How much $ down on purchase

[bigdomino]

When I responded to the thread, I assumed we were not talking about buying with cash or with a loan. I assumed we were talking about a loan situation.

From what I understand today, most banks want 20% or so down. I just refinanced my loan with Essex Credit. Prior to the refi, I was considering buying a new motor home. Essex was very particular about loans for full timers like myself. They wanted a good amount down and certainly wanted someone with assets. I have a credit rating of 835 and have assets. Even with that it took a while to get it done.

If I finance a motor home with Essex and not with a dealer lender, how does the dealer take part of the down payment or get a cut? I arranged the financing.

I prefer to put more down so that I am not upside down when I sell it. I also prefer the lower payment with a reduced loan amount. When you are buying a 300k motor home, the lower the loan the better.

I also expect to not pay full list for a motor home as well. I generally get around 27% off list price when I buy.

Steve

[WeatherTodd]

Quote:

Originally Posted by smack2020 Are banks loaning these days without a down payment? I was at a couple different dealers a month ago and they all said in this economy the banks are requiring 10-20 percent down, even with good credit.

It really depends on the institution. Me as a buyer... I dont even shop until I figure what Im going to spend and how Im going to spend it.
Makes the shopping process that much easier. In my case... the seller was a complete baffon... I only tolerated it because the deal was smoking good. Nada has the coach listed a 3x what I paid when you price everything out. It black books easy at 1.5x what I paid. Even had some independent dealer give me an offer of $4k more than I paid. If he offered me $10k... it would have been sold.

[WeatherTodd]

Quote:

Originally Posted by bigdomino When I responded to the thread, I assumed we were not talking about buying with cash or with a loan. I assumed we were talking about a loan situation. From what I understand today, most banks want 20% or so down. I just refinanced my loan with Essex Credit. Prior to the refi, I was considering buying a new motor home. Essex was very particular about loans for full timers like myself. They wanted a good amount down and certainly wanted someone with assets. I have a credit rating of 835 and have assets. Even with that it took a while to get it done. If I finance a motor home with Essex and not with a dealer lender, how does the dealer take part of the down payment or get a cut? I arranged the financing. I prefer to put more down so that I am not upside down when I sell it. I also prefer the lower payment with a reduced loan amount. When you are buying a 300k motor home, the lower the loan the better. I also expect to not pay full list for a motor home as well. I generally get around 27% off list price when I buy. Steve

Again... there are LOTS of lenders out there. I have a credit score and assets just like you... plus I have a well paid position thats contractually sound for another 4yrs. My bank would have stroked me $200k with just a signature and a title. Im alil young to spend that much on a toy just yet and $3k payments are just silly

[B Bob]

The amount of money to either put down or not to put down should be a reflection of your financial situation and has little or nothing to do with the fact that RVs generally depreciate quite quickly just like cars.

Very safe bonds and some companies pay interest or dividends in the 4 1/2% range. In the case of bonds that money can be tax free. So if you can borrow at 5% and deduct the interest put little down and invest the cash in something that pays more than the interest you have to pay.

In my personal case I put 30% down two years ago and financed the rest with a bank loan. Recently a large bank has lent me money at 3% secured by real estate. Not a misprint 3%. So I paid off the bank loan. If the interest ever goes up above 5% I will likely just cash in bonds and pay it off.

So financing is strictly a matter of getting the best financial deal to meet your needs. Banks seem quite hard to get money from these days though. I was surprised two years ago how many hoops I had to jump through.

The real key decision in buying an RV to keep the costs as low as possible is to buy one you want to keep a long time. The transaction costs to buy and trade in are a lot. No matter what you buy if you keep it till it is worn out it will have been a good financial deal for you.

[Mrpictureman]

Bank of the West got us financed. The coach was new. I had to get my best price. Then have the dollar amount financed under $100,000.
Credit score of 760 or better. We had to pull some strings, but we did it. My Class B trade-in the bank not the paper on it , so I had history.


2012 Tiffin Breeze named Southern Comfort.

In SoCal.
The Johnson's