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Old 01-14-2016, 03:43 PM   #1
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Financing question with some specifics

Hi all... (especially banking gurus) -

We hope to be on the road in June in our new '06 Revolution. That is, if we can weather the financing part of the deal. What can we expect?

> We are retirement age in decent health
> Own our own home (10years+)
> RV is a 10 year old vehicle in excellent condition
> No trade in
> 56,000 miles
> Buying from a private owner
> Title, etc. clear
> Around $100,000. with a 3,000 down payment
> Not selling our present home (going to lease it out if we can).
> Very good to excellent credit
> Probably a 12-15 year loan.

Again,... what can we expect from the bank, etc.? I know that some of the above factors will limit our choices/chances, but, are there lenders that you know of that would be favorable under these circumstances, to work with. us? Also, will our interest rate take a major hit? Any pitfalls? Any good strategies to approach the whole deal? Your experience is GREATLY appreciated!!
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Old 01-14-2016, 04:03 PM   #2
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When I talked to dealers when we were trading ours in generally RV's over 10 yrs old and over 50k were harder to finance. That is what finance manager said. Maybe they were saying that to get it for less$$$.
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Old 01-14-2016, 06:09 PM   #3
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With more down you shouldn't have an issue. We got a loan for $110,000 for a 2007 unit, then were able to change it to $48,000 on a 2002. They look at your ability and propensity to pay more than the collateral itself. That's with 15% down.
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Old 01-14-2016, 06:56 PM   #4
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3% down is going to be a big hurdle to get over... unless you are buying it way under loan value
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Old 01-14-2016, 07:19 PM   #5
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Even with perfect credit, 3% down is going to be tough on a used unit. Most banks will want 10 to 20 % even on a new unit. Of course their is always the exception. Good luck.
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Old 01-14-2016, 07:43 PM   #6
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Just call Rich Holke at Alliant Credit Union. They are great at helping figure this stuff out. We had conversations for a couple years before we traded up to our DP. They know their RV stuff.
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Old 01-14-2016, 07:48 PM   #7
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We bought a 2000 Dutch Star last year and because of our credit score and we were purchasing below Blue Book, our credit union did not require anything down and our interest rate was excellent. I was really surprised by the 100% financing.


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Old 01-14-2016, 07:54 PM   #8
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Another factor is your income. You did not state it and this is private, but is your income going to continue into retirement. If you don't have a huge income it is a big step to jump into a 100,000 loan going out 10 or 12 years. Have you thought about being a bit more conservative and buy a used gas rig and enjoy life just as much as we do in our 2005 Gas Newmar that is paid cash !!


Quote:
Originally Posted by dbdreamers View Post
Hi all... (especially banking gurus) -

We hope to be on the road in June in our new '06 Revolution. That is, if we can weather the financing part of the deal. What can we expect?

> We are retirement age in decent health
> Own our own home (10years+)
> RV is a 10 year old vehicle in excellent condition
> No trade in
> 56,000 miles
> Buying from a private owner
> Title, etc. clear
> Around $100,000. with a 3,000 down payment
> Not selling our present home (going to lease it out if we can).
> Very good to excellent credit
> Probably a 12-15 year loan.

Again,... what can we expect from the bank, etc.? I know that some of the above factors will limit our choices/chances, but, are there lenders that you know of that would be favorable under these circumstances, to work with. us? Also, will our interest rate take a major hit? Any pitfalls? Any good strategies to approach the whole deal? Your experience is GREATLY appreciated!!
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Old 01-14-2016, 07:57 PM   #9
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You can get a great high end gas rig for $40,000. Look at them before you make your final decision. I had a diesel pusher once when I was working and had a 20 year loan. That $1000 per month got nastier and nastier. Please step back and look at gas. My rig had only 38,000 miles when I bought it last year.
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Old 01-14-2016, 10:53 PM   #10
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I think it depends on your bank. USAA financed 100% of a10yo coach priced just below average blue book. I have excellent credit and have been with usaa for 30 years.
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Old 01-14-2016, 11:09 PM   #11
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Also consider the maintenance costs on a DP vs Gas.
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Old 01-15-2016, 04:39 AM   #12
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spent 32 years as a bank regulator.........if you own your home free and clear, I would consider a home equity line of credit (refinance).............that way, you can write the interest off on your taxes and downpayment might not be as issue....interest rate should be in the 3% range...........also, as others have stated, the down payment you have indicated might be a huge issue if you finance the MH directly....lenders in general, want to see a buyer have some equity stake in the collateral...whether a car or a house, or in this case, a motor home.................your income will also have a lot to do with it, and whether the income source is secure............pension, social security, interest from investments, etc............the way we looked at investing in our 2007 Monaco was, could we afford to lose everything we spent.......a MH is a luxury item, we treated it as such.....whatever you decide, good luck to you........
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Old 01-15-2016, 07:44 AM   #13
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If you are retiring and cannot pay cash. Don't risk your house. Things change, people get sick, life can change on a dime.
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Old 01-15-2016, 08:18 AM   #14
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Quote:
Originally Posted by jsmmonaco View Post
spent 32 years as a bank regulator.........if you own your home free and clear, I would consider a home equity line of credit (refinance).............that way, you can write the interest off on your taxes and downpayment might not be as issue....interest rate should be in the 3% range...........also, as others have stated, the down payment you have indicated might be a huge issue if you finance the MH directly....lenders in general, want to see a buyer have some equity stake in the collateral...whether a car or a house, or in this case, a motor home.................your income will also have a lot to do with it, and whether the income source is secure............pension, social security, interest from investments, etc............the way we looked at investing in our 2007 Monaco was, could we afford to lose everything we spent.......a MH is a luxury item, we treated it as such.....whatever you decide, good luck to you........
You can deduct interest payments on a motor home with regular vehicle financing. There is an active thread on the forum covering that issue right now.
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