Private Seller - Financing

[Thelovingnomads]

Hi there! Looking for any information or advice on financing when purchasing from a private seller. Would love recommendations of companies to go with and any other information anyone could provide. Thank you in advance.

[busterja21]

Some options from any bank/ credit union

- Rv /trailer loan (rv value must be >= loan amount)

- If you own a home a HELOC or home equity loan

- If you own a late model car/truck you can give the bank the title and get an auto loan

[doxiemom11]

Financed with our credit union - no problem. They told us everything to do.

[Veebyes]

We bought from a private seller. A 6 month old truck & trailer together.

It was a little complicated since I am not a US citizen nor do I have a US address.

I had a USD check cut from an investment house I deal with through a Bermuda broker. Took that check in company with the seller to his local bank where we all sat down with his banker.

The banker opened an escrow account. Check went in. Bank took balance of sellers loan out. Bank transferred the balance to sellers acct. Bank gave us the title. Escrow acct closed. The whole transaction took less than 15 minutes.

Everybody happy. No sales tax paperwork to deal with since truck & trailer are owned by a LLC outside of state of sale.

[Grit_dog]

But if you can't itemize then you likely can't afford or don't have a RV that's a significant deduction anyways.

[drsteve]

PastorCharlie wrote:
The IRS does not consider my motorhome as a toy; but as a second home.

But unless you can itemize it doesn't matter. For most taxpayers, the standard deduction is more.

[Ron3rd]

Wow. The OP is a new member and came to this forum for help.

[PastorCharlie]

The IRS does not consider my motorhome as a toy; but as a second home.

[magicbus]

gemsworld wrote:
The OP is looking for financing suggestions, not lessons on how to spend his money. It's irritating and condescending when some posters feel the need to chime in just to bash other posters for financing their RV purchases or buying new ones. Without those two options there would be no RV industry as we know it.

Ain’t that the truth.

Dave

[Community Alumni]

The OP is looking for financing suggestions, not lessons on how to spend his money. It's irritating and condescending when some posters feel the need to chime in just to bash other posters for financing their RV purchases or buying new ones. Without those two options there would be no RV industry as we know it.

[lap527]

I would check out a credit union. We are not much on the big banks if we needed to fiance something. IMHO they pay their executives way too much money.

[way2roll]

Allworth wrote:
All RVs are toys and you shouldn't buy one that you cannot pay cash for.

Move on. Nothing to see!

Maybe you consider your TT a toy. I certainly don't consider the Class A's I've owned as toys, especially for full timing.

This thread has gone off the rails. Someone asks about financing and now we have folks claiming all RV's are toys and if you can't pay cash you shouldn't own one. Not helpful and certainly not the majority of cases. Move on.

[ScottG]

.

[Allworth]

All RVs are toys and you shouldn't buy one that you cannot pay cash for.

Move on. Nothing to see!

[jdc1]

pitch wrote:

Jebby14 wrote:
id go line of credit (if I was financing, I don't finance toys)

Well ain't you special!

Smart is what he is. Why finance a depreciating toy?