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01-14-2016, 02:43 PM
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#1
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Member
American Coach Owners Club Spartan Chassis
Join Date: May 2015
Location: Mt.VernonMO,PellaIA,RioGrandValleyTX
Posts: 84
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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!!
__________________
Dave & Becky Cook - Retired 2016
2006 Revolution E40LE
2014 Honda CRV
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01-14-2016, 03:03 PM
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#2
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Senior Member
Winnebago Owners Club Ford Super Duty Owner
Join Date: Jul 2012
Location: Where the Rig is Parked
Posts: 1,397
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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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01-14-2016, 05:09 PM
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#3
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Moderator Emeritus
Monaco Owners Club Texas Boomers Club
Join Date: Nov 2015
Location: Central Texas
Posts: 13,426
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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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01-14-2016, 05:56 PM
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#4
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Senior Member
Join Date: Nov 2013
Posts: 334
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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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01-14-2016, 06:19 PM
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#5
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Senior Member
Join Date: Apr 2010
Location: Washington Court House, Ohio
Posts: 155
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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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01-14-2016, 06:43 PM
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#6
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Senior Member
Join Date: Dec 2007
Posts: 982
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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.
__________________
Ron & Linda
2000 Dynasty 38PBS
Full time since 2007
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01-14-2016, 06:48 PM
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#7
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Member
Tiffin Owners Club Freightliner Owners Club
Join Date: Feb 2015
Location: Colorado Springs, CO
Posts: 58
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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.
Steve, Karen and dog Lexi
2000 Newmar Dutch Star 3859
2015 Jeep Cherokee Latitude
__________________
Steve, Karen and dogs Lexi & Addie
2005 Tiffin Phaeton 40QDH
2015 Jeep Cherokee Latitude
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01-14-2016, 06:54 PM
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#8
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Senior Member
LA Gulf Coast Campers
Join Date: Dec 2003
Location: Picayune, MS (New Orleans)
Posts: 424
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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
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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__________________
36' Itasca Meridian DP, now 2005 Newmar Scottsdale 34' Gas
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01-14-2016, 06:57 PM
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#9
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Senior Member
LA Gulf Coast Campers
Join Date: Dec 2003
Location: Picayune, MS (New Orleans)
Posts: 424
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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.
__________________
36' Itasca Meridian DP, now 2005 Newmar Scottsdale 34' Gas
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01-14-2016, 09:53 PM
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#10
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Senior Member
Fleetwood Owners Club
Join Date: Sep 2015
Location: Near San Antonio, TX
Posts: 441
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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.
__________________
Montyhp
2005 Discovery 39s Cat C7 330hp, AF1 brakes,
2018 Jeep Wrangler JK Unlimited Sport S, Blue Ox Towbar
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01-14-2016, 10:09 PM
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#11
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Senior Member
Join Date: Aug 2013
Location: Upstate New York
Posts: 354
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Also consider the maintenance costs on a DP vs Gas.
__________________
George & Jerri
06 GT 340TSSE
USMC VET.
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01-15-2016, 03:39 AM
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#12
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Senior Member
Monaco Owners Club
Join Date: Aug 2015
Location: reynoldsburg, ohio
Posts: 432
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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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01-15-2016, 06:44 AM
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#13
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Senior Member
LA Gulf Coast Campers
Join Date: Dec 2003
Location: Picayune, MS (New Orleans)
Posts: 424
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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.
__________________
36' Itasca Meridian DP, now 2005 Newmar Scottsdale 34' Gas
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01-15-2016, 07:18 AM
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#14
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Moderator Emeritus
Monaco Owners Club Texas Boomers Club
Join Date: Nov 2015
Location: Central Texas
Posts: 13,426
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Quote:
Originally Posted by jsmmonaco
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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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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