Financing a Class A - unit age threshholds?
Hello All, Kicking around moving into a Class A gas. In general terms are there age cutoffs where a unit would be hard to finance? I know in boats sometimes anything older than 10 yrs can be a c...
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There are places that can finance older units however most will require larger down or sort term as in less than 7 years. There are those who can cite this bank gave me a 15 year loan on a 11 year old coach , or use home equity sure. But your question relates to how “easy” is it ? ... it’s not. I maintain that makes your coach a cash sale candidate and lowers its target market... lowering its price.
It doesn’t apply to anyone else but 3 years ago I bought a 11 year old coach. I wanted low down 15 years and low rate. I had a “real” FICO of 820 at the time with a 6 figure income and no bank or credit union I contacted was helpful . Several said sure , terms 5 years, 6-8 % .. not what I wanted. The dealer had a relationship with a credit union I had no business with before I got 4% 15 year 10% down, but as you can see it wasn’t easy.( even for them it took a week)!
1 year ago the funds I was waiting for became avail without penalty and cleared the loan.
Some great bargains can be had at the 10 year point. Good for buyers not so much for sellers.
Of course it’s just my experience/ my opinion.
It doesn’t apply to anyone else but 3 years ago I bought a 11 year old coach. I wanted low down 15 years and low rate. I had a “real” FICO of 820 at the time with a 6 figure income and no bank or credit union I contacted was helpful . Several said sure , terms 5 years, 6-8 % .. not what I wanted. The dealer had a relationship with a credit union I had no business with before I got 4% 15 year 10% down, but as you can see it wasn’t easy.( even for them it took a week)!
1 year ago the funds I was waiting for became avail without penalty and cleared the loan.
Some great bargains can be had at the 10 year point. Good for buyers not so much for sellers.
Of course it’s just my experience/ my opinion.
