Refinancing Essex credit Costco
Looking for advice on a purchase will try to explain.
1. I want to purchase a new rv and the discount is 40 percent . The deal is excellent and I am ready to buy now
2. I have a trade and the dealer is low balling of course and states they are losing so they want to make it up on the trade.
3. Even if I accepted their offer they want 10 percent down and right now I am not liquid.
4. I will soon have access to a HELOC that is large enough to purchase the rv outright plus have some left over to help with the negative equity on the sale of the trade.
5. I would be in possession of two motor homes at once.
6. As soon as I rehab and sell the trade I would like to refinance through Costco and pay off the HELOC and convert to traditional
I just paid off my mortgage early this year and my only debt is the 2006 Bounder. No other debt, no cc , no car payments. I owe 50k and think I can sell it for 45k ish.
My credit is solid 800 and my debt to income ration is small and liquidity is improving rapidly
My question is the new rv would not have a lien , would the Essex bank draft a check to me or the bank(HELOC)in exchange for a lien? Long term I don't want an rv loan on a HELOC.
I know it's safer to sell the old one first and I would if I was ordering or getting 25 percent off, but with the additional 15 percent off of 300k I think it's worth the gamble. Thoughts? Again I don't want an rv loan long term on a HELOC.