Financing.....

[Disneyfix]

We are ready to jump in with both feet. Could you guys point me in the right direction as far as financing goes. I would like to do a private sale and be pre approved for around 100k to make the buy timely.
Insurance suggestions while you are at it.

We will be looking used 2009-2013 Tiffin, Newmar or Fleetwood.
Thanks
Chris

[Bigdog]

I also went with my CU. Called them on the way to look at three different rigs in the morning and was prequalified overthe phone before we got to the first seller in an hour. Looked at the three different MH's,one was trash,the other was too much money for what it was and decided on the third. The owner faxed all the info to the CU and 1/2 hour later,they called and said that I could pick up the check that afternoon if I got in before they closed. I did and picked up the MH the next morning. 20 years and 4.99%. No hassle. I will always go to a CU first. I have always financed my TVs and cars thru a CU.

[mlts22]

What helped me was the fact that I paid a hefty down payment in advance. This way, I would not end up upside down on my rig, should I have to get out from under it in a hurry.

I started with a CU and prequalified. A bank gave me a longer loan term, but the CU's deal was by far the best around, so I went with them.

[cjd10]

We financed ours in September through Bank of America. Three other lenders including our own Credit Union had turned us down for having good credit but not enough of it since we did not owe on our home. Financed at 3.9%. Simple loan application was all we filled out.

[viajante]

peaches&cream wrote:
I think this is the same as above. https://www.essexcredit.com/ I have never used them for MH but have financed many airplanes with them. Easy to work with.

I did my refinance with them and they were very easy to deal with.

[JimM68]

We did ours through destination financial, and the loan itself is thru Suntrust Bank (seems destination is just a mortgage broker.)

If I were to do it again, I'd call suntrust directly.

[93mastercraft]

Disneyfix wrote:
Any more places, suggestions?
Thanks as always.

BOA... I guess cause the did take a chance on us. But The nice thing about BOA is if you have a problem with your account or need to make a "last minute" payment. They will have a branch almost anywhere.

[Luna_C]

Gdlow wrote:

sailor_lou wrote:
I'm shocked, eight helpful posts without someone telling the OP that if they don't pay cash they shouldn't buy it. I agree with wallynm, if you have the equity in your home (and you can afford the RV payments, insurance and maintenance) a home equity loan usually gets the best interest rates. Good luck.

Lou
05 Travel Supreme Envoy

Amazing isn't it... LOL:B

It's a new year! However, it is early

[Gdlow]

sailor_lou wrote:
I'm shocked, eight helpful posts without someone telling the OP that if they don't pay cash they shouldn't buy it. I agree with wallynm, if you have the equity in your home (and you can afford the RV payments, insurance and maintenance) a home equity loan usually gets the best interest rates. Good luck.

Lou
05 Travel Supreme Envoy

Amazing isn't it... LOL:B

[Disneyfix]

Any more places, suggestions?
Thanks as always.

[falconman]

We just completed an our of state purchase using Essex, Bank of the West. They were easy to deal with but you have to watch them on the paperwork details, especially the registration. They had us and the seller fill out all the purchase agreements without signatures so they could redo them for final signatures or via Power of Attorney. That was fine but when we got it back it was handwritten by someone in their office, barely legible, and several mistakes. The actual DMV paperwork had it registered as a Commercial Vehicle rather than a motorhome. I would recommend them, just not so sure that they always know what they are doing.

[Luna_C]

Not sure if you can use USAA but a quick check on their site shows a rate of 3.99% for 100K and up @240 months or 4.25% for 180 months

[sailor_lou]

I'm shocked, eight helpful posts without someone telling the OP that if they don't pay cash they shouldn't buy it. I agree with wallynm, if you have the equity in your home (and you can afford the RV payments, insurance and maintenance) a home equity loan usually gets the best interest rates. Good luck.

Lou
05 Travel Supreme Envoy

[93mastercraft]

Disneyfix wrote:
We are ready to jump in with both feet. Could you guys point me in the right direction as far as financing goes. I would like to do a private sale and be pre approved for around 100k to make the buy timely.
Insurance suggestions while you are at it.

We will be looking used 2009-2013 Tiffin, Newmar or Fleetwood.
Thanks
Chris

Financing an RV these days, especially something over 100K and even 150K is much much harder than you might think. Even if you have a perfect credit score and and ability to pay it back and high liquid assets, you might still be turned down. They will want more information on you than applying for a mortgage. You will need to produce up to 3 years of tax returns. You will need to come up with a years worth or more of financial statement and you will need to most likely apply at more then one financial institution to get the best interest rate. It might take up to 3 weeks to be approved.

I did get a loan, with perfect credit and satisfied all the above requirements. However, we were turned down by 4 banks, Bank of the west (and even just paid off an RV loan with them), M&T another bank I don't remember at this point and finally BOA bit.

[93mastercraft]

wallynm wrote:
use you house for collateral as you will get the best interest rate and pay cash for the MH. No IRS BS over interest deduction.

Never borrow money against your home to buy an RV. If something happens, you get sick, lose your job, can't pay it back, they will take your home.