financing older motor homes
I have found a mh I like ,however, it is a 2004 model and I haven`t found anyone yet who will finance anything older than a 2005 model. Can anyone help?
Forum Discussion
Generally, to finance an older vehicle you need to:
1) Borrow against alternative security, i.e. it is not a loan on the vehicle. Loans in this class include mortgages on real property, against cash value of insurance, or from your 401(k). I've done two out of three, but not for anything like a RV.
2) Keep the load small enough that you can get it as a personal loan, again not a loan on the vehicle.
3) Buy through a "We Finance Anybody" dealer charging outrageous rates and expecting a high proportion of defaults.
But first I would talk to the loan officer at my credit union about my options through that source.
1) Borrow against alternative security, i.e. it is not a loan on the vehicle. Loans in this class include mortgages on real property, against cash value of insurance, or from your 401(k). I've done two out of three, but not for anything like a RV.
2) Keep the load small enough that you can get it as a personal loan, again not a loan on the vehicle.
3) Buy through a "We Finance Anybody" dealer charging outrageous rates and expecting a high proportion of defaults.
But first I would talk to the loan officer at my credit union about my options through that source.
