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08-20-2011, 11:52 AM
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#1
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Senior Member
Join Date: Jul 2011
Posts: 263
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How much $ down on purchase
We've been seriously searching for a pre-owned 2008+ Newmar diesel pusher I was told we would need 15-20% down!! We've got excellent credit but don't have $20K laying around. Is 15-20% correct?
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08-20-2011, 12:01 PM
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#2
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Moderator Emeritus
Join Date: Jan 2007
Location: Litchfield Park, Arizona
Posts: 10,530
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I don't have current, first hand data on this but would be surprised if it were less than 20% given the current state of the economy and how quickly these beasts can depreciate. In 2007 we put down about 11% but that was on a new rig and in a different time.
Good luck....
rick
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Rick, Nancy, Peanut & Lola our Westie Dogs & Bailey the Sheltie.
2007 Itasca Ellipse 40FD
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08-20-2011, 12:18 PM
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#3
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Moderator Emeritus
Ford Super Duty Owner
Join Date: Aug 2000
Location: Bryan, TX when not traveling.
Posts: 22,948
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With the current state of the banking industry, I'd say 15 to 20% will be the normal.
You can check with your local credit union for financing.
Ken
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Amateur Radio Operator (KE5DFR)|No Longer Full-Time! - 2023 Cougar 22MLS toted by 2022 F150, 3.5L EcoBoost Tow Max FX4 Lariat Travel with one Standard Schnauzer and one small Timneh African Gray Parrot, retired mechanical engineer
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08-26-2011, 07:02 AM
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#4
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Senior Member
Join Date: Aug 2011
Posts: 162
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If you have excellent credit and the motorhome that you are entertaining will book for more than the low book value then it is possible that you will not have to put anything down. Now I understand this is stretch but they are out there. Even in today's economy the banks still have to lend. They are just more selective. I do agree that your local credit union is the ticket. Also M&T bank is another great lender. I have used both.
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08-28-2011, 05:40 PM
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#5
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Senior Member
Monaco Owners Club
Join Date: Aug 2010
Posts: 292
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We used Excel. They were extremely good with competitive rates! Best of all, they would respond quickly to every question & everything happened just as they said!
As with all lenders, do not sell house first!!!! Fulltimers are a no-no! Sell house the day after RV settlement!
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Bernie & Karen
Settled down in Texas
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08-29-2011, 05:34 AM
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#6
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Senior Member
Freightliner Owners Club American Coach Owners Club
Join Date: Nov 2002
Location: NJ
Posts: 514
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According to Essex Credit (a major RV lender), typical amount down is 10%-20%. That, plus some additional basic questions answered here, which might be of interest:
https://www.essexcredit.com/home/learn/rv-faqs/
If you're going through a dealer and have a trade, I would think the amount down would be adjusted accordingly. Also, each lender is different with down payment requirements, so it will definitely pay to do some legwork on this!
Best of luck to you!
__________________
2016 American Coach Revolution 42T
2004 Jeep Wrangler Sport
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08-29-2011, 10:13 AM
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#7
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Senior Member
Join Date: Jun 2010
Location: Anacortes, WA (Stick & Brick)
Posts: 2,643
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If you have enough equity in the S&B house, a home equity loan is a good way to go. They don't even ask what you're buying with it! We got ours through Boeing Credit Union, who also carries our mortgage and the rate was 5.8% for 15 years. We took out enough for the private sale itself, for the sales tax and licensing fees and a new set of tires.
Our credit score wes very good, and we do all our finance transactions through BECU, which may have helped.
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Frank Damp -Anacortes, WA,(DW- Eileen)
ex-pat Brits (1968) and ex-RVers.
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08-29-2011, 01:36 PM
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#8
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Senior Member
Join Date: Feb 2011
Posts: 514
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I needed 14,000 for 7 years. My credit union charged 7.8% interest. Did I get taken ?? I put 3000 down.
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Don and Maxine McQueen
1996 Damon Intruder
F53 Chassis 33 ft
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09-01-2011, 11:16 PM
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#9
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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We put $5,000 down when we ordered the DSDP we now have, then put an add'l $28,000 on it when we took delivery. That was about 16% of the price. But that was in 2002 too. Our interest rate is less than 6% too
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2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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09-01-2011, 11:20 PM
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#10
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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Quote:
Originally Posted by frankdamp
If you have enough equity in the S&B house, a home equity loan is a good way to go. They don't even ask what you're buying with it! We got ours through Boeing Credit Union, who also carries our mortgage and the rate was 5.8% for 15 years. We took out enough for the private sale itself, for the sales tax and licensing fees and a new set of tires.
Our credit score wes very good, and we do all our finance transactions through BECU, which may have helped.
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That's great if you have the equity in your house, ours has gone down so much lately that we'd only be able to get about $100,000 that way. Luckily we have almost that much on our checking accounts.
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2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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09-02-2011, 08:26 AM
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#11
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Senior Member
Ford Super Duty Owner
Join Date: May 2009
Location: kingston tn.
Posts: 974
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i have always preferred the 100% down w/no monthly payments
the few times i havent been able to do that we accelerate the payment as fast as we can
currrent MH 1/2 down have had for a year
will be paid off inn 2012
everything else we have is paid off (2homes and 2 newer cars)
never carry a cc bal
brianj
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just liven life in east tn or where ever our
2011 georgetown ,2016 explorer and 2015 "hemi" ram take us
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09-02-2011, 08:51 AM
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#12
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Senior Member
Join Date: Aug 2006
Posts: 799
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I have always paid cash for motorhomes and cars, but in a conversation with a large dealer this is what he told me. With good credit the banks will loan 80% of wholesale price on a motorhome. Say a motorhome has a retail value of $100,000 and a low retail of $80,000 and a wholesale of $64,000. The max loan would be 80% of $64,000 or $51,200.
That motorhome could be bought for $75,000 - $80,000 with a loan of $51,200 and the rest paid in cash as a down payment.
This information was from a year ago and was with the banks that one dealer used. It may be different now.
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2005 Dutch Star 4015
Cummins ISL
2007 Honda CR-V
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09-02-2011, 09:04 AM
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#13
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Senior Member
Join Date: Jun 2010
Location: Anacortes, WA (Stick & Brick)
Posts: 2,643
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Brian:
We did that with our fist rig. It was such a turkey that we got rid of it before the end of our second season ( and lost a bundle). We started saving for a replacement, but figured (after 6 years) that we'd both be out of this world before we could save enough.
We concluded that borrowing while we still had time to enjoy the lifestyle was the only way we could get to do it. When we bought our current rig in a private sale, it was very competitively priced. After we'd agreed on the deal, the seller said he'd priced it so he'd be able to pay off the balance on a home equity loan. They'd thoroughly enjoyed their 8 years using it and figured they'd price it for a fairly quick sale. It was about $6K below NADA and in really nice condition.
We'll probably end up doing something similar, as I'll be 83 by the time the loan's paid off and who knows whether we'll still be able to travel by then.
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Frank Damp -Anacortes, WA,(DW- Eileen)
ex-pat Brits (1968) and ex-RVers.
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09-13-2011, 06:18 PM
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#14
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Senior Member
Join Date: Jan 2009
Posts: 1,451
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When I bought a used motor home about two years ago the bank would finance 80% of the wholesale book. We did not want that much but that is about the max at that time.
Unlike houses motor home loans usually cost more than you can get by investing your money in safe venues. So unless you see inflation heading up soon, likely best to pay as much down as possible. The good alternative is to get a second on real estate as the rates are much lower than an RV loan.
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B Bob
Currently Coachless
2013 Jeep Wrangler Unlimited
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