Financing A 2nd Motorhome
I thought I'd post this to possibly help someone out, trying to do the same thing. First let me say I don't need advice on how to accomplish it as I know there are things I can do and what they are. ...
Forum Discussion
The 1st requirement to borrow money from a bank is "prove to us you don't need it". If you can do that we will "consider" your application. I had a bank refuse to loan me $50,000 on a 1 yr. note and I had over $200,000 in the bank. Problem was, money in IRA which cannot be used as collateral after the 1st 12 month and it was in a account quaranteed at 5% interest for 5 yrs. If I pulled the money I would have to pay taxes on it and I could find no place to invest the difference at that Interest. So I just passed on the purchase.
