Trying to finance a Travel Trailer under 10k for 144 mths.

dadmomh wrote:
Don't think the OP was asking for financial counseling, but rather some insight as to suggestions for a lender. Ours is not to question why.......

The OP (and a few others) REALLY NEEDS to hear things like this, after all, dumb financial moves is what drove the housing boom into the ground leaving MANY people who could not afford the homes they bought ultimately no longer LIVING in those homes due to foreclosures.

Cheap credit offered to anyone who could sign a form, they could buy housing for as much as ten times the income they had coming in is just plain bad.

I am not saying credit is a bad thing, however credit used in a bad way is a bad thing. Buying a depreciating asset (like a RV) is not a NEED, no it is a WANT. Therefore EXTRA CARE must be taken to not dump bunches of money into a depreciating asset.

By trying to find a "lender" which is willing to loan more than 60 months on a depreciating asset the OP IS NOT doing themselves a "favor".

I believe the folks who like myself have been giving good sage advice that it is not a good idea are doing so because we do not want to see someone ultimately fail or lose more money...

You would have to be cold and callous to not call out a bad move..

But like I mentioned before, it is your money do what you will with it... But I would not consider doing so...

Don't think the OP was asking for financial counseling, but rather some insight as to suggestions for a lender. Ours is not to question why.......

AntonB wrote:
The credit union wants 60 month loan, for the 9000. . .

My opinion: If you can't pay it off in 5 years, and it's not a house, you can't afford it.

I can remember when the longest loan you could get on a new car was 3 years, 2 on a used car. Now banks will bleed interest out of you for up to 7 years on a loan.

Wayne

Jetta03 wrote:

Terryallan wrote:

rvhippo wrote:

colliehauler wrote:

Terryallan wrote:
Just let the dealer do it. We financed our first TT for 12 years, and paid it off in 7. Did this one for 12 as well. Just because you finance it for 12 does not mean you have to take that long. It just means that if you need to, you can make a lower payment sometimes. Like If you get laid off or something big comes up.

This is easy way to get into a trailer without putting yourself into a bind. As long as you pay it off early you are paying simple interest and will only cost you for the time you use their money.

Make sure the loan can be paid off early. The harder it is to get a loan, the weirder the terms get.

It is what you ask up front. There are many banks to get money from. It's really EASY to get a loan, They actually beg you to take their money, on your terms, As long as you have a good credit score. I got both of mine for 12 years, so that IF something happened, I wouldn't be in a bind. First TT, while not my first camper. But the payment was an easy $117.00 per month for 12 years after trade of course, and this one, is way less than $200.00 after direct sale of first one.

Also, I'm not a rich man, and paying cash is out of the question. But still. Using the TT saves me a bunch of money over motels, and condos. It will pay for itself in 6 years. and that is just beach trips. Think $3000.00 per week, as opposed to $550 per week. and Does not count the quick weekend trips to the mountains. Si it could be less than 6.

So you see, Just because I can't pay cash, Does not mean I can't afford a TT. In truth, Having a TT make me going on vacation affordable. With out it, I'd have to stay home more.

Do you want to know why you're not a rich man? Yikes :E

He may not know BUT I SURE KNOW!

The bankers sure are living a FINE life off of folks that use credit in this way...

Bankers get VERY LITTLE money off of me and I have had MANY loans over the years...

Goldstalker wrote:
Actually as of Oct 2013 they only do loans through dealers, sorry for the misinformation.

OP try Essex credit.

Unless you have tried to borrow within the last few years you would not understand where I am coming from.

2006 I bought a new vehicle, used my local bank for the loan (Been dealing with this bank all my life since I carried a paper route) walked in told them the amount I wanted to borrow, the VIN number and signed on the line.

Fast forward to 2013.. Bought another new vehicle, went into the bank expecting to do the same, NOPE, doesn't work that way anymore. They had to run credit check, then wait unit finance dept approves then I had to fork over a CLOSING FEE, then sign more papers than I ever signed for when I got a mortgage on my house!

Bank told me that ALL banks were REQUIRED to follow NEW BANKING RULES since the housing collapse.

Bank loans directly from a BANK are not as easy to get now days and banks are being watched closely..

Terryallan wrote:

rvhippo wrote:

colliehauler wrote:

Terryallan wrote:
Just let the dealer do it. We financed our first TT for 12 years, and paid it off in 7. Did this one for 12 as well. Just because you finance it for 12 does not mean you have to take that long. It just means that if you need to, you can make a lower payment sometimes. Like If you get laid off or something big comes up.

This is easy way to get into a trailer without putting yourself into a bind. As long as you pay it off early you are paying simple interest and will only cost you for the time you use their money.

Make sure the loan can be paid off early. The harder it is to get a loan, the weirder the terms get.

It is what you ask up front. There are many banks to get money from. It's really EASY to get a loan, They actually beg you to take their money, on your terms, As long as you have a good credit score. I got both of mine for 12 years, so that IF something happened, I wouldn't be in a bind. First TT, while not my first camper. But the payment was an easy $117.00 per month for 12 years after trade of course, and this one, is way less than $200.00 after direct sale of first one.

Also, I'm not a rich man, and paying cash is out of the question. But still. Using the TT saves me a bunch of money over motels, and condos. It will pay for itself in 6 years. and that is just beach trips. Think $3000.00 per week, as opposed to $550 per week. and Does not count the quick weekend trips to the mountains. Si it could be less than 6.

So you see, Just because I can't pay cash, Does not mean I can't afford a TT. In truth, Having a TT make me going on vacation affordable. With out it, I'd have to stay home more.

Do you want to know why you're not a rich man? Yikes :E

You got me in the middle of edit.

Terryallan wrote:

rvhippo wrote:

colliehauler wrote:

Terryallan wrote:
Just let the dealer do it. We financed our first TT for 12 years, and paid it off in 7. Did this one for 12 as well. Just because you finance it for 12 does not mean you have to take that long. It just means that if you need to, you can make a lower payment sometimes. Like If you get laid off or something big comes up.

This is easy way to get into a trailer without putting yourself into a bind. As long as you pay it off early you are paying simple interest and will only cost you for the time you use their money.

Make sure the loan can be paid off early. The harder it is to get a loan, the weirder the terms get.

It is what you ask up front. There are many banks to get money from. As long as you have a good score. I got both of mine for 12 years, so that IF something happened, I wouldn't be in a bind.

Also, I'm not a rich man, and paying cash is out of the question. But still. Using the TT saves me a bunch of money over motels, and condos. It will pay for itself in 6 years. and that is just beach trips. Think $3000.00 per week, as opposed to $550 per week. and Does not count the quick weekend trips to the mountains.
It is what you ask up front. There are many banks to get money from. It's really EASY to get a loan, They actually beg you to take their money, on your terms, As long as you have a good credit score. I got both of mine for 12 years, so that IF something happened, I wouldn't be in a bind. First TT, while not my first camper. But the payment was a easy $117.00 per month for 12 years after trade of course, and this one, is way less than $200.00 after direct sale of first one.

Also, I'm not a rich man, and paying cash is out of the question. But still. Using the TT saves me a bunch of money over motels, and condos. It will pay for itself in 6 years. and that is just beach trips. Think $3000.00 per week, as opposed to $550 per week. and Does not count the quick weekend trips to the mountains

Instant headache after this one.

rvhippo wrote:

colliehauler wrote:

Terryallan wrote:
Just let the dealer do it. We financed our first TT for 12 years, and paid it off in 7. Did this one for 12 as well. Just because you finance it for 12 does not mean you have to take that long. It just means that if you need to, you can make a lower payment sometimes. Like If you get laid off or something big comes up.

This is easy way to get into a trailer without putting yourself into a bind. As long as you pay it off early you are paying simple interest and will only cost you for the time you use their money.

Make sure the loan can be paid off early. The harder it is to get a loan, the weirder the terms get.

It is what you ask up front. There are many banks to get money from. It's really EASY to get a loan, They actually beg you to take their money, on your terms, As long as you have a good credit score. I got both of mine for 12 years, so that IF something happened, I wouldn't be in a bind. First TT, while not my first camper. But the payment was an easy $117.00 per month for 12 years after trade of course, and this one, is way less than $200.00 after direct sale of first one.

Also, I'm not a rich man, and paying cash is out of the question. But still. Using the TT saves me a bunch of money over motels, and condos. It will pay for itself in 6 years. and that is just beach trips. Think $3000.00 per week, as opposed to $550 per week. and Does not count the quick weekend trips to the mountains. Si it could be less than 6.

So you see, Just because I can't pay cash, Does not mean I can't afford a TT. In truth, Having a TT make me going on vacation affordable. With out it, I'd have to stay home more.

colliehauler wrote:

Terryallan wrote:
Just let the dealer do it. We financed our first TT for 12 years, and paid it off in 7. Did this one for 12 as well. Just because you finance it for 12 does not mean you have to take that long. It just means that if you need to, you can make a lower payment sometimes. Like If you get laid off or something big comes up.

This is easy way to get into a trailer without putting yourself into a bind. As long as you pay it off early you are paying simple interest and will only cost you for the time you use their money.

Make sure the loan can be paid off early. The harder it is to get a loan, the weirder the terms get.