Community Forums

barmcd · 01-15-2016, 07:19 AM

Quote:

Originally Posted by Kiwi

If you are retiring and cannot pay cash. Don't risk your house. Things change, people get sick, life can change on a dime.

I agree with that. Your house can definitely be a bank of last resort if things go south on you.

XBoater · 01-15-2016, 08:53 AM

As long as you are not already deducting for a second home, you can deduct the interest on your MH as a second home. Also if you can get standalone financing on the MH, I would not recommend using a home equity line for the purchase. If something goes south, now you have compromised your most important asset. Also when you are figuring costs, remember value depreciation, if you need to get out it may cost you extra to sell and get out.

As you are entering retirement and probably a fixed income, certainly inquire with a professional !

BillJinOR · 01-15-2016, 02:17 PM

Have a Fico of over 800 and bought a 11 year old coach .. didnt want to pull money making more $ so financed all but 7 grand and had a tough time a little over a year ago 3% down wont fly! youll need more. the coach was under valued and I still had trouble Times have changed !
The dealer found a cu that came through but it wasn't easy. Years ago I could walk out with a no money down great rate .. not so much anymore. A New one is a different story.Keep in mind after about 8 years financing for the average buyer becomes a cash deal.Banks only work with the newer ones 2008 up in many cases. that affects the value of these things ... when looking I saw a big drop in value at the 10 year mark as the buyer pool for 100+ grand Cash (or home cash out) coaches drops big time.

lowejug · 01-16-2016, 06:45 AM

no to long ago bank of the west would loan pretty easy with a 740 plus score up to $130,000 - although I do believe 10% will be minimum they will require. also if you are buying from a dealer then financing does seem easier as these snakes have there ways.
loans higher than that be prepared to show your life history.. and you better be solid--
-tax returns-
-asset sheet
-cash in bank-

bill is right... fico credit scores do not mean as much as they used to. its only a portion of the qualification process.
I believe the high end diesel pushers are about as hard to finance as anything out there.
I am talking the 200k plus range-

jerboy · 01-16-2016, 04:37 PM

If you are a member of a credit union, you may be surprised at their offer.

barmcd · 01-16-2016, 07:27 PM

Quote:

Originally Posted by jerboy

If you are a member of a credit union, you may be surprised at their offer.

I was. Their best rate on a RV is 6% and requires 20% down. I bought a $70,000 car last year at 1.6% with nothing down if I wanted. They really don't like RV loans.

Chiefly1 · 01-17-2016, 02:10 AM

My bank, USAA, loans up to 100K with no down if that's your desire and at the time they offered me 4%. My CU couldn't come close but I would still check with them. Don't tie your home up with an equity line, too risky.

Bill & Christine
40 ft Revolution LE Diesel Pusher & Honda Fit Sport
Sent from my iPad using iRV2 - RV Forum

tedgard01 · 01-17-2016, 04:01 AM

After retiring I was concerned about how the banks would treat financing... I am on my second Class A, and plan to upgrade in about 7 years... With good credit, and a home, it has not been a problem to get financing for most anything I want...

Essex and Bank of America seem to be two good choices for RV financing...

Ted & Kathleen

Tha_Rooster · 01-17-2016, 07:57 AM

Quote:

Originally Posted by barmcd

I agree with that. Your house can definitely be a bank of last resort if things go south on you.

I'm with a few, why in the world would someone put a lean their house for a highly depreciating toy. Have people forgot what happen just 8 years ago my personal opinion if you can't afford a Rv by (any other way)besides selling you house or putting a lean on it you don't need it. You will get old and unable to travel for a fact not factoring the possibility of health problems. I know a person that had to have a new corvette they put it on a equity loan after a couple of years they traded for another new one now they are paying for 2 sounds smart to me.