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Old 05-31-2013, 03:18 PM   #1
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No Money Down

A friend and I want to acquire a motor home so we can travel the country. Unfortunately neither of us has money for a down payment. We hope to be able to get a loan, take over payments, lease to purchase or make whatever arrangements are necessary to accomplish this dream. My credit is bad and his is good but has been inactive for 7 years. However, between the two of us we collect well over $3,000 in pensions and social security. Is there a way to realize our dream?
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Old 05-31-2013, 03:38 PM   #2
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Seems to me you need a plan....

1) Establish credit...get some credit cards and start developing a responsible credit history.

2) Start a savings plan & determine exactly what you can save each month...this will give you an idea of "how much" debt you can afford to service & will also give you a down payment.

3) Consider some part-time or appropriate work project to raise some additional $$$ for your down payment.

41) Set aside a weekly allowance for lottery tickets and start praying for a miracle.

5) Plan a trip to Vegas...same plan as #4

Good luck.
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Old 05-31-2013, 03:47 PM   #3
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I see if you can not make a down payment you have no real way to pay for your dream. Remember that it costs to pay payments, insurance, tag and tax, upkeep, fuel and maintenance . A RV is a money pit. We have worked hard for many years to see our dream come true. I am sorry to say the truth.
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Old 05-31-2013, 03:49 PM   #4
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We are in a hurry to get started. We'd like to be on the road by Sept. 1st. of this year. Are there finance companies that will finance 100% of the purchase price of used motor homes or dealers that will secure 100% financing? I see some online and have inquired with a couple.
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Old 05-31-2013, 03:52 PM   #5
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Ever heard of a buy here, pay here lot? You really do not want to do that!!!!!
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Old 05-31-2013, 03:55 PM   #6
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Wouldn't $3,000 + per month cover payments, insurance, tag and tax, upkeep, fuel and maintenance if able to secure the loan without a down payment?
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Old 05-31-2013, 03:56 PM   #7
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Most lending companies these days, having been stung by the economic problems of the past decade, are requiring 20% down payment. We have excellent credit, but were required to put down a significant amount to finance our coach. Good luck with your dream...hope it comes true.
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Old 05-31-2013, 03:59 PM   #8
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Quote:
Originally Posted by tbird7553 View Post
We are in a hurry to get started. We'd like to be on the road by Sept. 1st. of this year. Are there finance companies that will finance 100% of the purchase price of used motor homes or dealers that will secure 100% financing? I see some online and have inquired with a couple.
Such plans are available. The interest rate will be a big sticker shock. BIG!
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Old 05-31-2013, 03:59 PM   #9
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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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Old 05-31-2013, 04:01 PM   #10
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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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Old 05-31-2013, 04:06 PM   #11
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well I know its not a dream as we just did it...last fall..jeff
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Old 06-01-2013, 09:33 AM   #12
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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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Old 06-01-2013, 09:34 PM   #13
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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 -

Quote:
we got loan thru our credit union and 10yr loan at 3.9% and 425 payments...jeff
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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Old 06-02-2013, 11:06 AM   #14
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Originally Posted by tbird7553 View Post
Wouldn't $3,000 + per month cover payments, insurance, tag and tax, upkeep, fuel and maintenance if able to secure the loan without a down payment?
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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