Community Forums

Drop In · 02-10-2010, 08:42 AM

I am doing my preliminary research as I am planning to buy a used coach this summer and have noticied that certain banks will not finance anything over 4 yrs old and others 10 yrs old. Has this always been the case or just since the credit tightening? I plan to purchase something around 5 yrs old so the intial financing is not a concern but I am concerned that in 5 yrs my rig will be 10 yrs old and if I chose to sell it, I would be limited to cash buyers only? Is this a legitimate concern?

gasser 38 · 02-10-2010, 02:19 PM

Yes it is but a lot of people go the home equity route buyers tend to be older and have equity in the home as well as it usually is a better rate and tax deductible.
But in todays credit world everything is a concern, this is also why you see a lot of people selling through consignment. How ever I would not let that stop me as long as you are comfortable with the purchase.

paz · 02-10-2010, 04:46 PM

A home equity loan may come at a better interest rate, but the interest on a regular RV loan should also be tax deductible in most cases. As long as you don't already have a second home, and as long as the RV is fully self-contained (cooking, sleeping, and bathroom accommodations), the RV is considered to be a second home and the interest is also usually deductible.

Gary RVRoamer · 02-12-2010, 09:37 AM

Age limitations on RV financing have pretty much always been the case, though it is possible that some banks are now opting for lower age limits as part of a general tightening up of credit. You will find all kinds of credit policies today and it is impossible to predict what policies will be in effect 5+ years from now. However, it is probably always going to be easier to finance a 5 year old rig than a 10 year old one. Better terms, if nothing else.