Suggestions on bad credit financing?

[jamin242]

I have a friend who wants to join me in my airstream journey with his own. He had a bankruptcy 5 years ago and was turned down by his bank. Has anyone found a lender willing to work with bad credit?

[overlander63]

After all that has happened with banks and finance companies lately, they are going to be very careful about lending money.
Depending on how good your friend is, maybe you could co-sign.

[fr8tshaker]

Co-signing is a guaranteed way to end a friendship.



With that said if your friend has'nt added more negatives to his credit report since the bankruptcy he may be able to get a loan thru a credit union if he has at least 20% down.

Just a thought, 'shaker

[Silvertwinkie]

Yea, I'm kind of with Terry....with the credit crunch, the house ATMs, questionable loan practices, etc, the days of easy credit with a soft background just are gone, gone, gone, gone, gone, maybe for good.

You might find some place that **might** do it, but I can only guess the rate would be ridiculously high.......

I use to be a credit analyst in another lifetime and any type of bankruptcy was an instant 6 month projected use deposit particularly if the credit to be extended was in the thousands, and that was in the 90s when you could turn on a water faucet and get a $20k loan even with a soft background....today, I doubt seriously anyone without a good rating will get very much, if at all. If they could I would suspect they'd still be buying houses, which we all know how that market has tanked due partly to the inability of credit to a fair sized cross section of the population.....

As for co-signing, there are few things in life one steers clear of....talking politics, religion and loaning money to friends, sometimes even family. Good fences make good neighbors, but only if you're not the one buying your neighbors fence.

[willyd]

How about considering an older unit that needs some work - pay cash. The initial price will be much lower and the repairs can be completed as the money is available. Stay away from co-signing. Best of succcess.

[richinny]

a good policy for loans, is to loan it only if you can live with never getting it back.

[dogpound]

I'm with Silvertwinkle. There are "B" and "C" grade finance companies out there but the interest rate would be out of sight. Usually a bankruptucy disappears in 7 years off their credit report so if your firend can hold off a couple of years. Also if they are trying to buy through a dealership their finance person would have some insight about finance companies that will accept someone with a less than perfect credit history.

Bob

[The Flintstones]

The practicality of this advice makes it useful even in these times!


To Thine Own Self Be True


Yet here, Laertes! Aboard, aboard for shame!
The wind sits in the shoulder of your sail,
And you are stay'd for.
There ... my blessing with thee!
And these few precepts in thy memory
Look thou character. Give thy thoughts no tongue,
Nor any unproportion'd thought his act.
Be thou familiar, but by no means vulgar.
Those friends thou hast, and their adoption tried,
Grapple them to thy soul with hoops of steel;
But do not dull thy palm with entertainment
Of each new-hatch'd, unfledg’d comrade. Beware
Of entrance to a quarrel but, being in,
Bear't that th' opposed may beware of thee.
Give every man thy ear, but few thy voice;
Take each man's censure, but reserve thy judgement.
Costly thy habit as thy purse can buy,
But not express'd in fancy; rich, not gaudy;
For the apparel oft proclaims the man;
And they in France of the best rank and station
Are of a most select and generous chief in that.
Neither a borrower, nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine own self be true,
And it must follow, as the night the day,
Thou canst not then be false to any man.
Farewell; my blessing season this in thee!

-- William Shakespeare

[AZ-JH]

With his bankruptcy history, he should avoid using credit for a discretionary purchase. Credit is what helped him get into this mess. I'd suggest he delay the gratification as long as needed, pinch every penny, and save cash for a distressed sale of a used unit. If he can't wait and save up cash, then he truly can't afford it all on his own.

The prize would be sweeter when it's HIS and not owned by the bank. No payments, no interest. All the interest he'd save by not borrowing would pay for his fuel and maintenance expenses!

If you co-sign, consider it a gift.

[mustang]

Hello, I have found that when dealing with bad credit, you need to have a bank that knows you and you have maintained a history with.


I also found that Credit Unions (threw work) or local small banks are more inclined to lend, but A camper is a luxury. So that also will play a roll.


The Luxury/ nessesity thing.

I however would not cosign for him and if he is any kind of freind he wont ask anyways. ( I was in that situation) It costed our freindship

[Jim Clark]

Originally Posted by jamin242

I have a friend who wants to join me in my airstream journey with his own. He had a bankruptcy 5 years ago and was turned down by his bank. Has anyone found a lender willing to work with bad credit?

Owner financing.

Or wait until he has the cash. Many will work with bad credit but what you have to pay in interest is not worth it for an Airstream or any other luxury item.

[jamin242]

thanks for all the suggestions. I am definitely not planning on giving him any money or co-sign on his loan. What I failed to mention was that he is planning on living in his a/s full-time on my property. He will not be using it as a "luxury rv". It will be his residence. I l just bought mine and will be living in it fulltime also.

[jnerges]

Originally Posted by The Flintstones

The practicality of this advice makes it useful even in these times!


To Thine Own Self Be True






Neither a borrower, nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine own self be true

-- William Shakespeare

I have not read Willie since college, the guy rocks. What I have learned is a two part deal, first, it is cool to be generous, second, never lend any money that you expect back. That has really worked for me but dont ask me how I learned it

[bolou97]

Will he have his utilities in his name? Get a contract of what he can do and can't do on your property. Hope you get money for rent....
Lou

[mustang]

They must have really fell on hard times I am guessing. I hope a brighter future for them, will come soon.