TT financing for an 04 model??

The Op said "home equity is NOT an option. People should stop trying to suggest it.

Just my 2 cents worth. You shouldn't finance your hobbies. Making payments on something not worth half of your payments is not smart.

Campfire Time wrote:

Dick_B wrote:
It's hard enough to get a loan on a new RV that I doubt anyone, short of a loan shark, will give you money for a 10 year old unit. Home Equity Loan is the way to go.
Just my $.03

Hard to get a loan on a new one? Doesn't explain all the new rigs I've been seeing this summer then, unless people have a lot of cash to go around.

I agree on the home equity loan though. No one is going to lend money on a 10 year old RV. Another option might be a personal line of credit. I've had both secured and unsecured lines of credit in the past. Its a bit like a credit card with a fixed rate that's much lower than a credit card.

I would tend to agree with Dick_Bs comments.

My own personal experience recently buying a new truck really was an eye opener for sure.

The banking industry has clamped down severely and made the process of getting loans next to impossible even with a credit score a couple of points below perfect.

Even for auto loans you now get to enjoy a "closing" similar to a home loan. In the past I simply walked into my bank, gave them the the amount I wanted to borrow, the vin number and signed a couple of loan papers and had the check that day.

This time I had to have the dealer send them every piece of paper known to man the them, then had to wait for the loan department to sign off then had to set up a closing and spent an hr going over all the documents. Signed nearly two dozen papers :M

For the OP, many people here are going to disagree with my position on this matter. If you have a home paid for and or have Equity in a home, DO NOT use it for a loan, PERIOD.

I have seen MANY people close to me that HAVE LOST their home, cars, and other items due to Mortgages/loans which they ended up defaulting on (they ultimately could not afford all the loans).

A RV is a depreciating asset and is a terrible way to "invest" your homes equity in. Home equity loans should be used for things that IMPROVE the equity in your home.

This is an very down home honest good piece of advice.

As far as loans go, Credit Unions can be a helpful resource but like others have mentioned getting a loan on a 10yr old RV may prove difficult.

The reason for this is there is no real value in a 10 yr old RV, banks, and even Credit Unions use the item you are buying as collateral. The collateral MUST have more value than the loan for anyone who is loaning the money. RVs depreciate at a rate faster than the loan payback schedule which compounds the problem.

If you can't find anyone to loan the money then you need to step back and find a lower priced RV which you can get a loan for OR one that you can buy for cash (this may mean waiting and saving some money, but really if you can't afford to save at least the amount of a loan payment you CAN'T afford the loan)

I would suggest you plunk in some numbers into a loan amortization program and see if it is even in your budget.

Here is one you can use AMORTIZATION CALCULATOR

Dick_B wrote:
It's hard enough to get a loan on a new RV that I doubt anyone, short of a loan shark, will give you money for a 10 year old unit. Home Equity Loan is the way to go.
Just my $.03

Hard to get a loan on a new one? Doesn't explain all the new rigs I've been seeing this summer then, unless people have a lot of cash to go around.

I agree on the home equity loan though. No one is going to lend money on a 10 year old RV. Another option might be a personal line of credit. I've had both secured and unsecured lines of credit in the past. Its a bit like a credit card with a fixed rate that's much lower than a credit card.

It's hard enough to get a loan on a new RV that I doubt anyone, short of a loan shark, will give you money for a 10 year old unit. Home Equity Loan is the way to go.
Just my $.03

Keep in mind that 2014 models are on dealer lots now, so that is more like a 10 year old unit.

Sorry, I cannot help with the loan option.

try a credit union, some of them are more relaxed on those type of loans. goodluck

I like to take out a long note to get low monthly payments and then throw chunks of money at it when i make it. I have done that in the past. This camper is like new for the year..love it. Home loan is not an option...I hope there is someplace out there that could help.

My guess would be that you'll have problems finding financing for an RV that old....
Do you have the equity to take out an equity loan on your house, that could be used for the RV? If you do, make sure that you have the restraint to make payments that will pay off the loan in a fairly short period of time, or you'll really be "upside down" in your payments....if something were to go wrong.