Private Seller - Financing
Hi there! Looking for any information or advice on financing when purchasing from a private seller. Would love recommendations of companies to go with and any other information anyone could provide. Thank you in advance.
Forum Discussion
- I agree best to go with your bank. Check first what your bank will do.
If you strike a deal just drive the MH, seller and title to your bank and close the transaction. - My interpretation of the post is they are looking for a source of financing, not wanting opinions on the seller financing their purchase.
If that is the case the options are pretty much their bank, their credit union, a home equity loan or an unsecured personal loan. The only national bank I know of that does RV loans is Bank of the West. They have a lot of criteria, but might be an option on a newer RV. - The price is right? You had it thoroughly inspected? Your wife is on board? The terms fit your budget? The seller seems honest? Buy it.
Lwiddis wrote:
Has the private seller allowed you to review their financing contract? Which you should read twice, slowly. If the financing party isn’t a pro, I guarantee the contract will not comply with California law.
The private seller owns the RV out right- Yep - Bank or CU. They will work you through the process easily and properly. I bought a truck in NY when living in MA and financed through my local bank with ease.
- I went with my credit union.
Interest rate was super high as a personal loan but good as an RV.
Most if not all banks or CU's will not loan on an RV over 10 years old.
Good luck! - The pastor is right on. Work with the pros, not the amateurs.
- Your bank or credit union.
- Has the private seller allowed you to review their financing contract? Which you should read twice, slowly. If the financing party isn’t a pro, I guarantee the contract will not comply with California law.
