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Old 10-04-2012, 07:08 PM   #1
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Advice on financing an older coach?

DW(TNBlondie) and I have found our first coach, and we need some help. It's a 1998 model Allegro Bus, and even though it's not terribly expensive, we don't wish to tie up this much from our cash reserves. We are willing to put 30-35% down, and we need a finance company that will do a coach this old. Anyone have any suggestions? Thanks much and enjoyed meeting those of you that we saw at Sevierville!

Doug
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Old 10-04-2012, 07:24 PM   #2
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Try your local Bank or CU first, Then do a search on the net. Many that finance RV's seem to feel that 10 years is the max age of a RV that they will finance.
Good Luck
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Old 10-04-2012, 08:38 PM   #3
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I've heard great things about Essex Finance. Don't know much more than that.
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Old 10-05-2012, 07:35 AM   #4
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This is indeed a problem. When I recently financed my 2007 Sportscoach through my credit union, they refused to finance anything older than a 2005 model. Another credit union would go older but only three years on anything older than a 2002. Might as well pay cash.

It is easier to buy a newer motorhome than an older unit I have found.
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Old 10-05-2012, 08:51 AM   #5
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I've heard great things about Essex Finance. Don't know much more than that.
I would also say Essex. I think there minimum loan in $75.000. They are part of Good Sam. They have good rates and will go up to 20 years. If you go below 2007 they will only go to 17 years
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Old 10-05-2012, 09:00 AM   #6
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Most institutions won't finance more than 10 years old, and if they do, its a higher rate and shorter term.

Your best bet is to check out your local credit unions. I don't think the big boys finance past 10 years old. Essex advertises like crazy but they don't like me because I have the car financed and credit card debt (a new air conditioning system for the house on special financing which shows up as a credit card) :(

I went through this a couple years ago on a 99 Pace Arrow I so badly wanted. Could only get 5 year financing through a local bank that worked with the dealer, which would have been great if the car had been paid for. I was trying to do too much too soon.

I found this newer (to me) coach inside the 10 year requirements and got 12 years from my credit union. Of course the newer coach was another 15,000 too. :(
Good Luck and post pictures!! Let us know how it turns out!
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Old 10-05-2012, 09:17 AM   #7
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I know I will probably get some heat but here goes. If you have CD's or other investments that are making nothing, it is better biz to use this than to take a loan and have interest going out. If you have saved in this way for your retirement, well this is what you saved for. Maybe it didn't start out this way but 2008 changed a lot of peoples lives.
If you have Equity in your home then this might be a time to use it. This is a personal loan to you and they don't care what you do with the check. Make them do a comparison on years versus payment size. They don't want to but you might be surprised at the outcome. Be diligent and you will find a way that works for you. Remember that all loan institutes is in buissness to make money, it's up to you to give them the least amount that you can. What ever you do don't be "Upside Down" in your loan in four years because you will probably want to trade and you BETTER have Equity in your purchase to be able to trade. Good luck it can be done.
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Old 10-05-2012, 09:20 AM   #8
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...
It is easier to buy a newer motorhome than an older unit I have found.
same thing with cars, trucks, and motorcycles. I suspect its to get the economy on an upswing.
My local CU is offering 1.7% rates on 2012 and newer vehicles.

If the OP has decent credit... a 10% signature loan for upwards of $25k shouldnt be hard to get.
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Old 10-05-2012, 12:29 PM   #9
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A home equity line of credit or a second mortgage may be an option if the banks won't finance anything older than 5 years. You can deduct the interest on your income tax as a second home if you use it more than a certain amount of time each year. We certainly do and keep a journal of when we use the MH.
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Old 10-05-2012, 12:37 PM   #10
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Give Good Sam a check , their interest rate is low about2.99% I believe. They are always sending me information wanting me to buy but of course I like lwhat I have.
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Old 10-05-2012, 12:57 PM   #11
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Unless something has changed that I don't know about, loan interest on any RV is deductable as a second home. You don't have to prove you live in it any certain amount. It must just have a galley and bath facilities.
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Old 10-05-2012, 01:06 PM   #12
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maybe you can get your loveable brother in law to make you a low interst loan.....

Ken
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Old 10-05-2012, 01:45 PM   #13
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Thanks for all the advice! I contacted my personal CU, which did not do RV's a few months ago, and now they do again. Age not a factor so much as value to loan amount. They value this at considerably more than the price I've negotiated for it, so I'm good there. Interest rate is fair for the age of it, and I will deduct that as a second home anyway, so bully for me. Waiting on the decision, but I don't expect it to go bad. We have excellent credit and I'm putting 30% down.
Wow, kinda hard to believe we are doing this!
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Old 10-05-2012, 01:53 PM   #14
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Quote:
Originally Posted by Trauma901 View Post
Thanks for all the advice! I contacted my personal CU, which did not do RV's a few months ago, and now they do again. Age not a factor so much as value to loan amount. They value this at considerably more than the price I've negotiated for it, so I'm good there. Interest rate is fair for the age of it, and I will deduct that as a second home anyway, so bully for me. Waiting on the decision, but I don't expect it to go bad. We have excellent credit and I'm putting 30% down.
Wow, kinda hard to believe we are doing this!
Congratulations!


I couldn't either when I went through it but I'll tell you its been a very life fulfilling decision and I don't regret one penny of it!

Enjoy and post pictures! We love pictures!!
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