Financing 2007 DP

[Belgique]

Found a great 2007 Fleetwood Discovery 40X. Having trouble finding anyone who will finance a 2007, even Good Sam. The on-line applications kick it out. Any suggestions on RV knowledgeable lenders who has humans to look at an application?

[Belgique]

Yes, we're talking 70's. We could pay cash but wipe out any cushion -- Don't want it that bad. Plus Chris, it would not get in that CG in Monterrey :-). But it would go into any of the other places we stayed this year. And, once again Chris, I didn't turn in the 10 year sticker so we'd have that to deal with. You'd think I'd learn.

[tropical36]

Bill.Satellite wrote:
Do you qualify for a personal loan? The coach should sell in the $125,000 or less range and many folks would qualify for that amount.

Are you talking US dollars and if so, where are you getting that kind of figure? Judging by NADA and with cash in hand, one should be able to buy well below low retail, in fact....
MSRP $211,169
Low retail $74,200
High retail $89,400
Here's an example of an asking price and before negotiations even begin.... Discovery

[qtla9111]

Looks like a very nice rig.

[Bill_Satellite]

Do you qualify for a personal loan? The coach should sell in the $125,000 or less range and many folks would qualify for that amount.

[Belgique]

I don't want it bad enough to mortgage a residence. I have the attitude that if it doesn't work, it wasn't meant to be. We're happy with our Winnie but would like the Discovery.

I was looking for ideas on RV friendly lenders where humans look at the total file.

[Belgique]

stew47 wrote:
I originally finance fifth wheel through southeast financial. Few months later I talked to credit union and they did 3.9....but only for 6 years. That's the catch most cu only want to finance for 6 years. I ended up using credit union. Saved 4 years and ton of interest.

South East is one that I found on Google and have an application in with them but they are closed for the weekend. They seemed to be more flexible. Once our house sells we will pay it off so short term and/or higher interest is not a big deal.

[whatimmadoboutm]

Have you given any thought to opening a line of credit and buying it with that? As others have suggested, perhaps you could tie the line of credit to home equity in order to get a better rate and/or higher limit.

[jorbill2or]

One of the disadvantages is the lack of ability to finance. The good part is I believe it forces the price down on expensive coaches to where more people can pay cash. You should take that into account on your purchase offer Those that do finance do so for short terms at higher rates making new ones sometimes less per month ( certainly more spendy still due to longer terms)
Home equity loans are one of the more popular methods of financing older MH at reasonable rates.

[jplante4]

Any equity in your house?

[tropical36]

Belgique wrote:
Found a great 2007 Fleetwood Discovery 40X. Having trouble finding anyone who will finance a 2007, even Good Sam. The on-line applications kick it out. Any suggestions on RV knowledgeable lenders who has humans to look at an application?

Supposedly, it's not favorable to lenders for financing units over 10yrs old or so I've been told by the people at Lazydays and others.
Approaching 10yrs must disqualify a lot of them as well.
I once had a friend who always bought new cars, while we always bought used. Reason being, he couldn't get 5 yr financing on a used car. Many times he was forced to buy lesser quality, as well and so to stay in budget.

[stew47]

I originally finance fifth wheel through southeast financial. Few months later I talked to credit union and they did 3.9....but only for 6 years. That's the catch most cu only want to finance for 6 years. I ended up using credit union. Saved 4 years and ton of interest.

[mlslcan]

If you qualify for USAA membership they financed my 2005 MH.

Mike

[Belgique]

I did that search earlier and so many of them won't tell you the parameters until you do the whole application. My 813 score will crash from all the hits if I keep applying. US Bank and Bank of the West were two that were difficult. Will work the local CU Monday. Pentagon CU was one that would only go 2010 and newer.

Off to get a Power Ball ticket. Maybe that will work!

[rk911]

Belgique wrote:
Thanks Rich. I should have said it is a private sale. Tried the places you suggested. Will work more on Mon. CG owner said some RV dealers will work financing (for a fee) for a private sale and they have better luck. Never heard of that but will try it.

I've not heard of that either. our previous MH was financed thru US Bank..maybe give them a call. did a google search and gots lots of hits. maybe one of them will pan out.

good luck.