Best Rate For Financing 10 year old RV

[1ed]

Thinking of purchasing a 10 old MH and having difficulty finding a place that will finance a 10 year old MH and then the best rate I can find is 5.49.
Anyone have any ideas about lower rates? Excellent Credit
Thanks.

Also what have your experiences been with PPL Motorhomes? I have had only parts experience and that has been great. But I am thinking of buying a MH from them and like additional input before I pull the trigger. Thanks again, Ed

[pnichols]

Open a HELOC (Home Equity Line of Credit) loan. That way you can draw against it as needed to buy and fix up an RV and pay it back at your own rate so long as you pay at least the minimum each month.

A HELOC loan probably has the lowest interest rate you'll find right now. Our current home equity line of credit carries a 2.70% interest rate on any amount we want to borrow up to it's maximum.

[Isaac-1]

One correction here, PPL does own some of their inventory, I was talking to one of their reps at the Houston RV show booth last year and was surprised to learn they offer a trade in program where they may buy the trade in RV vs waiting on consignment sale.

[doxiemom11]

Our credit union financed our 10 yr old motorhome with no problem. The MH just had to have a value that was as high or higher than the amount we wanted to borrow. They would go up to 10 years. And don't listen to what everyone one says about older motorhomes. The kinks and factory problems have been worked out already - they are better built with better materials and in the 8 years we have had ours we have had to do very few repairs. Mostly circuit boards, new springs for roller tubes, vent covers. Because DH is capable of doing the repairs as well as the preventative maintenance himself, we have spent less than $1,000 in 8 years. There are good older rv's available if you take your time to look.

[Lwiddis]

Take the 5.49%. Hurry.

[sgip2000]

Try a credit union.

[Sam_Spade]

1ed wrote:
then the best rate I can find is 5.49.
Anyone have any ideas about lower rates? Excellent Credit
Thanks.

I think that a true 5.49 is almost a miracle.....and that you had better grab it up before they change their mind.

[PawPaw_n_Gram]

PPL is a great company, but do understand they do not own any of the vehicles they are selling. The rigs are on consignment and are sold “as is”.

Quite a few people buy a rig from them sight unseen. They arrive in Texas expecting something like picking up a new RV from a full service dealer, with a multi-hour walkthrough on the rig.

Won’t happen. The rig will largely be as the seller turned it over to PPL. That can range from pristine condition to needing a major cleanup.

I would also strongly suggest making the final purchase contingent upon the rig passing a mechanical inspection by both an RV tech and a engine/ chassis mechanic. PPL can advise you of people in the area who have done such inspections in the past.

Frankly making a trip to Texas, and then deciding the rig isn’t right is a lot cheaper than buying without checking and discovering there are problems later.

[1ed]

I didn't think of the Brokerage. Good Point
That is why I love this Forum...

[kerrlakeRoo]

1ed wrote:
Have the money for repairs, just don't really want to take the money out of the stock mark and pay the taxes a large sum where as My RMD will cover the payments and then some. Plus my monthly income is more than enough for any repairs etc.

Will your brokerage work with you?

[1ed]

Have the money for repairs, just don't really want to take the money out of the stock mark and pay the taxes a large sum where as My RMD will cover the payments and then some. Plus my monthly income is more than enough for any repairs etc.

[mowingman]

I don't think most places will finance a 10 year old RV. your local bank, if you have a good relationship there, is probably the only one who will finance somthing that old.

[beemerphile1]

A 10 year old MH can have very high repair bills. If you finance it and then find the engine needs rebuilt, how will you pay for that multiple thousand dollar cost? That is why lenders don't want to provide financing, they don't want to own a MH with a bad engine when the borrower stops making payments.

Friends just bought a Holiday Rambler diesel pusher with low miles. In the first two months they have bought a water heater at $500, some sort of compressor that cost 3,000, a new inverter/charger for $800, and miscellaneous other items. Fortunately they paid cash and have the resources to pay for the repairs.

Buying parts from PPL has been a good experience, they seem to be a company that is working hard at building a good reputation.