to buy the trailer. Their response made it sound like it would be a personal loan, not an RV loan. Hopefully I meet their qualifications.

I've financed several vehicles through Lightstream in the past, and it's a very easy process, and they're excellent to deal with.

 

[Obsessed2findARuggedHybid]

I was ordering direct from Arkto to spec the trailer with all of the options I wanted. At the time, I did not realize that there would be an issue getting an RV loan for a Canadian trailer. Looking at some other financial options before going for a stock unit from B&B RV.

Quick update:
OEV uses Newcoast so I am in contact with them now.

Sounds like you are on your way to getting financing. Awesome choice going with the Arkto as it is an incredible build for an awesome price.