Community Forums

Honwing · 11-20-2017, 04:13 PM

Paid cash for our 2004 Itasca Horizon 40AD on July 15th from a private party in Spokane Washington. Original owner, garage kept with full records and 70,000 miles. Before driving 4,700 miles to snowbird in Florida we added a Service Contract from Wholesale Warranties and took out a $60,000 loan at 4.99% and 10 years from U.S. Bank in Washington State. Helps to have a high credit score and know the bank manager for many years.

DWRichard · 11-20-2017, 04:14 PM

Try these folks.

https://www.essexcredit.com/home/

Honwing · 11-20-2017, 04:18 PM

Tax deduction as a primary residence and placed money in savings for future use. Never know when you may need cash in a hurry

Blueknight · 11-20-2017, 05:16 PM

Quote:

Originally Posted by marjoa

6 -10 years old shouldn't b a problem with most lending institutions. 10 years old they might want u in the boat with a little more down payment. Maybe not. 30K isn't a lot of money so my guess is shouldn't b a problem. However, most analysis r saying next year they're expecting the economy go "boom" next year with 4 FED rate increases, so the sooner the better 4 u. Winter time should also b a good time to strike a good deal.

BTW...here's another thread I made recently to another person wanting to buy a 10 year old coach that has other information that you MAY or MAY not find useful:
It may look good over all, but there are so many things to check closely when looking at any used MH. Any MH going on 10 years old or older—is now entering a stage of it's life where other important things need a closer eye. Like all the rubber components, belts & hoses, all fluids will probably need to be changed out, not only because of built up condensation, but it will give you a good base line for future maintenance, generator hours, can the generator handle a full load for extended periods of time and has it been exercised monthly and PM regularly, brakes, roof condition and seams. A/C units are probably original and may need replacement soon, state of the awnings and slide covers, condition of slide seals and do the slides work properly, does in have a hard wired surge protector, are there maintenance records and if so verify the work that has been done by actually looking.

I'm of the opinion that cosmetic stuff isn't really a priority, because I can always update that stuff. It's like buying a regular S&B house. As long as the foundation is good, I can update or fix all the bling stuff. So I would definitely have the MH inspected (about $400) and also include a little more money by having the inspector (or yourself) pull 3 fluid samples and sending them off to a lab. It's like a blood work. It will tell you a lot of what going on inside the engine, tranny & cooling system.

One last thing I just thought of. If this Mh has been sitting outside a lot without being under cover, a real close look at the condition of the outside fiberglass is in order. If it is experiencing oxidation, it will need to be fully compounded, polished and waxed. If if is experiencing crazing or delamination, I'd stay away from it.

I could go on, but this is how I'd approach and consider buying an older coach.

And yes as others have said, these older engines are known for spitting out the back plugs. And yes, get it professionally inspected.

Good advice. I know that he got a warranty through Wholesale Warranties in September, and it was inspected then. That’s the good news, it’s covered under the warranty for 20 months.

Kraken · 11-20-2017, 05:19 PM

We need to be careful now with HELOC's, 1031's, and other financial matters like this. I read a draft of both the Senate and House tax law changes. Nothing is final yet, but there is an idea to make the interest on Heloc's non tax deductible. Their changes are suppose to go into effect for 2018, if they get it done. But it's hard to say if you get a Heloc now, will you still be able to deduct the interest in the future? My guess is probably not. I doubt they would grandfather it. We'll have to see but keep an eye on what the changes will be. Maybe the real estate lobby will nix it.

rbpower · 11-20-2017, 06:20 PM

I financed my 12 year old coach at a local credit union with no problem, only did a 5 year loan though.

legarcia · 11-20-2017, 06:27 PM

State Farm Bank awesome rates and very lenient on terms. I would highly recommend them you would get an answer in less then 2 hours. Call your local State Farm office or call State Farm bank direct May be easier.

Sicduc · 11-20-2017, 06:27 PM

We just financed 170k on a LLC for 3.99 for 20 years Bank of the Ozarks

krudawg · 11-20-2017, 06:45 PM

Quote:

Originally Posted by Blueknight

Hi All,

We’re looking at buying our first RV soon. We’re looking at a private party sale and will need to get financing for it.

Does anyone have recommendations on where to look? Is there an age limit from most lenders? Will most finance a 10 year old RV, around $30,000?

Thanks

Yaniv

Try Good Sam. They broker thru Bank of the West and I got a fairly good rate on my 8yr old DP

bobbelcher · 11-21-2017, 07:55 AM

Quote:

Originally Posted by Blueknight

Hi All,

We’re looking at buying our first RV soon. We’re looking at a private party sale and will need to get financing for it.

Does anyone have recommendations on where to look? Is there an age limit from most lenders? Will most finance a 10 year old RV, around $30,000?

Thanks

Yaniv

I bought a 1998 pace arrow last year for 14k. I had to come up with some money down as the credit union valued the motorhome at 12k. It should be noted that I had a loan ready to sign on the dotted line and was on my way to sign paperwork when that credit union called and said sorry we cant finance a motorhome of that age.

I called a dozen places and found 1 bank that would do it. it was a credit union that luckily I was eligible to join. What I found odd is that no one did an inspection of the motorhome. they just pulled out their book and said well this is what the book says it is worth. My motorhome was taken care of its entire life. its in excellent condition for its age. The original owner spared no expense when he bought it new adding in lots of quality add ons and such.

My advice is you are probably going to be looking at a credit union and be prepared to have to put money down if you weren't already.

ArgoPilot · 11-21-2017, 01:36 PM

This might be a little out of the norm, but I used part of my investments portfolio to buy our 94 Navigator in cash. Ended up spending around $9300 vs. the 12-13K the dealer originally was asking. No worries about credit or the like, and insurance is FAR cheaper.

Blueknight · 11-21-2017, 08:20 PM

Quote:

Originally Posted by legarcia

State Farm Bank awesome rates and very lenient on terms. I would highly recommend them you would get an answer in less then 2 hours. Call your local State Farm office or call State Farm bank direct May be easier.

I asked my State Farm agent. She told they’d only finance for 48 months with a starting APR of 7.74%. The monthly payment would be over $700...might as well buy a newer one for that money.

MikeyRVNW · 11-24-2017, 05:13 PM

I was approved on an older coach ('98) through Southeast Financial last summer. I think it was at 6% with 25% down. They also required an independent inspection prior to finalizing the loan. I discovered engine problems and did not complete the purchase. The other note is they would not do a pre approval. You had to submit specific year, make and model along with private or dealer sale.

Crasher · 11-24-2017, 10:36 PM

We bought our last two motorhomes through a credit union. Last one was in 2013. The interest is different now, but they gave me 1.8% interest. I do not like monthly payments, so they let me make one annual payment to coincide with investment income. It was financed for 20 years, but I paid it off in 3. I couldn't find a bank that would give my that rate or those terms.