Financing a Class A - unit age threshholds?

[Txsurfer]

Hello All,

Kicking around moving into a Class A gas. In general terms are there age cutoffs where a unit would be hard to finance? I know in boats sometimes anything older than 10 yrs can be a challenge. While I do not plan to buy a unit more than about 5-7 yrs old I would like to know that it's marketable ( ie someone can get financing for it) as a resale later down the road. Maybe this is not a concern with RV's?

[wvabeer]

I financed a 1999 in august. 4.99 a little high but it is old

[doxiemom11]

Many have limitations. We ran into minimum amounts such as no loans of less than 50,000. We also ran into age restriction, except with the credit union. They just wanted verification that the unit was worth at least as much as we were financing and the age did not matter. They also had no minimum amounts. Loan was available for up to 10 years. I'd try a credit union.

[Passin_Thru]

I just had a thought. Ask your bank.

[doc_brown]

Out of curiosity I looked into that. The older the unit beyond 10 yrs, the bank will require more down, give you a higher interest rate and will typically not give a 20 yr term. Now if you buy through a dealer and it’s a high end coach such as a Prevost, Newell or Bluebird some of those variables will soften. The dealer usually has fewer banks to deal with if the coach is 10 yrs+.

[bobkatmsu]

Take a look at how fast motor homes depreciate, not sure that is a winning plan.

[Txsurfer]

So it would prob be best to buy a unit that is only a few years old use it for say five and dump. repeat..

[jorbill2or]

There are places that can finance older units however most will require larger down or sort term as in less than 7 years. There are those who can cite this bank gave me a 15 year loan on a 11 year old coach , or use home equity sure. But your question relates to how “easy” is it ? ... it’s not. I maintain that makes your coach a cash sale candidate and lowers its target market... lowering its price.
It doesn’t apply to anyone else but 3 years ago I bought a 11 year old coach. I wanted low down 15 years and low rate. I had a “real” FICO of 820 at the time with a 6 figure income and no bank or credit union I contacted was helpful . Several said sure , terms 5 years, 6-8 % .. not what I wanted. The dealer had a relationship with a credit union I had no business with before I got 4% 15 year 10% down, but as you can see it wasn’t easy.( even for them it took a week)!
1 year ago the funds I was waiting for became avail without penalty and cleared the loan.
Some great bargains can be had at the 10 year point. Good for buyers not so much for sellers.
Of course it’s just my experience/ my opinion.

[rgatijnet1]

Everything depends on where you try to get a loan. Credit Unions are much more flexible and will finance older RV's than most banks.
This place finances back to a 2002 model year with loans up to 20 years in length. RV Financing

[gutfelt]

Ductape wrote:
Ten years is often the cutoff.

https://www.essexcredit.com/home/

don't know us market but in Canada you can borrow money to buy any year boat or Rv as long as your credits good and u have alternate security to back up loan if unit is too old to stand on its own

[Ductape]

Ten years is often the cutoff.

https://www.essexcredit.com/home/