95 Newell for $45,000. Cand you get insurance for it?

[HOM]

I've been looking at a 1995 Newell for $45,000. Are there places that will loan money on a motorhome that old? Or if its over 10 years old you're out of luck?

Thanks,

HJ

[MrWizard]

you can go to your original post
look on the right at the blue links
click edit
you can change the subject line

[Foodsman]

Thank you glamisorbust, I am a vet and a member of USAA and I would not have thought of that. The recommendation to contact Newell is also an excellent idea and I'll follow up on both of them!

Thank you

[discovery4us]

Insurance should be no problem.
My experience with loans on older MH (or RV's in general) is the older they are the higher the percentage down goes up.

[old_guy]

insurance companies are greedy, you should be able to find someone to take your money.

[geotex1]

Any chance you belong to a credit union? I know mine would lend pending an independent market appraisal, but also know the finance rate will reflect the age (currently at 8.875% for age and amount and require 20% down as I just logged in to see).

Insurance is not a problem at all provide the value is justifiable to the insurance company (would be surprised if not with a Newell). Probably with that rig I would go the route of an agreed value policy that you can obtain from specialty vehicle insurers.

[Dale_Traveling]

Hard to say on the loan. Most, but not all, prefer not to loan on a coach over 10 years old. You'll need to ask around. The lenders look at an older coach as a bit higher risk that you might default on it. As such if you do find a lender the interest rate might be a couple of percentage points higher and/or require a substantial down payment.

Considering the uniqueness of a Newell I would give them a call directly (1-888-3NEWELL (1-888-363-9355))and ask the sales staff. They might have lenders that understand what a Newell is a bit more than a box of wheels.

Concerning insurance - worst case scenario Lloyds of London will insure anything. Weren't there a couple of actresses that insure their legs in the 1950s-60s with Lloyds?

[MrWizard]

The topic/subject line says insurance NOT loan

Please edit..to correct this

[glamisorbust]

If you're a veteran, call USAA and get the loan. Mine is a 99 model and I got a loan for $33k in august.

[10forty2]

If you have the capability, you may want to look at a home equity line. Few, if any, financial institutions will loan money on a vehicle that old and if they do, most likely they will only lend around 60% of the book value on it. Insurance shouldn't be a problem.