RV financing

toedtoes wrote:

wbwood wrote:

klutchdust wrote:

Halmfamily wrote:
Did you check dealer financing yet? They usually have several financial institutions they can get financing from.

But wait, the you should save for ten years and pay for cash group will be along shortly.

The dealers get a piece of the action so the rates will be higher.

Why not just save for ten years and pay cash?

Sounds like he doesn't want to.

I think klutchdust was making a joke. :)

yea I was based on what the poster said. no worries.....

wbwood wrote:

klutchdust wrote:

Halmfamily wrote:
Did you check dealer financing yet? They usually have several financial institutions they can get financing from.

But wait, the you should save for ten years and pay for cash group will be along shortly.

The dealers get a piece of the action so the rates will be higher.

Why not just save for ten years and pay cash?

Sounds like he doesn't want to.

I think klutchdust was making a joke. :)

When I was looking at class Cs, I was looking for something in the same range as you are looking (12-15K). The dealers that had Cs in this price range were smaller and didn't have their own financing. They simply went to your credit union for you. As the Cs in that price range were 15-25 years old, I then ran into the problem that the credit union wouldn't loan on anything over 10 years. If I wanted to finance, I'd have to get a personal loan or mess with a line of equity, etc.

In the end, I looked at the options and decided that putting all my cash into an older and less expensive C and using my "monthly payment" money into bringing it up to proper condition was a better way for me. I got really lucky when the American Clipper showed up at a local dealer - it was in far better shape and much better built than those "newer" RVs I had been looking at originally. I likely would have put out the same amount of money in repairs on a $12-15K rig.

The above may not be right for you, but just throwing out another option to finding financing.

klutchdust wrote:

Halmfamily wrote:
Did you check dealer financing yet? They usually have several financial institutions they can get financing from.

But wait, the you should save for ten years and pay for cash group will be along shortly.

The dealers get a piece of the action so the rates will be higher.

Why not just save for ten years and pay cash?

Sounds like he doesn't want to.

I think the days of a sit down chat with the local guy at the bank, are for the most part gone. Seems like most every thing is done online these days.

My guess is for a 10 year loan, on an older rig from those folks, the interest is going to be higher. As they have more associated risk in that category. ( 6-7 percent would not surprise me)

On the other hand, if you can find a great rig from a private party, in great shape, you will save a ton of money over a dealer, I would think.

Something to think about, sometimes a person is money ahead, to spend a little more, and get something that will last, rather than going too cheap. Breaking down is no fun, and repairs cost a boat load of money.

And the interest is tax deductible. ( so paying higher interest maybe just fine in your situation) depending on what you want to do

Halmfamily wrote:
Did you check dealer financing yet? They usually have several financial institutions they can get financing from.

But wait, the you should save for ten years and pay for cash group will be along shortly.

The dealers get a piece of the action so the rates will be higher.

Why not just save for ten years and pay cash?

Have not checked dealer financing, If there was one at a dealer I would first. I've been looking at buying from an individual.

Sometimes dealer financing is the cheapest. Dealer got us best loan through Bank of the West. We bought our MH in Bullhead, AZ. In fact our local bank, CU, and Bank of the West in WY had higher rates. I would have thought B of the W in WY would have had same rates as branch dealer was using. You need to shop for best rates.

Did you check dealer financing yet? They usually have several financial institutions they can get financing from.

But wait, the you should save for ten years and pay for cash group will be along shortly.

We used Costco financing. Easy to get pre-approved but a slight pain once at the dealer during purchase. We had to make several calls and even spoke to a supervisor to get things done. Because their rates are lower they have more applications than their small staff can handle. But, once over the phone calls hurdle, it was easy and worth the aggravation to save money.