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Old 08-19-2007, 06:52 PM   #1
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1987 34.5' Airstream 345
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Financing through Good Sam

Hello Airstreamers! We are in the works of purchasing my parents Airstream motorhome. Because it's an '87 the local banks want only three years or so on their terms and it's making the payment higher than we are comfortable with. I see that Good Sam has even better rates than the local RV dealer I visited with and will go long term. Anyone have experience or know anything good/bad about their financing?
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Old 08-20-2007, 05:13 PM   #2
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1987 34.5' Airstream 345
Belgrade , Montana
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OOOOKAY......not a great topic to get started with I guess! So far of the 4 or 5 rv finance companies I have called I am being told they will not finance anything older than 96. Do they know something that I don't? Am I making a mistake buying a "vintage" motorhome that we think is great instead of buying a newer one for more $$ ? The banks make it seem like your monthly payment will be less if you spend twice as much......
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Old 08-20-2007, 06:47 PM   #3
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Quote:
Originally Posted by s.s.sloan
Hello Airstreamers! We are in the works of purchasing my parents Airstream motorhome. Because it's an '87 the local banks want only three years or so on their terms and it's making the payment higher than we are comfortable with. I see that Good Sam has even better rates than the local RV dealer I visited with and will go long term. Anyone have experience or know anything good/bad about their financing?
Yep, I've financed with them...rates were better than the local bank. This was back in 2001 when I bought my new Safari. I checked again when I financed the Classic in 2004. Thor rates were better than Good Sam.

Banks set terms and rates based on their experience with autos. They tend to look at value and potential of the need to sell the vehicle if you go into default. A lot of the extended term RV loans really can get you upside down. Meaning that if they are forced to reposess down the line, you may owe more than what the RV is worth. I spend 25 years in the banking industry and at the time years ago, RV loans were safer than auto loans. Folks treated their RV's much like their homes and payments got higher priority if they got into a financial crunch. The RVIA has figures that support that thinking.

Now the other consideration for extended loans deals with your insurance. If your RV gets totaled, it's entirely possible to owe more than what your RV is worth. You find that some lenders are now selling an insurance product that will cover that gap if your RV is totaled. Other insurers sometimes are giving you replacement coverage on new RV's for the first 5 years with a payout equivalent to what you bought your RV for in years 6-10. I'm using that type of coverage on my Classic.

Jack
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Old 08-20-2007, 06:59 PM   #4
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From the lenders point of view there is just no way to establish a market value on a 20+ year old unit so they can't collateralize the loan.

Two thoughts:

1. You might want to ask if your parents will finance the purchase. Pay them whatever interest rate Good Sam is using currently, write it up legally and everybody wins.

2. Home equity loan? Deductible, reasonable rate....


Personally, since you know the history of the unit and it is, after all, an Airstream, I would find a way to buy it rather than even considering going newer/more expensive.

mike
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Old 08-20-2007, 07:15 PM   #5
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Have you looked into getting a line of credit with your bank? The rates are usually much better than any other loan type available. I actually used a line of credit to finance my home, rather than a traditional mortgage. Check it out, it may be an option for you. The bonus is that the line of credit is always available to you to use as you like. You just pay it down each month like a regular loan. If the interest rates get lower, you renegotiate.
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Old 08-20-2007, 10:56 PM   #6
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Great input and much appreciated! I thought maybe we were just blinded by the shine on the camper! It's nice to hear that we are not crazy for going 10 years older just to get "the one" that we want. Can't get my dad to do anything other than cash - isn't family great?! At least I know he's honest and tells me all the good and bad about this unit. Tomorrow my husband is checking with our banker to see what she can do.We've been with her almost 20yrs and knows we are never late. I don't know if they offer a line of credit for that amount? We have a small one at a different bank. I sure hope this works out.
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Old 08-20-2007, 10:58 PM   #7
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Regarding home equity - just relocated so we haven't gained equity yet. Thanks for covering all the bases!
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Old 08-21-2007, 09:50 AM   #8
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Quote:
Originally Posted by s.s.sloan
Regarding home equity - just relocated so we haven't gained equity yet. Thanks for covering all the bases!
With all this in mind, it might be that Good Sam might be your best bet on giving you something longer term.

Jack
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