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Old 06-29-2010, 01:45 PM   #1
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Where to get financing?

We have someone interested in buying our AS, but, even with a good (great) credit score, it is hard to find a lending institution that will lend on an used AS. It is a 2007 FB SE LE. One place wants 11+%. Buying new is no problem. Any suggestions? Seems the home equity loan has $900 in origination fees.

Pat
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Old 06-29-2010, 01:48 PM   #2
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We have someone interested in buying our AS, but, even with a good (great) credit score, it is hard to find a lending institution that will lend on an used AS. It is a 2007 FB SE LE. One place wants 11+%. Buying new is no problem. Any suggestions? Seems the home equity loan and $900 origination fees.

Pat
Pat,

Credit Unions are usually a good choice, if you are a member.

Bill
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Old 06-29-2010, 01:53 PM   #3
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Pat,

Credit Unions are usually a good choice, if you are a member.

Bill
And even if you're not a member. We refinanced ours last year through a Credit Union at a much better rate, which we joined by opening a $25 savings account. Your buyer should call around and see what is available.

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Old 06-29-2010, 02:04 PM   #4
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Pat, Pentagon Federal is a good lender for RV loans.

www.penfed.org
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Old 06-29-2010, 02:14 PM   #5
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You might also try Bank Of America
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Old 06-29-2010, 03:18 PM   #6
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We got pour loan from our credit union. No problems. Got a good rate of interest also.
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Old 06-29-2010, 03:32 PM   #7
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We got pour loan from our credit union. No problems. Got a good rate of interest also.
Were you financing a new or used AS?
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Old 06-29-2010, 10:04 PM   #8
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... it is hard to find a lending institution that will lend on an used AS. It is a 2007 FB SE LE...
a good fica score helps but loan'a'rangers don't like starting UPSIDE down.

so a hefty % DOWNPAYMENT is critical.

and a shorter term helps.

financing the FULL used price for 10 years gets one immediately UPSIDE DOWN...

unless the purchase price is way way way low.
________

so they need to put 20-30% down, accept a tiny bit higher interest but shorter terms (like 5-7 years max)...

and then pay FASTER to shorten the real term and save on interest...

they can also buy "gap" coverage for the load.
_________

another EXTREMELY DANGEROUS approach would be for the seller (YOU) to finance a portion of the price,

this means the buyer borrows LESS from the bank, but you are at risk for the UNsecrured loot.
_________

do you actually KNOW their fica score?

lenders don't have to SHARE it with the customer, UNLESS they are denied a loan and ASK for the score.

cheers
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Old 06-29-2010, 10:17 PM   #9
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Hi, Pat; Don't get me wrong, but I would leave the finance part to the buyer. Not my problem, unless I'm the buyer, not the seller.
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Old 06-29-2010, 10:30 PM   #10
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Find a credit union that didn't lose $$ on RVs

There are still more than 8,000 active credit unions in US.. Some linked to employers or associations, some communities (cities/counties/states) and some more open through joining clubs.. All will require modest ($25 or less) savings account opening to join. Since they are not-for-profit, member-owned and not subject to income taxes, and cost of funds equivalent to smaller banks, loans can be at lower interest..

I now work for a large one, and while they avoided market for variety of reasons, some provided financing via dealerships and got clobbered with defaults and recoveries for repos at auctions at 50% or less of loan value.. They won't be good place to look.. (If we were motorhome people, 39' Mandalay Bay Diesel Pusher MH 4 years old with 20K miles at $70K was what bottom of market looked like..). Understand "Good Fico Score" is 700, and very good is 725+.. Given expectations for inflation, the longer the lona term the higher the interest rate.. (Remember in the 1970's when Prime Rate was 15%+ versus nearly 0% today..). Also be aware that many Credit Unions are struggling financially rebuilding Insurance Fund (equivalent to FDIC insurance) and narrow margin between cost of funds and interest on loans..

Try looking here to find one: www.findacreditunion.com Try several for quotes... Keep loan term at 60 months or less, if possible...
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