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Old 07-20-2018, 11:14 AM   #1
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Financing MH

Currently have financing through Bank of the West for our current MH. Wanting to sell my coach and purchase a coach from a private owner. Bank of West says they donít finance for individuals only dealerships, is this correct? What are some options, donít want to take money out of savings for all of it, want to finance 50-60% of it. Thanks
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Old 07-20-2018, 11:35 AM   #2
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Banks have their own set of rules. I bought a popup once and they wouldn't give me a loan for it but they did give me a personal loan for the same dollar amount. It was a credit union so the interest rate wasn't much different
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Old 07-20-2018, 04:17 PM   #3
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I just sold my TT, the person that bought it used Bank of the West.

I received the funds in the form of a cashiers check with Banks of the West as the issuer. So they do lend to people buying used TTs from private parties.
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Old 07-20-2018, 04:38 PM   #4
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Several of the big banks have two different loan departments that deal with RVs. One is the in dealer finance business and proving a package of dealership services, including financing their new vehicle sales. Another and separate line of business is retail (personal) vehicle finance for RVs. In my experience, they may as well from different planets. They don't talk or share info. I have a similar thing with my car financing - my dealer-supplied loan comes from Wells Fargo Dealer Services and all contracts and communications use that name. Someone else got a car loan by applying online to Wells Fargo (they have WF credit cards) and their loan just says Well Fargo Bank.


Your buyer can apply to Bank Of The West at an office or online at https://www.bankofthewest.com/person.../rv-loans.html
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Old 07-20-2018, 09:52 PM   #5
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Check out LightStream.com. I used them to finance my MH. Got a 4.something Rate (about a year ago) and it was all done online. Much easier than the last car loan I got. LightStream is a division of SunTrust bank hqíd in Atlanta.
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Old 07-21-2018, 01:44 PM   #6
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Kind of just went through this. Our dealer got us a loan quote from Bank of America. I wanted to see if I could get a better rate myself. I called and the lady I talked to said they didn't do RV loans at all.
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Old 07-21-2018, 04:12 PM   #7
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You may look into a personal line of credit. Be careful as most are tied to the prime rate so in effect it is a variable rate loan. You should be able to get 1-2 points above prime which will allow your cash to be invested while you pay off the line of credit.
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Old 07-21-2018, 04:18 PM   #8
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If you are a veteran then USAA
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Old 07-21-2018, 04:33 PM   #9
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Quote:
Originally Posted by Macbow View Post
If you are a veteran then USAA


USAA does RV loans or is it just MH loans? Will have to check this out. Thnx.
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Old 07-21-2018, 07:13 PM   #10
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I did the motorhome. Not sure on RVís but they do all kinds of loans.
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Old 07-23-2018, 09:36 PM   #11
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We financed our MH by re-financing our house @ 3.5% annual interest. Doubled up on house pmts and have paid off the MH portion. It's not for everyone, but worked for us.
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