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.
Second I presume others have probably accomplished this, but I'm quite surprised at the whole process.
We went to a dealer and were looking at High end Motorhomes and he asked if we'd be trading ours in I said no we'd be selling it. He told us we'd have to sell it first as Banks won't finance a 2nd RV. I'm thinking not me I've had nothing but rubber stamp my whole life
on very large purchases. We found a coach that we wanted with a private owner he'd bought it driven to California to visit MIL and bought a Vaca Home and now wanted to sell it. Very good deal. We decided to go with a particular person for financing cause he was going to do some other stuff for us. Well it's been a week now and nothing except him coming back with questions from the bank. It appears that they don't like to loan money to people on a 2nd RV or 2nd boat. Can have a boat financed and buy an RV or vice a versa but they don't like the second of either. Haven't been denied yet but I never even considered it'd be an issue.
Our situation; high net worth to debt ratio we owe $30k on a $75k value RV and $1000 on a $21,000 car that's it credit cards paid off monthly, own a very nice high value home(no mortgage, and have a very high credit score and can easily afford both and have the assets to pay cash but would have tax ramifications if we did. Plus we're putting 50% down. There are NO OTHER ISSUES other than the 2nd RV issue.
I doesn't make sense at all to me and won't to anybody who has done any financing of stuff through the years.
Again not looking for advice but just passing info on.
Second I presume others have probably accomplished this, but I'm quite surprised at the whole process.
We went to a dealer and were looking at High end Motorhomes and he asked if we'd be trading ours in I said no we'd be selling it. He told us we'd have to sell it first as Banks won't finance a 2nd RV. I'm thinking not me I've had nothing but rubber stamp my whole life
on very large purchases. We found a coach that we wanted with a private owner he'd bought it driven to California to visit MIL and bought a Vaca Home and now wanted to sell it. Very good deal. We decided to go with a particular person for financing cause he was going to do some other stuff for us. Well it's been a week now and nothing except him coming back with questions from the bank. It appears that they don't like to loan money to people on a 2nd RV or 2nd boat. Can have a boat financed and buy an RV or vice a versa but they don't like the second of either. Haven't been denied yet but I never even considered it'd be an issue.
Our situation; high net worth to debt ratio we owe $30k on a $75k value RV and $1000 on a $21,000 car that's it credit cards paid off monthly, own a very nice high value home(no mortgage, and have a very high credit score and can easily afford both and have the assets to pay cash but would have tax ramifications if we did. Plus we're putting 50% down. There are NO OTHER ISSUES other than the 2nd RV issue.
I doesn't make sense at all to me and won't to anybody who has done any financing of stuff through the years.
Again not looking for advice but just passing info on.
