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Old 01-25-2014, 04:39 PM   #1
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15 year financing, biting too big, chewing too slow?

We'll I've been looking for six months or so and I'm considering a 2004 Country Coach Intrigue Ovation 505. At about $90000 at 4% for 15years, does anyone have a guess on how many years it will take not to be more than a couple G's upside down. I would be planning to keep it at least five years before considering trading. I know it all depends on the depreciation of this particular coach but I have no clue where to begin.
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Old 01-25-2014, 05:13 PM   #2
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I hope you have checked this out. Banks, etc. do not like to give a loan on a older model RV. I had to take a personal loan which is much more costly. I also bought a 2004 model. The used RV loans are for those that are only a few years old. My credit is excellent so it didn't just apply to me. You might have to consider a newer RV. Good luck!
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Old 01-25-2014, 05:19 PM   #3
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If you don't already belong to a credit union, join one. We've had outstanding experiences with Genisys Credit Union on RV loans.

Also, you can use an amortization schedule calculator to see what your loan balance is over time. Try this one:

Loan Calculator
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Old 01-25-2014, 05:22 PM   #4
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We purchased a 2003 Travel Supreme in July 2013 for $80k and we financed it for 15yrs at 3.95%. We did put 25% down to take the bite out of depreciation and did our homework on the unit. I feel that for us this was not a bad deal as our unit has a 500hp Cummins with a great track record and most of the depreciation has happened. We would have no problem selling the unit for what is owed and based on some of the improvements we have made we would be able to get back our down payment. For us financing made sense as we both are still working and can use the tax write off of the interest.

You did not mention how much you were putting down and I think that is a major component to deciding if you will be upside down?
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Old 01-25-2014, 05:26 PM   #5
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Different lenders will have different break points but when it is reached...you won't want the terms it costs. Here is the flip side...even if you are at the cusp and can get good financing...by the time you are ready to trade, the net buyer will certainly face the financing dilemma.
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Old 01-25-2014, 05:54 PM   #6
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Foreverfree, did you finance thru a dealer? We bought our MH from a private seller, put 1/3 down and borrowed the rest. My credit union wouldn't give me a regular RV loan because it was too old (2004). Their lending rules were clearly stated and didn't just apply to me. I have been a member of this credit union for almost 40 years. I didn't think I could get a better deal from a bank. Dealers can often get loans that consumers can't get on their own.
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Old 01-25-2014, 06:42 PM   #7
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Southeast Financial and Lightstream both offer loans on older RV's. Lightstream has much better rates than SE Financial but require excellent credit.
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Old 01-25-2014, 06:45 PM   #8
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Just for kicks, I looked at my credit union, which is Premier America and they will only do loans to 7 years on used RVs. They charge higher rates on mh's older than 7 years and will only loan 90% of wholesale.

Just a data point. Good luck on your search.
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Old 01-25-2014, 07:23 PM   #9
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All I can say is wow, if a loan of $90 @4% is amortized over 15 years and no bulk payments are made, in 6 years you would owe about $54K with payments of about $665 per month and interest over 15 years would be about 25% of the $90k, so you would be paying back about $112k.

Given the coach value is $90K in 2014, I would expect at least 10% depreciation per year baring any mishaps, You would be upside down in about 2020 or in 6 years but you are likely upside down in year 1 also if there is no down payment.

Does not sound like a good plan to me.

Good luck
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Old 01-25-2014, 08:19 PM   #10
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The coach books around 113,000 right now. So I guess you could say 20% down. It is dealer owned and I was told I would have no trouble getting 15 years on this 10 year old coach. I personally have talked to a few banks that have said, nothing over seven years old. I've also had a few different dealers tell me banks will changed the rules for a dealer when they won't for an individual.
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Old 01-25-2014, 08:25 PM   #11
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Quote:
Originally Posted by bluegrassrv View Post
The coach books around 113,000 right now. So I guess you could say 20% down. It is dealer owned and I was told I would have no trouble getting 15 years on this 10 year old coach. I personally have talked to a few banks that have said, nothing over seven years old. I've also had a few different dealers tell me banks will changed the rules for a dealer when they won't for an individual.
If you own a sticks and bricks look at a home equity loan. I have done 2 motorhomes that way.
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Old 01-25-2014, 08:36 PM   #12
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There are many brokers/finance companies out there that provide both used yacht and motorhome financing up to 20 years. They represent many banks that you would know such as Suntrust, Wells Fargo, and M&T Bank. I was able to secure 15 year financing on a 10 year old DP last year at 4.99%. The loan was from M&T. My only cost was a $175 processing fee. Well worth it.

Watch out for Essex Credit. They are the company Good Sam submits their loan applications to. They will suck you in saying they finance up to 15 years for 10 year old units at a very low rate, and then raise the rate substantially on anything over 7 years old. Ask me how I know...

As for becoming upside down... The market is so flooded with big boy toys that unless you put a third to one half down, you are going to end up there at some point anyway.
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Old 01-25-2014, 08:47 PM   #13
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Quote:
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The coach books around 113,000 right now. ...
Is that WHOLESALE or RETAIL? As was mentioned previously, getting that old of a unit you may only get financing based on the WHOLESALE value.
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Old 01-26-2014, 10:14 AM   #14
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If you own a sticks and bricks look at a home equity loan. I have done 2 motorhomes that way.
Best way
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