Holding loan for buyer
We are going to be selling our 2007 Winnebago Journey. Since it is over 10 years old, most buyers will not be able to get financing. Has anyone had any experience in holding the loan for the buyer? ...
Forum Discussion
Soooo much negativity. Most people are honest, even those who can't get a quick loan on a rapidly depreciating asset.
And situations can cause difficulties getting a loan on a used RV. I know, I couldn't get one in early '16. My credit score is 783, but at the time, no one wanted to loan $50K to a full timing RV'er. I had to pull money out of my retirement acct. Which cost me an extra $8k in punishment money come tax time.
But if I was to consider doing this, I'd certainly go through a service rather than hold the loan myself. Too much trouble when traveling.
And situations can cause difficulties getting a loan on a used RV. I know, I couldn't get one in early '16. My credit score is 783, but at the time, no one wanted to loan $50K to a full timing RV'er. I had to pull money out of my retirement acct. Which cost me an extra $8k in punishment money come tax time.
But if I was to consider doing this, I'd certainly go through a service rather than hold the loan myself. Too much trouble when traveling.
