Holding loan for buyer
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โMar-29-2018 06:46 AM
Has anyone had any experience in holding the loan for the buyer?
Pros/cons, suggestions.....
Thanks
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โMar-29-2018 10:55 AM
And situations can cause difficulties getting a loan on a used RV. I know, I couldn't get one in early '16. My credit score is 783, but at the time, no one wanted to loan $50K to a full timing RV'er. I had to pull money out of my retirement acct. Which cost me an extra $8k in punishment money come tax time.
But if I was to consider doing this, I'd certainly go through a service rather than hold the loan myself. Too much trouble when traveling.
Have shop, will travel!
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Winnebago Journey, '02
Cat 330HP Diesel, 36.5', two slides.
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โMar-29-2018 10:29 AM
Sprink-Fitter wrote:DutchmenSport wrote:
IF THEY CAN'T GET THEIR OWN LOAN... TELL THEM TO GO SHOVE IT! THEY WILL SCREW YOU!!!!! IF THEY CAN'T GET THEIR OWN LOAN, THERE ARE REASONS WAY! WHY SHOULD YOU BE THEIR NEXT VICTIM! !!!!!!!!!!!!!!!!!!!!!!!!!!!!
YOU ARE BETTER OFF KEEPING THE RV THAN GETTING TAKEN TO THE CLEANERS.
You donโt have to yell.
Oh yes I do. I got taken for $45,000 and a year of my life fixing the damage!!!! I don't want to see anyone else EVER experience that from low-life-dead-beats at the expense of those of us who really do try and care. Never, never, never, never again! I'm now a hard A$$ for sure! Yes! It can't be emphasized enough, don't finance anyone except yourself. Even VA assumption loans are a horrible risk. You wouldn't imagine one service member screwing over another another service member, but it happens a lot. I'm not sure if VA will permit "assuming" someone else's loan any more, because of the risk of the original loan holder getting screwed over.
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โMar-29-2018 10:20 AM
DutchmenSport wrote:
IF THEY CAN'T GET THEIR OWN LOAN... TELL THEM TO GO SHOVE IT! THEY WILL SCREW YOU!!!!! IF THEY CAN'T GET THEIR OWN LOAN, THERE ARE REASONS WAY! WHY SHOULD YOU BE THEIR NEXT VICTIM! !!!!!!!!!!!!!!!!!!!!!!!!!!!!
YOU ARE BETTER OFF KEEPING THE RV THAN GETTING TAKEN TO THE CLEANERS.
You donโt have to yell.
2012 Can Am Commander XT 1000
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โMar-29-2018 10:17 AM
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โMar-29-2018 09:47 AM
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โMar-29-2018 09:40 AM
Not a good idea unless for some reason you feel you want to finance the loan and you can afford the potential loss.
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โMar-29-2018 09:02 AM
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โMar-29-2018 08:48 AM
If they can't find a loan on their own then I would consider them a risk.
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โMar-29-2018 08:18 AM
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โMar-29-2018 08:00 AM
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โMar-29-2018 07:52 AM
There are people out there that will pay cash so I don't think you are going to be catering to a 'loan' crowd.
Good luck,
MM.
2021.5 Pleasure Way Plateau FL Class-B on the Sprinter Chassis
2018 Mini Cooper Hardtop Coupe, 2 dr., 6-speed manual
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โMar-29-2018 07:18 AM
YOU ARE BETTER OFF KEEPING THE RV THAN GETTING TAKEN TO THE CLEANERS.
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โMar-29-2018 07:17 AM
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โMar-29-2018 07:11 AM
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โMar-29-2018 07:08 AM