Question about FINANCING

[bamaboy473]

Our state (Alabama) has very limited MH financing options, so the best we could do here would be a six year note for a used MH.

The thought is: if we went to Texas and traded into another MH, would those dealers be able to get 10 or 15 year financing for us?

[GaryKD]

Hi bamaboy473,
Consider contacting PPL Motor Homes at Used RVs, Motorhomes for Sale, and Consigned sales - PPL Motor Homes
They sell only pre-owned motor homes. They are also a volume dealer. Their inventory is on consignment from the private coach owner. They are in Texas and can answer all your questions. The have a very large inventory.

[bamaboy473]

Thanks, Gary. Good idea.

[wyorancher]

Many of the large dealers like PPL can get you better financing than you can obtain on your own. We live in WY and bought our MH in NV and took delivery in AZ. Dealer got us financing through Bank of the West out of AZ. When we got back to WY I asked the local Bank of the West about their rates. Their loan rate for us would have been a couple of percent higher. Bottom line for getting a good loan and rate is your credit score.

[Dr4Film]

I got my best financing deal through my local credit union, 20 years @ 4.5% back in 2003.

I had found a RV Finance company on the Internet first to see what they could offer and my credit union match them.

Financing is much different today than it was back in 2003. Ever since the collapse of the economy in 2008/9, finance companies are very cautious.

Dr4Film ----- Richard

[Firebug5]

When we traded our class-C for the Dolphin, we had a S&B in Colorado. We bought the Dolphin from a dealer in Arizona, and they found the best financing with Wells Fargo for 3.9%. At the time, the dealer offered us high book value for our trade. Then, you know the moment where you and your DW have secretly agreed upon a price for the new coach that you both will not go any higher, then the sales person shows you their best deal and it is $5,000 LOWER than you expected, and you are trying not to look at your DW eye-to-eye for fear of smiling??

Well, we agreed to the deal, returned the following day to swap out all of the stuff from the old coach, then proceeded to the finance office. We refused all the extra crap they offered, like special coatings and insurance. Then the surprise. In order to get the 3.9% interest rate, we would have to put an additional $5,000 into the deal to buy the rate down. Ah, ha, now it suddenly became clear. We loved the coach, had already transferred all the crap from our trade, and the dealer stated all applicable taxes would be paid by them, so we jumped in with both feet.

Upon arriving to the DMV in Colorado, we discovered the dealer had paid for all of the applicable taxes per ARIZONA tax law, and we now had to pay the applicable COLORADO taxes, which with the license plates and all totaled over $6,000! The lady at the DMV actually cried when my DW handed her the check. You do not want to know what my DW said!

We were excited about the original "deal", and had "assumed" everything had been taken care of properly by the dealer. We should have followed our intuition when the deal was tooooo good to be true. With that being said, we have thoroughly enjoyed our Dolphin, and would have purchased it for the same amount we paid including all the taxes and fees. HOWEVER, we would have preferred to have been informed UP FRONT by the dealer of all of the taxes prior to arriving at the Colorado DMV. I can still see the DMV lady crying. . . . .

[plasma800]

Essex Credit ( a middle man, but a good one )

or

Bank Of The West Directly.

[SpursMVP]

We financed with USAA Federal Savings Bank on our 2001 HR Endeavor back in in 2009.

At the time we got 5.64% for 15 years with a 10% down payment required.

We bought our coach through PPL in Houston and at that time they did not provide financing, but the sales rep indicated that that was the best rate he'd seen in quite some time...for the time.

Good luck.

PS. You do NOT have to be a USAA member to finance with the bank.

[alpha99]

If at all possible buy within your means (used is the best buy by far) and pay cash. Don't finance a heavily depreciating asset, IMO.


Have Fun!


Cheers and good luck!

[Dr4Film]

Originally Posted by alpha99

If at all possible buy within your means (used is the best buy by far) and pay cash. Don't finance a heavily depreciating asset, IMO.

Have Fun!

Cheers and good luck!

This has been debated many times on this site. There are benefits to paying cash and other benefits to financing.

For me it makes no sense to remove $110,000 from my tax deferred IRA, then pay tax on what I take out to pay off a loan at 4.5% interest when that same money is earning 10% - 20% while sitting in my IRA.

And then I lose the ability to write some of the interest off on my Federal Income Taxes.

I don't think so!

Dr4Film ----- Richard

[plasma800]

Originally Posted by Dr4Film

This has been debated many times on this site. There are benefits to paying cash and other benefits to financing.

For me it makes no sense to remove $110,000 from my tax deferred IRA, then pay tax on what I take out to pay off a loan at 4.5% interest when that same money is earning 10% - 20% while sitting in my IRA.

And then I lose the ability to write some of the interest off on my Federal Income Taxes.

I don't think so!

Dr4Film ----- Richard

x2

[Solask]

Wow 10-20% return.. Market at around 7% ytd.. I need your secret..

[Dr4Film]

No secret, my investment strategy is not one that most retired people should be doing including myself at my age but it is what it is.

High Risk = High Reward. My portfolio can increase $15-$20,000 in a day but it will also go down significantly when the market turns but I'm in for the long haul, not like these volatile day traders.

Biotech's, pharmaceuticals health and high tech mutual funds are what I invest in. So now you know my secret.

Last year my portfolio returned over 40%, this year it is near 20% YTD

If you want to sleep at night then I would NOT suggest investing in high risk stuff. I sleep well as I've been doing it since 2009.

Dr4Film ----- Richard

[Solask]

That's me.. I sleep tight. Never ever look at the market like did for the 40 years I was working..
I am now 100% invested in the "sock" market.. (My kids love that one)