MH Financing, over 10 years old

mowermech wrote:
I have never bought an RV that was less than 10 years old! My Credit Union(s) financed them all with no problem at all.
Just a few months ago, I purchased a 1999 dodge CTD truck. The Credit Union asked only one question: "How much do you want the payment to be? OK, sign here!" Done deal, go get the truck.
IMO, based purely on personal experience, a Credit Union is the only way to go to finance ANY vehicle!

I probably don't need to point out that if the RV is self-contained, and is collateral for the loan, the interest is usually tax deductible as a second or vacation home. The interest on a personal loan of any kind is usually NOT deductible!

We've had the same experience with our credit union. On the other hand, you've more than likely got excellent credit as a result of being fiscally responsible which is why the CU is quick to lend you money.

Campfire Time wrote:

mowermech wrote:

I probably don't need to point out that if the RV is self-contained, and is collateral for the loan, the interest is usually tax deductible as a second or vacation home. The interest on a personal loan of any kind is usually NOT deductible!

That's an excellent point.

So is a HELOC

Campfire Time wrote:
If your credit is good I'd look at a unsecured personal loan or line of credit. Often the interest is dirt cheap. I never understood financing cars, RVs, or boats with a HELOC. Why would you tie something that depreciates that fast to the equity in your home?

You would have to be disciplined to get one for sure. For us, that's not an issue.

If you qualify for membership USAA will finance a 10+ year old RV (at least they did my 1994 Class A in 2006 and my 2004 in 2016).

Mike

mowermech wrote:

I probably don't need to point out that if the RV is self-contained, and is collateral for the loan, the interest is usually tax deductible as a second or vacation home. The interest on a personal loan of any kind is usually NOT deductible!

That's an excellent point.

I have never bought an RV that was less than 10 years old! My Credit Union(s) financed them all with no problem at all.
Just a few months ago, I purchased a 1999 dodge CTD truck. The Credit Union asked only one question: "How much do you want the payment to be? OK, sign here!" Done deal, go get the truck.
IMO, based purely on personal experience, a Credit Union is the only way to go to finance ANY vehicle!

I probably don't need to point out that if the RV is self-contained, and is collateral for the loan, the interest is usually tax deductible as a second or vacation home. The interest on a personal loan of any kind is usually NOT deductible!

Our credit union's rv loan will finance up to 10 years and age or amount financed (no minimum) does not matter as long as it is valued for at least what you want to borrow. Try a credit union.

If your credit is good I'd look at a unsecured personal loan or line of credit. Often the interest is dirt cheap. I never understood financing cars, RVs, or boats with a HELOC. Why would you tie something that depreciates that fast to the equity in your home?

Effy - HELOC is a great idea. It's usually a lower rate and the interest can also be written off on taxes.

HELOC, Personal loan, Credit card...Just some ideas. Just because it's an RV does not mean it has to be a securitized loan. For that matter, can you just assume the loan with the current lender if you show credit worthiness and have her removed? People get divorced all the time and have their spouses removed from credit liability.