Lenders for a 2007 seneca hd 34?

[Ledauz]

Found a RV but have been running into issues with financing with it's age. Anyone have good experience financing a 10 yr old RV? Also looking for longer loan limits.

[Ledauz]

Could easily afford new but I see no point in taking the depreciation. Also cash flow is my main concern, why tie up money when I can invest it and pay the loan that way.

Also from my understanding 10 years is the last big depreciation loss.

Not that it matters but longest term possible with simple interest. With intention to pay off in 4-5 yrs

[tobydad]

Keep looking on the internet for a reputable bank or credit union. If your credit rating is good and the amount of the loan is less than the value of the unit (maybe a larger down payment), then you should be able to finance it for a longer term.

[4x4van]

DownTheAvenue wrote:

4x4van wrote:

DownTheAvenue wrote:
If you have to finance a 10 year old RV with "longer terms" then I have to wonder if even buying a RV makes sense for you.

Meaning what, exactly? Every RV I've owned was purchased at least 10 years old, with a 10-12 year loan. I rarely put over 3000 miles/year on them, so the term is not a problem for me, and keeps the payment low enough that changes in the economy or our situation seldom becomes an issue. Some people would also poo-poo the idea of financing an RV at all; rather than paying cash. Everyone's needs and situations are different.

To the OP, yes, any RV over 10 years old is difficult to get financing on (even short term). We went through a credit union; even though they had a rule against older RV's, they were willing to waive the rule for an RV that was particularly clean and low mileage.

Meaning that if you can barely afford a payment except for longer terms, then buying an old RV is a recipe for disaster, especially if the buyer is new to RVing and has no knowledge of RVs in general. Meaning that someone who is financially sound with significant monetary resources but merely chooses to finance as a means to leverage his financial position, as you apparently did, is a viable means of money management.

The OP never said he "could barely afford the payment", only that he was looking for longer loan limits. I'm going to assume that he "can" afford an RV, rather than assuming that he's getting in over his head simply because he wants a longer term.

[DownTheAvenue]

4x4van wrote:

DownTheAvenue wrote:
If you have to finance a 10 year old RV with "longer terms" then I have to wonder if even buying a RV makes sense for you.

Meaning what, exactly? Every RV I've owned was purchased at least 10 years old, with a 10-12 year loan. I rarely put over 3000 miles/year on them, so the term is not a problem for me, and keeps the payment low enough that changes in the economy or our situation seldom becomes an issue. Some people would also poo-poo the idea of financing an RV at all; rather than paying cash. Everyone's needs and situations are different.

To the OP, yes, any RV over 10 years old is difficult to get financing on (even short term). We went through a credit union; even though they had a rule against older RV's, they were willing to waive the rule for an RV that was particularly clean and low mileage.

Meaning that if you can barely afford a payment except for longer terms, then buying an old RV is a recipe for disaster, especially if the buyer is new to RVing and has no knowledge of RVs in general. Meaning that someone who is financially sound with significant monetary resources but merely chooses to finance as a means to leverage his financial position, as you apparently did, is a viable means of money management.

[4x4van]

DownTheAvenue wrote:
If you have to finance a 10 year old RV with "longer terms" then I have to wonder if even buying a RV makes sense for you.

Meaning what, exactly? Every RV I've owned was purchased at least 10 years old, with a 10-12 year loan. I rarely put over 3000 miles/year on them, so the term is not a problem for me, and keeps the payment low enough that changes in the economy or our situation seldom becomes an issue. Some people would also poo-poo the idea of financing an RV at all; rather than paying cash. Everyone's needs and situations are different.

To the OP, yes, any RV over 10 years old is difficult to get financing on (even short term). We went through a credit union; even though they had a rule against older RV's, they were willing to waive the rule for an RV that was particularly clean and low mileage.

[XytheX]

Personally, I'd avoid using a Home Equity loan to finance a vehicle, RV or otherwise. If something goes drastically wrong with your financial situation you risk losing your house.

Talk to, and establish a relationship with your local Credit Union. They often underwrite in-house, giving you the chance to pitch your case to the person actually approving the loan. Having an ongoing relationship with a Credit Union is a wise move that could benefit you for many years to come. Even if you don't get approval they can help you figure out why and perhaps help you find something that works better for your situation.

[DownTheAvenue]

If you have to finance a 10 year old RV with "longer terms" then I have to wonder if even buying a RV makes sense for you.

[Cobra21]

I don't know why, but it is easier to get a loan on new. But I wouldn't take the hit on one.

[pauldub]

Probably need to go with a home equity loan to finance a vehicle that old.