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Old 11-18-2005, 09:38 PM   #1
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has anyone tried to finance and Old A/S lately?

Just wondering what peopled experience has been when financing a trailer that goes back further than NADA.
IE financing a late 70s to early 90s.
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Old 11-19-2005, 05:51 AM   #2
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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.
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Old 11-19-2005, 10:39 AM   #3
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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
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Old 11-19-2005, 10:43 AM   #4
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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
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Old 11-19-2005, 11:20 AM   #5
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The Credit Union is the only way to go,They are so easy and do it over the phone, also good rates,better than a bank
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Old 11-19-2005, 01:10 PM   #6
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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
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Old 11-19-2005, 04:17 PM   #7
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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.
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Old 11-19-2005, 05:06 PM   #8
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Option to traditional loan.

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.
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Old 11-19-2005, 05:25 PM   #9
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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
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Old 11-19-2005, 05:44 PM   #10
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As a scholar of the Judge Judy tv show, I always read the fine print very carefully.
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Old 11-19-2005, 06:29 PM   #11
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Quote:
Originally Posted by 85MH325
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
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Old 11-19-2005, 09:21 PM   #12
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Cool If Roger says it's so......

it probably is. Since he is a "card carrying" Judge Judy watcher, that's probably how he came up with the cacamamie story in the elk/reindeer/caribou/deer thread. He's been watching too many of those delightful defendants spin their defense for the good judge.

What was even more scary was the fact that I was reading and believing every word..... and I'm a former legal secretary and law clerk.

As for financing options, well to do relatives also fill the bill. Unfortunately, they also think since they financed it, that they are able to use it (after you have the loan paid back and it is completely refurbished, of course).
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Old 11-20-2005, 12:54 AM   #13
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hm, thats some good food for thought.
I'll try and go the traditional route through my CU.
By the time I find one I like, I might have the cash put together for it.
On a side note, I did get pre-approved to refinance my F250 and cash out up to $6 in equity on it. Did not know that was possible on a car.

Interesting note on the legislation to tax the CUs. Funny how the average folks taxes are going up (like in eleminating most of the interest writeoff on home loans) while taxes are getting cut from the top end.
But no one wants to hear my Birkenstock wearing, Latte-sipping ramblings
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Old 11-20-2005, 08:11 AM   #14
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Home Equity

Another good way to borrow is against the equity in your home. Two years ago I bought my TV with a home equity loan. The interest rate is 4% and it is basicly a line of credit. At the end of the year I can also write off the interest paid when I do my income taxes. The only down side is, if I default on the note , they can forclose on the house.
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