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
- Hi Bill n Mary;
We are relatively new to the RV world, and purchased a 2001 Windsor Monaco from a dealer. They helped us obtain financing through Bank of America, where we had past excellent credit with them. We were able to get our loan with very little down.
Consider putting a larger down payment to make the lender more agreeable. You can also consider taking out some funds from the equity of your home, although I don't normally recommend that route.
Make sure you know the value of the motor-home because some private party deals are asking above the limit of what a bank will loan on. Screen the lender and ask them what year would they be willing to loan on. Start with your own bank or credit union where you've done business with in the past.
As a last resort, you can always take some money out of the retirement/401k.
