Coach financing

[Foodsman]

Hi Folks,

I've seen all kinds of things on RV financing from;
• A credit score of 725+ is all you need.
• A good credit score and 20% down.
• Come on down, we finance with no credit check at all.
• No finance charge when the Moon is in the 2nd house and Jupiter is alined with Mars. (hey could that be Aquarius?)

What is true? And base the conversation on someone with an excellent credit score.

What are some of the biggies... The age of the Class A diesel pusher, loan value of same etc.

Our kids had all kinds of questions and I found one area I was clueless is on the financing part.

Thanks for your help

[2012Coleman]

Before you ink the deal, make sure you do the math and see how much you will be paying for that coach with all the interest tacked on. Dealers try to give you a loan based on what you can afford a month. Make sure there is no penlties for early pay off and exceed the monthly payment by as much as possible.

[mich800]

It still comes down to the three C's. A great credit score and no or limited means to repay will still be declined in many instances. But if you have a good credit score, down payment, acceptable debt coverage and source of repayment income you should not have any issue obtaining a loan.

[wbwood]

Depends on the dealer. If you don't like the terms of one dealer, go to another. Or go back in a few months as it's likely to change.

[Fishinghat]

The answers on the Essex Credit web site were excellent.

Since you have an excellent credit score, you may have a significant equity in your home and you can use that as collateral for a loan. Using your home allows you to consider a older (over 10 years old) diesel motorhome that those with poorer credit could not qualify to buy, thus reducing the potential market and the price.

Also, since you can qualify for your own financing, you can consider buying from a private party. Buying an older high quality diesel pusher from a private party is what we did (although it was 10 years ago) and we couldn't be happier.

[sch911]

This may help some...