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Old 03-11-2013, 10:49 AM   #43
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Totally agree. Just for information, Citizens Bank in Michigan will often outdo others.

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Old 03-11-2013, 11:58 AM   #44
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Thanks! I'll keep them in mind.
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Old 03-11-2013, 01:02 PM   #45
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I knew exactly where this thread was going to go.

First of all, none of us are INVESTING in an RV, ok?

Second, those of you that have dropped working capital on a deprecating asset, good for you. You don't have to come into a thread discussing an issue of financing and try to talk down to others that are doing it differently.

Third, there is nothing wrong "renting" a depreciating asset. I highly doubt anyone here getting a long term loan will have the RV past 5 years or more. Most of us will trade by then. It's about monthly payments. Some will win, some will lose.

Everyone has different needs and wants when it comes to this "hobby".

I was trying to get some ideas on where to go to get the required money. It looks like I might be ok with the dealer after all. We asked the salesman how they get these things sold. It's very difficult. I want a thriving RV industry along with the boating industry. Tough to get there if people can't buy the used products. There's only so many people that can purchase the new stuff.

I know the banks got too loose with money before, but there has to be a middle ground or another way to handle all this.
I'm a retired banker with 35 years starting in brokerage, retail, wholesale, new construction and commercial. I've made loans on hotels to airplanes and yes, motorhomes!! There would have been no career, retirement and financial success without borrowers from all walks of life. I never made a no-qualifier or zero down loan. Every person is different and see's their way of life differently and most are happy with their choices. There is no perfect way to go from point A to point B. There are no two borrowers that have the same finances or bank accounts. Sure, there are reasons not to finance and pay cash as well as there are times financing is the only option. Just always remember your cash flow after paying your debts each month. As a general rule, don't raise your monthly debt load higher than 40% of your gross monthly income. Your personal stress level and the security you have in your monthly income will dictate whether you should save more for a down payment or wait until you can work within the debt number. RVing is not considered a financial investment, but it is an investment in yourself. Especially if it's time to leave the career and stress behind to enjoy your life. So, good luck SteveB2 in your search. It sounds like you have the will.....so you'll find a way!!!
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Old 03-13-2013, 10:37 AM   #46
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I'm a retired banker with 35 years starting in brokerage, retail, wholesale, new construction and commercial. I've made loans on hotels to airplanes and yes, motorhomes!! There would have been no career, retirement and financial success without borrowers from all walks of life. I never made a no-qualifier or zero down loan. Every person is different and see's their way of life differently and most are happy with their choices. There is no perfect way to go from point A to point B. There are no two borrowers that have the same finances or bank accounts. Sure, there are reasons not to finance and pay cash as well as there are times financing is the only option. Just always remember your cash flow after paying your debts each month. As a general rule, don't raise your monthly debt load higher than 40% of your gross monthly income. Your personal stress level and the security you have in your monthly income will dictate whether you should save more for a down payment or wait until you can work within the debt number. RVing is not considered a financial investment, but it is an investment in yourself. Especially if it's time to leave the career and stress behind to enjoy your life. So, good luck SteveB2 in your search. It sounds like you have the will.....so you'll find a way!!!
Very well said! Excellent.
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Old 03-13-2013, 11:54 PM   #47
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We bought our motorhome some 11 years ago with the thought of selling the stick house which would pay off the motorhome and going full time. Now, with the 13 yr old grandson living with us that's kind of out.
Didn't buy the motorhome as an "investment" either. We aren't what you would call rich, but we have structured our retirement income very well and our income will still be a little less than double the 2012 median family income, without touching the principal. If we decide to buy a new motorhome I won't worry too much. Being upside down for years doesn't bother me at all either, it only matters when you go to sell.
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Old 03-22-2013, 08:36 AM   #48
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Update 2

The dealership came through. Got the 20 years we were looking for at a fairly good rate. Ended up right where we wanted to be payment wise.

Ally bank picked up the loan, for those interested.

This was much more difficult than it needed to be and I still think its a problem though out this industry. There's got to be a way to make it easier to finance these older units, reasonably. That's the key, reasonably.

Thanks to every one for their suggestions. I did contact a few, didn't quite fit, but helpful none the less.

We pickup the beast next Friday and trade in the gasser. Will miss her, but look forward to our new adventures.

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Old 03-22-2013, 09:01 AM   #49
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The dealership came through. Got the 20 years we were looking for at a fairly good rate. Ended up right where we wanted to be payment wise.

Ally bank picked up the loan, for those interested.

This was much more difficult than it needed to be and I still think its a problem though out this industry. There's got to be a way to make it easier to finance these older units, reasonably. That's the key, reasonably.

Thanks to every one for their suggestions. I did contact a few, didn't quite fit, but helpful none the less.

We pickup the beast next Friday and trade in the gasser. Will miss her, but look forward to our new adventures.

Congrats Steve!!! Now go have a cold one and relax in the new rig.
I hope you get many safe miles and alot of great smiles on your new adventure.
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Old 03-22-2013, 10:19 AM   #50
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we only went to one place the Railway Credit union...and asked for 40,000 {included tax and license ect} for our '97 london aire and he said come back tommorrow to sign the papers...3.99% for ten years in nov of '12.....and our credit score was like 800...jeff
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