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.

[way2roll]

Jebby14 wrote:

pitch wrote:

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

Well ain't you special!

not really? I suspect your being facetious but I'm not sure what got your panties in a bunch?

I imagine it's the condescending statement that you don't "finance toys". For a lot of US, RV's aren't toys. They are a way of life and possibly a full time home on the road. Also a lot of folks prefer to finance things either out of necessity or the way they want to structure a particular deal. The statement infers that all RV's are toys and thus one should only pay cash.

[Jebby14]

pitch wrote:

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

Well ain't you special!

not really? I suspect your being facetious but I'm not sure what got your panties in a bunch?

[way2roll]

When someone purchased a MH we sold a few years ago they went through Good Sam. Good Sam used bank of the west. The process was pretty formal and even included an inspection by the lender. I don't know the exact terms they got but from what I was told it was competitive. Bank of the west arranged everything through our local bank and title information for the buyer.

[Grit_dog]

No need to get into the humble brags here.
Appears the OP has never financed anything except at the dealer.
And the answer is go to your bank or CU and finance it there.

[pitch]

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

Well ain't you special!

[Jebby14]

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

either that our my cousin Vinnie.

[time2roll]

I agree best to go with your bank. Check first what your bank will do.

If you strike a deal just drive the MH, seller and title to your bank and close the transaction.

[westernrvparkow]

My interpretation of the post is they are looking for a source of financing, not wanting opinions on the seller financing their purchase.
If that is the case the options are pretty much their bank, their credit union, a home equity loan or an unsecured personal loan. The only national bank I know of that does RV loans is Bank of the West. They have a lot of criteria, but might be an option on a newer RV.

[jdc1]

The price is right? You had it thoroughly inspected? Your wife is on board? The terms fit your budget? The seller seems honest? Buy it.

[Thelovingnomads]

Lwiddis wrote:
Has the private seller allowed you to review their financing contract? Which you should read twice, slowly. If the financing party isn’t a pro, I guarantee the contract will not comply with California law.

The private seller owns the RV out right

[Mickeyfan0805]

Yep - Bank or CU. They will work you through the process easily and properly. I bought a truck in NY when living in MA and financed through my local bank with ease.

[Turtle_n_Peeps]

I went with my credit union.

Interest rate was super high as a personal loan but good as an RV.

Most if not all banks or CU's will not loan on an RV over 10 years old.

Good luck!

[Lwiddis]

The pastor is right on. Work with the pros, not the amateurs.

[PastorCharlie]

Your bank or credit union.

[Lwiddis]

Has the private seller allowed you to review their financing contract? Which you should read twice, slowly. If the financing party isn’t a pro, I guarantee the contract will not comply with California law.