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06-02-2013, 02:20 PM
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#15
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Moderator Emeritus
Ford Super Duty Owner
Join Date: Aug 2000
Location: Bryan, TX when not traveling.
Posts: 22,942
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Be very careful taking over someones payments. There are lots of problems with this approach.
-The loan holder may not allow someone to simply take over the note. He may want a credit history to prove you are worthy of the debt.
-Another issue is if you pay the note holder and he pays the lien holder, what will guarantee you that they will pay the note on time and then relase the lien to you once paid.
-Most of the people that are trying to get some one to take over the note, owe more for the RV than it is worth. ie., "up-side-down" or "under water". You do not want to get into deal like that.
Your best bet is to find a lender that will sell you a unit with little to no down payment on a used unit.
You have to remember that RV will require registration, insurance and maintenance. Maintenance will be things like oil changes, new tires, new brakes and then other things just break or wear out. So you have to set aside some $$$$ for little things as well as big things. Some states collect a personal property tax on RVs as well.
Ken
__________________
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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06-03-2013, 03:23 PM
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#16
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Junior Member
Join Date: May 2013
Posts: 21
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No Money Down
I haven't been getting email notice of replies for some reason? I just read all the replies and will try to respond to some of the pertinent ones. Thank you all very much for your helpfulness, honesty (some brutally) and candidness.
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06-03-2013, 03:27 PM
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#17
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Junior Member
Join Date: May 2013
Posts: 21
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Quote:
Originally Posted by CampDaven
Such plans are available. The interest rate will be a big sticker shock. BIG!
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I would have to see how much a huge interest rate adds to a big loan. My credit being what it is (after a ugly divorce) I'm used to paying 25% for auto loans.
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06-03-2013, 03:28 PM
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#18
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Junior Member
Join Date: May 2013
Posts: 21
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Quote:
Originally Posted by beenthere
we got our coach with no money down value was over 50g on nada and was at 38g...and I did file for chapt 13 6 yrs ago{had some bad luck in home building at the time} but kept credit good after that and we got loan thru our credit union and 10yr loan at 3.9% and 425 payments...jeff
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That is encouraging!
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06-03-2013, 03:32 PM
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#19
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Junior Member
Join Date: May 2013
Posts: 21
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Quote:
Originally Posted by HicksRA
Not trying to be rude, but I think your dream is just that.
I doubt you will be able to find anyone to finance 100% of an RV. As said above, motorhomes are expensive to maintain and drive (fuel eats up the dollars fast at todays prices). Maybe if you had a motorhome free and clear, you could do fine on $3k a month, but if you owe on one, your payment is going to eat up at least half of that.
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I've done some loan calculations and none have come anywhere close to $1,500 per month. We are looking at motor homes in the 20-40k range. I realize it will be older and more expensive to maintain as well as less reliable.
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06-03-2013, 03:33 PM
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#20
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Junior Member
Join Date: May 2013
Posts: 21
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Quote:
Originally Posted by beenthere
well I know its not a dream as we just did it...last fall..jeff
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Thank you for that!
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06-03-2013, 03:35 PM
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#21
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Junior Member
Join Date: May 2013
Posts: 21
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Quote:
Originally Posted by AdirondackJa
Maybe, just maybe, through a private seller or a good credit union. Are either of you Vets or former Gov't employees?
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My friend is a vet and I'm retired from the State of Michigan.
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06-03-2013, 03:39 PM
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#22
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Moderator Emeritus
Join Date: Jan 2007
Location: Litchfield Park, Arizona
Posts: 10,530
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Hi and welcome to the forum.
Dreams are great, but "whims" can be costly so make sure you've really thought this through and put pencil to paper to convince yourself this is really what you want to do and can afford.
Motorhomes aren't like cars where you just get in, turn the key, and just have to take it to Jiffy Lube every few months. There can be a LOT of maintenance involved.
Also do some scenario planning. Another member recently posted about traveling across Texas and having a rod go through the engine of their 13 year old motorhome. After getting an expensive tow to a truck shop, they're stuck in a motel (for what could be a month) facing what is looking like a $10,000 repair bill.
I don't mean to be a naysayer, but it's just always a good idea to make sure you've actually developed a plan including what you'll do if XY or Z happens.
Best of luck to you both and keep us posted on how you make out.
Rick
__________________
Rick, Nancy, Peanut & Lola our Westie Dogs & Bailey the Sheltie.
2007 Itasca Ellipse 40FD
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06-03-2013, 03:43 PM
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#23
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Junior Member
Join Date: May 2013
Posts: 21
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Quote:
Originally Posted by Tony Lee
This is one of those how long is a piece of string conversations. To get a loan, you need to provide the lender with hard facts and figures so you may as well do that right now.
Step 1 - how much do you want to pay for a motorhome. $5000, $50,000, $500,000
Step 2 - assuming you can get a loan for say three years, what are the monthly repayments? $100, $200, $500??
Step 3 - how much of that $3000 income do you have spare every month once you have covered food, clothing, medical, entertainment, etc etc etc.? Zero, $100, $500, $1000.
Step 4 - How much EXTRA do you think the motorhome will cost you each month for registration, insurance, fuel, service, camp fees, repairs and maintenance. Zero, $100, $500, $1000, $5000?????.
Step 5 - deduct the figure calculated in step 4 from the Step 3 amount. What is the answer. -$500, -$100, zero, +$100, +$200
Step 6 - if the answer is negative, it is very likely that no solution is possible, but you could go back to step 1 and try another solution..
Step 7 If the answer is positive, will that amount cover the repayments determined in step 2. If not go to step 1 and reassess your requirements.
Using Jeff's figures - which I guess don't mean all that much without more info -
but getting a 10 year loan is fine if you buy a motorhome that is going to last 10 years. Paying $424 a month is also fine if you have enough disposable income to pay that AND live AND cover all the other living expenses.
Running a motorhome, especially a cheaper, older, less-reliable one, really needs an emergency fund, a substantial amount, to cover likely emergencies associated with the vehicle - battery replacement - $100, Couple of tyres - $500, and the amounts sky-rocket from here.
Given that most who rely 100% on welfare are already struggling to stay afloat, I would say that adding to your problems by buying a vehicle for cash would be difficult. Getting a loan to pay for the vehicle might be going too far.
Still, in our travels we have met pensioners driving small campervans who rely 100% on fairly small government pensioners, and they drive until the fuel or the money runs out and then find somewhere to camp until their next pension payment arrives in their bank account. Of course we have met others who have had major breakdowns and who have no hope of repairing the fault and no hope of buying an alternative vehicle and no hope of escaping their present situation.
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I suspect that between the two of us we could have about $1,500-$2,000 per month to spend food, clothing, entertainment, medical, etc., etc., etc. and the rest ($1,600-$1,800) for the motor home expenses.
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06-03-2013, 03:46 PM
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#24
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Junior Member
Join Date: May 2013
Posts: 21
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Quote:
Originally Posted by SarahW
Possibly. But you still have other living necessities to pay for...food, medical, etc. Not to mention campground fees, etc.
None of us can really say whether you can secure a loan with no down payment. That is based upon the lender's decision...which is based on your credit score and ability to pay. There are many more considerations you need to think about. If you would be giving up your permanent residence, then a lender will want to know exactly where to find their investment. Good luck to you.
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I suspect many others have given up their permanent residence and have lenders to consider as well. What would be different about us?
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06-03-2013, 03:52 PM
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#25
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Junior Member
Join Date: May 2013
Posts: 21
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Quote:
Originally Posted by RickO
Hi and welcome to the forum.
Dreams are great, but "whims" can be costly so make sure you've really thought this through and put pencil to paper to convince yourself this is really what you want to do and can afford.
Motorhomes aren't like cars where you just get in, turn the key, and just have to take it to Jiffy Lube every few months. There can be a LOT of maintenance involved.
Also do some scenario planning. Another member recently posted about traveling across Texas and having a rod go through the engine of their 13 year old motorhome. After getting an expensive tow to a truck shop, they're stuck in a motel (for what could be a month) facing what is looking like a $10,000 repair bill.
I don't mean to be a naysayer, but it's just always a good idea to make sure you've actually developed a plan including what you'll do if XY or Z happens.
Best of luck to you both and keep us posted on how you make out.
Rick
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And what percentage of current motor home owners could manage that kind of situation, of the Texas travelers?
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06-03-2013, 03:55 PM
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#26
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Junior Member
Join Date: May 2013
Posts: 21
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We would also consider a camper van or whatever will allow us to realize this dream. We both desperately want to do this. Call it our biggest item on our bucket list.
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06-03-2013, 04:15 PM
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#27
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Member
Join Date: Nov 2011
Location: Georgetown ,Texas
Posts: 69
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Don't give up, if this is what you truly want to do, then you will. Credit unions are the best bet for financing. Take a couple hundred dollars and open an account at your local Credit Union. Then talk to a loan rep to see what they think. I have seen people travel all over the US with a tent camper and have a great time, those can be purchased for under $4000. Look at Craig's list under RV's every day You will find something Good luck
Mke
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06-04-2013, 04:17 AM
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#28
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Member
Join Date: Dec 2012
Location: Tampa Bay, FL/ Lake George, NY
Posts: 68
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Don't give up
Quote:
Originally Posted by tbird7553
My friend is a vet and I'm retired from the State of Michigan.
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You might try the Pentagon Federal Credit Union. (penfed.org) They have been very good for us in the past.
USAA.com is another. They do 100% financing on auto loans. Not sure about RV's.
Never give up on your dream, we all only get once around on this planet.
__________________
Adirondack Jack, Niki, K.C. & B.B.
2011 Excel Classic Model 30RSO, 2011 Ford F-250-SD 6.2L, 385HP, 4.3 Axle
Retired and Exploring America - https://www.snowbirdrvtrails.com/
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