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Old 03-02-2014, 08:03 AM   #29
laj
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when one says they can do something for a period of time they are speculating into the future. I'm not that good. and I got no crystal ball that is either.
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Old 03-02-2014, 08:09 AM   #30
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when one says they can do something for a period of time they are speculating into the future. I'm not that good. and I got no crystal ball that is either.
Understand, thanks.
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Old 03-02-2014, 08:21 AM   #31
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Another good place is the RV dealer. I was able to negotiate the rate for financing that satisfied my needs using dealer found banker. As part of the deal he bought the interest rate down to the # I wanted. (How much it cost me no doubt determined into the ultimate price of the toy.
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Old 03-02-2014, 06:53 PM   #32
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we used our credit union Redstone Federal in Huntsville alabama
fast painless and we just refied in sept to 3.99
we 100% but it was soooooo below mspr we are still ahead after nearly 6 years
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Old 03-02-2014, 07:54 PM   #33
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I financed 100% of our motorhome. I just went to the bank I have my checking and home loan through. I did choose a lower time frame though. I don't have the funds where I can just spend it all on a single purchase like a motorhome but I knew what I wanted my payment at and the term. I (my wife) chose a motorhome that met out needs and fit the budget I set aside. I did by the motorhome $15K under NADA though.
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Old 03-03-2014, 03:24 PM   #34
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A good idea when financing at 100% is to add a gap insurance policy to it. That will cover you if something should happen to the RV and you owe more on it than it is worth. Most lenders will wrap one into the monthly payment.
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Old 03-03-2014, 04:55 PM   #35
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jealous? I'm the one that's jealous, I didn't get a crystal ball that tells me I'm gonna have the money to be able to make payments 15 yrs. down the road.
Interesting take.

However 100% financing really could be looked at more like a lease. I imagine most RV financed at 100% for 120, 180, 240 months have absolutely no plan to pay it off. If the do -- great, if not they just trade it away or worse case give it back. Whats the risk; a credit score :-) On a secured loan, the only thing they can take is the collateral securing the loan. There still isn't a debtors prison in America that I am aware of.

Do I personally operate this way -- ABSOLUTELY NOT. However the banks created the rules, like to refer to things as business and not personal, so that door has to swing both ways.

How is it up to us how someone handles their personal finances.

OP Simply asked for suggestions from folks who may have done what they are considering. They didn't ask for financial planning from any of us.

Therefore no crystal ball necessary…just understand you may end up with nothing in the end.
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Old 03-03-2014, 04:58 PM   #36
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A good idea when financing at 100% is to add a gap insurance policy to it. That will cover you if something should happen to the RV and you owe more on it than it is worth. Most lenders will wrap one into the monthly payment.
Sound Advice
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Old 03-03-2014, 06:59 PM   #37
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I don't think I saw anyone mention this, but I know USAA will only provide 100% financing up to a certain amount. I want to say it's $100K, but that could vary depending on credit rating, etc.
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Old 03-22-2014, 05:48 PM   #38
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Looking to finance 80% of new mh. So far 2 banks will loan us about 69% which leaves us with too much of a down payment. Credit union balked at us being full timers. Has anyone used USAA as a full timer?
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Old 03-22-2014, 06:53 PM   #39
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Looking to finance 80% of new mh. So far 2 banks will loan us about 69% which leaves us with too much of a down payment. Credit union balked at us being full timers. Has anyone used USAA as a full timer?
You might have missed post #8, seems like they and a couple more posts by members have already said, USAA does not do deals with full timers.

And you might be looking at paying too much for your choice of mh's, or maybe an older year model, if the bank is only loaning 69% of your purchase price.
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Old 03-22-2014, 07:02 PM   #40
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Don't be fooled by these low interest rates on 10 - 20 yr loans. These are mortgages, you pay most of the interest in the beginning like a house. My first year was 300 a mo. but $100 was interest. If you sell or pay off the loan early the bank makes out like a bandit. You need to keep that RV for 10-20 yrs to enjoy that low interest loan.
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