Coach financing

Playing with HELOCs can be playing with fire. I don't mean to be pessimistic, but when the economy tanks, one can lose both their RV and their stick and brick home if a HELOC is used for this purpose.

I'm sure the loan on a house has a lower interest rate. If one is secure knowing their income will be coming in, it is a better deal. However, if we get another 2008, it might cause someone to lose everything.

This is assuming the HELOC is on the S&B home, of course.

spoon059 wrote:
Home equity line of credit... They are currently around 3.5% right now. No RV financing is going to touch that interest...

True, the interest on e ELOC is a bit lower, I think we got 5.3% from Bank of the West but the downside to the line of credit is the RV is now tied to the house.

Home equity line of credit... They are currently around 3.5% right now. No RV financing is going to touch that interest...

Essex and Bank of the West are two big financers of RVs.

Before you ink the deal, make sure you do the math and see how much you will be paying for that coach with all the interest tacked on. Dealers try to give you a loan based on what you can afford a month. Make sure there is no penlties for early pay off and exceed the monthly payment by as much as possible.

It still comes down to the three C's. A great credit score and no or limited means to repay will still be declined in many instances. But if you have a good credit score, down payment, acceptable debt coverage and source of repayment income you should not have any issue obtaining a loan.

Depends on the dealer. If you don't like the terms of one dealer, go to another. Or go back in a few months as it's likely to change.

The answers on the Essex Credit web site were excellent.

Since you have an excellent credit score, you may have a significant equity in your home and you can use that as collateral for a loan. Using your home allows you to consider a older (over 10 years old) diesel motorhome that those with poorer credit could not qualify to buy, thus reducing the potential market and the price.

Also, since you can qualify for your own financing, you can consider buying from a private party. Buying an older high quality diesel pusher from a private party is what we did (although it was 10 years ago) and we couldn't be happier.