Financing an older MH

[jtad]

Looking at coaches in the 2002-2007 year range. I have noticed that most places limit the age of a used coach they will finance to 2007. Anyone know of someone financing with decent rates for the year ranges I am looking at?

[gfs1943]

My coach was 10 years old when I bought it. The selling dealer arranged financing through Southside Bank (headquartered in Tyler, with several branches in the Fort Worth/Arlington area). I paid about 40% of the purchase price as down payment, and got a very good interest rate. With the large down payment, and short term of the loan, I don't think it mattered how old the coach was. I'll never be upside down.

You may want to contact Southside. It looks like their closest location to you is in Granbury; they also have an ATM location in Stephenville, but that probably doesn't do any good as a place to actually talk to. Southside Bank

[jtad]

Saying that if I have to have a loan to buy a diesel pusher, then I can't afford the up keep. Is like saying if you have a mortgage your really cant afford to have a house...I guess everyone out there with a loan of any kind shouldn't have what they are payign on. I assure you I can afford the up keep, thats not a problem. I have been around tour buses and over the road big trucks my whole life I know what is invovled. I'm not trying to come off like I don't appreciate the info. But I am not hear looking for advise about what I can and can't afford.. I am looking for advise about leading institutions. I am not looking to put my house up for a loan or anything like that... I can afford about $600 a month in a payment, and still have plenty left for maint.. So thank you to the people that have addressed my question, and to anyone else who has some helpful insite to financing. But I will worry about what I can and can't afford.

[racer99]

I think buying an older unit and paying cash or a very little personel loan would be the way to go, if you buy newer and have a payment your rving fun will be making payments on a newer MH rather than a older one, just because you pay big bucks does not mean they are trouble free, right now there are a large amount of used MH's out there for sale and a little time looking around and comparing goes a long way this forum can lead you on what to look for and what not to buy, a little time looking will pay off !!!!!!!!!!Rich
pauperspride.blogspot.com

[doxiemom11]

Our credit union had no age limit for financing an rv. It just needed to have enough value for the amount you were asking to borrow. No minimum loan amount as many of the others have either.

[Mr__Jeff]

Agree - Cash is the best way. I certainly would not put my house on the line just for a vehicle. If it takes a loan to purchase an older Class A, especially a diesel pusher, then your really can't afford the upkeep on one either. Save for awhile and search for an older Class A gasser to start with then move up a few years later.

[Mike_Hohnstein]

Yes,,,,cash is king.

[jtad]

I like the sound of what USAA has to offer but I am not a member. I am a government employee..But city government (firefighter) not federal government. My dad was in the Navy and we got online and looked at quotes for his auto and home owners. We thought we could get him signed up and I would piggy back on.. USAA was not an option for him. In both cases auto and home the premium was over double what he pays now with Allstate... Guess they really don't offer such a good deal for our Vets.. So does anyone else know of anyone that offers what USSA does?

[crasster]

You may have a bit of a better chance with a credit union.

[jwilson32]

USAA if you can. Theres no age limit on the rv. They will finance 100% if you qualify. 4.25% @ 15 years if you borrow $35k or more. I haven't found anyone that can touch that rate and terms for an older MH.

[Popsie]

chevyman2 wrote:
Well in order to get a home equity loan, You must own a HOME. If you rent. Or if you own a mobile home, you can not obtain a home equity loan. Yes it is very hard to get a loan for an older RV.

Depending on your circumstances, you might be able to borrow from a 401K, a vintage car, jewelry, etc. etc.

[OH48Lt]

Difficult to find a bank or credit union that will finance an older MH. If you find a company to do it, it will charge big rates and you'll be under water with it for years. Using something else for credit will get you a much better rate using a reputable company. Most that charge those high interest rates are way below-average in the reputation department, and they will sell the loan.

[WILDEBILL308]

Yes most places won't go past 10 years old. I missed several great units just because they were over 10 years old.
Bill

[chevyman2]

Well in order to get a home equity loan, You must own a HOME. If you rent. Or if you own a mobile home, you can not obtain a home equity loan. Yes it is very hard to get a loan for an older RV.

[Cobra21]

Popsie wrote:
Consider a Home Equity Loan to get the money you need to buy an older coach.

Lower interest rate, easy to do.

I don't like to borrow against our house, but this would be the cheapest. Our home equity rate is at 4 percent.