Financing

[rsqfyrmedic]

Hi all, not a noob but looking to purchase a 2004 class A. Does anyone know of a bank or credit union that finances anything older than 10 years? (Credit not a problem) TIA

[rbcamping]

What you can do is take a loan out and use your retirement accounts as collateral instead of withdrawing it, or maxing out your credit cards.

[mileshuff]

How about an unsecured personal loan? If you have excellent credit try lenders such as Light Stream. No lean against the RV. My 4% loan was approved and funded in 2 days.

[mlslcan]

If you qualify for USAA (veteran, family of veteran, etc) they will finance older motorhomes. Not sure of the cut off but at some point it changes from 100% of NADA to 80% NADA and the length of the term changes ie 8 years vs 12. I might have some details wrong since I am going off of memory and do not want to model a loan to check.


Mike

[goreds2]

Save for a few months and pay cash. (My opinion)

[Crowe]

OP, have you had any luck securing financing?

[Crowe]

when we bought our TT this last month the CU finance guy told us what our score was(still in the upper 800's)

I was curious because the highest FICO score anyone can achieve is 850 (unless they've changed the scale somewhere).

my wife is very good with handling finances

if it were me we would be broke,but i would have a heck of a lot more guns and toys than i do lol

Sounds like my house!

No, I will not say what the rate is, nobody who reads these forums has a "Need To Know"!

Wasn't interested in the rate but one of the biggest rookie mistakes when getting financing is telling the seller/lender what you want your payments to be. Yes, I know YOU are not a rookie but there are many people on here who are and if any of us can prevent them from making a big financial mistake it's worth clarifying information.

[mowermech]

Crowe wrote:
Their only question was "how much do you want the payment to be?" We negotiated a payment amount, she filled out the paperwork, and handed me a check to pay for the truck.

Ouch! This is the first thing my father taught me NOT to do-negotiate a payment. Payments should be based on the interest rate and length of time, not just a fixed amount. Do you even know what your interest rate was?

but we also have extremely good credit(upper 800's)

Sneakyground, interesting. On what scale?

Why, yes, actually, we discussed the interest rate. If I forget what it is, it is on the quarterly statements.
No, I will not say what the rate is, nobody who reads these forums has a "Need To Know"!

[sneakygroundbuz]

which ever ones that the CU and Ford finance uses to check your credit.

when we bought our truck last year we got 0% finance from Ford credit.when the dealerships finance guy ran our credit he told us what it was at that time(very high 800's)

when we bought our TT this last month the CU finance guy told us what our score was(still in the upper 800's)

so thats what they told us,not what we can look up on line on those so called credit rating sites.

the wife and i make a pretty good living (combined incomes).

until we bought our truck last year we only had a our mortgage and utilities for debt.no credit card debit at all,not even to this day.

we do use CC but they get paid off right away when we do use them.

we have never taken a loan to term yet,and dont plan on it.

my wife is very good with handling finances

if it were me we would be broke,but i would have a heck of a lot more guns and toys than i do lol

[Crowe]

Their only question was "how much do you want the payment to be?" We negotiated a payment amount, she filled out the paperwork, and handed me a check to pay for the truck.

Ouch! This is the first thing my father taught me NOT to do-negotiate a payment. Payments should be based on the interest rate and length of time, not just a fixed amount. Do you even know what your interest rate was?

but we also have extremely good credit(upper 800's)

Sneakyground, interesting. On what scale?

[sneakygroundbuz]

we finance every thing with our credit union
when we want to buy something we just tell them what it is,and how much it is
they just ask when do we want the money and what account we would like it put into

but we also have extremely good credit(upper 800's)

[Grit_dog]

THIS^.
Stick to credit unions or local banks.
Maybe it was our relationship with the CU we used to use, but we could get a loan basically on a phone call, no problem. They were typically secured loans, so if it was for something old, it was secured by something newer. IE loan for old camper, taken against newer truck that was paid off.

[mowermech]

I recently went to my Credit Union and said "I need $9000 to buy a 1999 Dodge Cummins 3/4 ton truck." Their only question was "how much do you want the payment to be?" We negotiated a payment amount, she filled out the paperwork, and handed me a check to pay for the truck.
The motorhome? Same scenario. No problem with the age of the vehicle.
Of course, we have been members of that CU for almost twenty years, and have financed several vehicles with them. That might make a difference!

[Crowe]

withdraw the rest from your retirement funds

Sorry but really bad advice. The loss of future income plus the tax load/penalty can be very expensive.

Or get a loan from a relation.

Even worse advice, unless it's a relation you don't care about.

So my advice is to nearly max out your CCs

Wouldn't do that either. Too much high cost debt and too much risk if you get in a pickle and need to charge necessities.

I would just keep looking for financing. If you have a credit union at work, try that first. If you are a home owner an equity loan may work. Rates are fairly low, but you do risk your house if you default. This site came up on a search:

https://www.sefinancial.com/rv-trader/?imt=1&utm_campaign=rv+trader&utm_source=rv+trader&utm_medium=....

One last thought is too see how much you can get on an unsecured note (be prepared for high interest) and do the rest on a CC or some other way. Good luck and let us know how you make out. There are many on here who have been in your situation.

[Jim]

Back in Feb of '16, I had the delightful problem of not being able to find anyone who wanted to loan on a '02 Winnebago in Mesa, where there are hundreds of dealers and consignment lots. I have a credit rating of 783 too, but no takers.

Since I no longer own a S&B home, have no real property to speak of so couldn't get an equity loan either. Eventually gave up, and withdrew the entire amount from my retirement funds. What I should have done is used my two credit cards and almost maxed them out. Could have paid those off with a few hundred per month each if I'd thought of it. That would have reduced my withdrawal. Reason was the amount I took out pushed me into a higher tax bracket and I ended up paying $6800 in taxes that year when usually it would be no more than a couple hundred, if anything.

So my advice is to nearly max out your CCs and withdraw the rest from your retirement funds. Or get a loan from a relation.