TT financing for an 04 model??
I found an 04 Cedar Creek I want to buy...shopping around trying to find financing...does anyone know of a place that finances RV's older than 8 years?
Forum Discussion
I don't totally agree that financing "toys" is a bad thing. We financed our '07 ROO at a good rate and also financed our brand spankin' Rocky at a much better rate. We don't go to movies, we don't eat out a pricey restaurants and we surely don't buy designer clothes....easy to tell by looking. Our payments have been right at $200 per month. Assuming we were movie buffs, we'd be in for $50+ every trip and more for the dinner out. So for us, $200 is a reasonable amount. We NEVER, NEVER, NEVER touch our home equity. It is so close to being paid off and we wondered if we'd ever get to that point. One benefit on financing the trailer is that as long as it meets certain criteria, you can deduct the interest....which you can't do on movie and dinner. Granted, it's not a huge amount, but better us than them. We could have pulled the cash out of our investments, but we're making more interest on those than what we're paying for Rocky, so that doesn't make sense. And, if the sky falls, we still have that money in our investments - and REALLY safe ones - and we could sell Rocky if push came to shove. I think it depends on the individuals own circumstances and finances. If buying a TT pushes you right to the edge, it's not a good idea. If you can manage this with responsibility and it gives your family both entertainment and time together, I am of the thought that financing is not necessarily a bad thing.
FWIW, when I was shopping for financing for the ROO, our credit union wanted a ridiculously high rate and a very short term. They offered great financing for our cars, but trailers were a whole different thing. We ended up letting RVW handle it both times and were pleased. Have you been with your bank for a long time??? Might be able to get either a signature loan or a decent financing package. Just guessing, but I'd think you're probably looking at the $8000 figure + or -. If your ducks are in a row, a signature loan is not out of the question and you could still deduct the interest. Requirements are that it have sleeping, cooking and bathroom facilities, which you have. Hoping this works out for you.
FWIW, when I was shopping for financing for the ROO, our credit union wanted a ridiculously high rate and a very short term. They offered great financing for our cars, but trailers were a whole different thing. We ended up letting RVW handle it both times and were pleased. Have you been with your bank for a long time??? Might be able to get either a signature loan or a decent financing package. Just guessing, but I'd think you're probably looking at the $8000 figure + or -. If your ducks are in a row, a signature loan is not out of the question and you could still deduct the interest. Requirements are that it have sleeping, cooking and bathroom facilities, which you have. Hoping this works out for you.
