My experience is you have to be able to get a personal loan, as banks don't want a 20+ year old travel trailer as collateral...
There are always alternative financing options, although I don't recommend the "uncle Guido" option.
For tax purposes, we financed ours through our credit union, same as our cars. No problem whatsoever, and there is a traditional lien on it.
Credit unions are so much better to deal with! I love being able to do things over the phone.... there is a down side to it, however.... our CU does not have some services offered by others.... no ATM cards, credit cards, or ability to do things on the web, but that ain't all bad!
Elizabeth in Iowa
__________________ The carpeting is gone! The carpeting is gone! Long live the cork floor!
Just checked NADA online http://www.nadaguides.com/Values/Val...=1008&Letter=A
and see they go back to 1990.
We financed a 1983 at our credit union, I think three years ago..... and I know then it was older than NADA listed.....
Elizabeth in Iowa
__________________ The carpeting is gone! The carpeting is gone! Long live the cork floor!
If you are Credit Union members you ought to know that the House is considering legislation to tax credit unions at the same rates as commercial banks. This legislation is, of course, being driven by the banking lobby, and has considerable support among the House majority party. I strongly suggest you contact your Congressman and let him know your stance on this issue. I personally believe that credit unions are member-owned and should not be taxed at the same rates as commercial for-profit banks. If this legislation is successful, many of the benefits that you enjoy as a credit union member may no longer be available.
Roger
__________________ AIR 2053 “A generation which ignores history has no past and no future.” Robert Heinlein 1994 Airstream B190 & 2006 Bigfoot 25B25RQ
Last April I went to our credit union and I could not get an RV loan due to the age ('86 Sovereign) of the trailer. I got a personal loan at 10.5 % and I am close to paying it off.
__________________ Craig
AIR #0078
'01 2500hd ext. cab, 8.1 litre gas, 5 sp. Allison auto
3.73 rear end
Mag-Hytec rear diff cover
Amsoil Dual by-pass oil filtration system
Amsoil synthetics all around
265 watt AM Solar, Inc. system
I receive credit card offers in my snail mail almost daily. It's a very competitive racket...er...ah ...business. I received one a few days ago with checks that can be written for purchases or a cash bank deposit. It carries a zero % APR for a 10 month period, with a 2.99% APR thereafter for the life of the payments. If you have a good credit rating and can avail yourself of something like this, it might be a good alternative to a traditional loan.
I'm sure that I'm not the only one who shuffles credit cards around periodically. I seldom pay interest on a purchase or loan on my credit card balance.
For anyone without a good credit rating, this is likely not a viable alternative. HIgh interest credit cards have driven many people to the poor house.
I have always tried to make it a practice not to buy items that will require financing, but buying a major item like a home, car, RV, etc. usually requires some financing assistance. It definitely pays to explore all of the options.
Bankruptcy laws have become much more stringent of late. My personal advice is not to buy it if you cannot afford it.
__________________ Rog
May you camp where wind won’t hit you, where snakes won’t bite and bears won’t git you.
I was reading something recently that said to make sure you examine the fine print very closely on those low-interest intro rate card offers... after you transfer your funds to many of them now, there's a clause that says that if there is any 'default' on the payments, that they can raise the interest to max. A default can be a late payment or a disputed charge, and without notice you can be up to 22% from your 1.9% introductory rate.
Roger
__________________ AIR 2053 “A generation which ignores history has no past and no future.” Robert Heinlein 1994 Airstream B190 & 2006 Bigfoot 25B25RQ
And here I was thinking all along that Judge Judy was flycaster in drag.....
__________________ "If a man does not have an ideal and try to live up to it, then he becomes a mean, base and sordid creature, no matter how successful." Letter to his son Kermit, quoted in Theodore Roosevelt by Joseph Bucklin Bishop, 1915
I was reading something recently that said to make sure you examine the fine print very closely on those low-interest intro rate card offers... after you transfer your funds to many of them now, there's a clause that says that if there is any 'default' on the payments, that they can raise the interest to max. A default can be a late payment or a disputed charge, and without notice you can be up to 22% from your 1.9% introductory rate.
Roger
And not only that if anybody anywhere at anytime reports something derogatory on your credit report the credit card company can and will raise the interest rate...even if you have never had a late payment with them....
Aaron
__________________
....so many Airstreams....so little time...
WBCCI #2449 AIR #2495
Why are we in this basket...and where are we going
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The carpeting is gone! The carpeting is gone! Long live the cork floor!
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