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Alexandra · 01-22-2016, 06:02 PM

Hello all,

Today my fiance and I went to view an AS near us, and have found exactly what we have been looking for! It is perfect for our lifestyle and tastes. Feels homey without being too big or too small. We already have a plan ready to put into action if we can get it!

Of course, the reason I am posting isn't about feel-goodsy things - the reason is what everyone hates the most to encounter - monetary issues. The problem we face is that the line of credit I have been given from a family member is for 10k, and I just found out they can't lend any more than that. That leaves a difference of 20k. Neither of us have sufficient credit for a loan, don't have any assets, we are essentially just starting out together. We both have very well paying jobs that we can work from anywhere with, so have no problem paying anything off, but of course that is not enough for any financial institution. We can easily pay it off in 4 years even at 8-10%..

What ideas can the community gather for me? Any advice other than "forget it, wait 'til you're retired"?

Also found out how ridiculous the NADA guides estimates are on AS, wowee!! It would be so convenient if there were an private lender for Airstreams or something. Wishful thinking.

Need guidance, as this would be our greatest opportunity - we have found day to day life in the suburbs thoroughly depressing and are yearning for adventure and new experiences.

DanB · 01-22-2016, 06:44 PM

Tough call. No credit, no cash, and you are borrow 1/3 already. Are you bringing anything to the table?

Sounds like one of the only options is possible seller financing, but thats a huge longshot.

Any change for borrowing against your retirement?

Only other suggestion is to buy a 10k trailer for now, pay it off and save for 3 years. Chances are you will probably be able to sell it for 8k and apply to the next level trailler.

Hate to say it, but sounds like you might have to bank some time first. I bought the big expensive trailer before age 50. I understand wanting the nice stuff!

graysailor · 01-22-2016, 07:11 PM

You just have to put in more time and save. Sounds as though in a couple of years of work and savings you could get whatever you want.

ijustlee · 01-22-2016, 07:16 PM

I would advise to buy what you can afford now and save up by living cheaply. I don't like to support banks or insurance companies if I can avoid it. Maybe you can join a good credit union in your area and build some karma with them over the next year or two and step up a little sooner but it's hard to beat living within your means. Just pack as much living as you can into your life while you are young because it will go by quicker than you can believe! Leland

Ted S. · 01-22-2016, 07:50 PM

Can you get a loan with a cosigner?

If you are that strong with income, then maybe trade the $10k family note for a cosign on a $30k bank note. They lend you nothing but the amount you borrow is the same.