Rv Finance Question

gc24 · 03-09-2009, 05:46 PM

Anyone have any suggestions on who to go through to finance an TT? My bank was no help(Wells Fargo, rate and payment too high). Purchasing from a Private Party.

Sixty3TW4US · 03-09-2009, 06:00 PM

Do you belong to a credit union??

gc24 · 03-09-2009, 06:06 PM

No, not at all.

Silvertwinkie · 03-09-2009, 06:48 PM

Most dealers have financing avail though multiple sources. If you are not going through a dealer, I would think some banks might be able to help, if not know places.

CrawfordGene · 03-09-2009, 06:53 PM

If you have a broker, they may have something. For a short time I used a Home Equity Line of Credit with my broker's bank. They paid all the closing costs and I got a free appraisal. The rate was very low and by not selling any stocks, I made more money on dividends than I was paying in interest and got a tax deduction for mortgage interest. Of course, the stocks are in the trash barrel now, but I have an Airstream. When I added 5 acres to my land, they wanted me to pay for a new title policy plus other expenses, so I paid it off. Too bad, brokerage house. By being dumb they lost money and I made some.

Gene

Al - K4GLU · 03-09-2009, 06:59 PM

If you can't write'em a check - do without. My Golden Rule - If you can't pay cash for it you don't need it. Makes life a lot more pleasant.

gc24 · 03-09-2009, 07:36 PM

I could write them a check, but why should I? Don't own a home, I rent.

Silvertwinkie · 03-09-2009, 07:42 PM

If you can write the check you save lots in interest payments, but then again, if you float it, you can write off the interest as a second home.

Call Thor credit and see what they say. 1-800-554-8467. Not sure they are the one's that make the call, but they may be able to put you in touch with someplace within or externally.

Foiled Again · 03-09-2009, 07:50 PM

Quote:

Originally Posted by gc24

I could write them a check, but why should I? Don't own a home, I rent.

RATES ARE TOO HIGH! At present the best (or least shaky) bank in town is paying 2.55% interest on a FDIC insured savings account, and maybe 4% on a bigger CD. If you want to borrow anything, try to find it for less than credit card rates - even if it's secured. A loan secured by a vehicle or RV? Well, you know what your BANK offered you. Welcome to 1929 all over again.

Buy the Airstream with cash. Live in it for a year, assuming you can find a membership campground that's open year round and has reasonable rates, and it will pay for itself! That's what I did almost 4 years ago. My annual cost to live is about 1/4 what most homeowners or renters have.

Oh, by the way, my old "Sewer Solution" is starting to show fatigue cracks on the plastic. The 20 ft of hose though is still good, so when I replace it, the cost will be a bit north of $100 and I'll have a max 30 ft run. I still remember replacing the sewer line in the "money pit" house - to the tune of $1400 - over 10 years ago! I also don't work up a sweat mowing the lawn every saturday or have to directly pay someone to do it.

Reality sucks, but it's the only place to be.

Paula

Minnie's Mate · 03-09-2009, 10:09 PM

Since you said private party I assume you are talking used. The banks will charge high rates and give you a short term on anything used except a stick-built home. A credit union or bank will probably give you $10K-$15K for 5 years max. For the monthly payments you can get a new Flying Cloud for just longer term.

Pay cash if you have it and it least that way no one can take it away from you and when that Great Depression hits again as the White House is promising you will have the highest standard of living of any homeless person in your community. The Grapes of Wrath never had it so good.

gc24 · 03-09-2009, 11:16 PM

Almost sounds like I am better off with a new one.

Minnie's Mate · 03-09-2009, 11:42 PM

Quote:

Originally Posted by gc24

Almost sounds like I am better off with a new one.

Only you can answer that.

xonvldz · 03-10-2009, 12:39 AM

talked to a rep at the hershey pa rv show a couple years ago that gave me a $300 incentive to apply to refi my 20 yr airstream loan.applied for the loan and saved a 1/2 point on the interest rate,that my current bank was charging.the company is customer one financial in old saybrook connecticut.nice people to deal with since they generally understand rv and boat financing.my loan was brokered to u s bank and the terms allow for no prepayment penalties so i can pay additional principal as i go.this broker beat my credit union by 3.25 points.have had the loan now for 2yrs.whole loan process was accomplished thru the mail,and was relatively painless.

gc24 · 03-10-2009, 12:59 PM

Maybe I am looking at this all wrong. I am buying it Not as a home to live in and I am retired. I might as well pay for it outright and forget the interest charges and hassle of the whole thing.