Community Forums

allegro2 · 03-24-2015, 03:55 PM

I am trying to upgrade from my 2001 35' Allegro Bus to a 2004 40' Allegro Bus, but I wasn't anticipating the financing problems. Essex typically only approves loans for 2007 and newer. I was approved for a 2006 with a much higher price tag, but when I found the deal on the 2004 for less money, they would not consider a loan for the 2004, (I have a high credit score). Other companies that would finance a 2004 don't go more than 84 months. I am going to talk to my credit union tomorrow. Has anyone else had this same problem? And if so, do you have any solutions?

garykk · 03-24-2015, 04:03 PM

Banks have a general rule not to finance vehicles over 7 years old..too much depreciation....apparently this rule applies to MHs too

Nana25K · 03-24-2015, 04:18 PM

You need to call Alliant Credit Union. Speak to RichHolke or Stacey Algrhen. They know their stuff. Just 18mo ago we bought our 2000 DP and the terms were incredible. They are not afraid of fulltimers, they welcome them!!! They a fast and furious at getting the deal done

JimSueW · 03-26-2015, 07:40 PM

We were going to refinance our home with a line of credit to purchase our 2007 FRED. It became a 2 month nightmare with hoops to jump through. We told the bank we changed our mind. Then we went to our Credit Union. My husband has a pension that we have direct deposited to the CU and we used some money to give a down payment. The CU got us all the money we needed in 2 days. We were buying off of a private owner not a dealer. There are good options to stay small and local when looking for financing. Good luck!

No matter where you go, there you are.- Buckaroo Bonsai -RV Forum

Mr_D · 03-26-2015, 07:49 PM

We ran into that trying to finance the Magna. Had over $700,000 in the bank and needed less than $300,000. It took several weeks to get approved as we didn't want to take money out of the annuity. Finally got it done though. Our credit scores were high too and we aren't full timers either.

TexasTom · 03-27-2015, 08:19 AM

We refinanced our 2005 last year with Essex (Bank of the West) with no problem at all! Got approved with no hassles at 4% on a 10 year note.

allegro2 · 04-02-2015, 01:31 PM

Finally got the financing we needed through my local credit union. They don't typically finance over 5 years, but they will approve exceptions for their members. Our last one was financed through Essex, but they would not consider this one because of the age of the unit. Problem solved!