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Old 01-09-2017, 06:45 AM   #1
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Purchasing an Airstream From a Private Party: How To?

We are planning on purchasing an Airstream & becoming Full Timers working at National Parks out west. We are interested in purchasing from a private seller but have never purchased anything this expensive other than our home. Looking for advice on how the safely pay the seller. We are prepared to travel to see an Airstream that we would consider buying but not sure how to handle the financial side of the purchase. We have excellent credit and will have 10% down for a loan. We will definitely hire an inspector or ask that the Airstream be taken to an RV shop for inspection prior to buying.

Any advice would be greatly appreciated!!! Thank you!

Angie
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Old 01-09-2017, 07:12 AM   #2
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Do not buy it until it has been inspected. If that is not possible use an escrow service to hold the money, but your purchase contract will need to be specific and agreed to by all. There are going to be some flaws, I am sure. You cannot expect a perfect used trailer from a private party. More likely, you should expect to buy "as is", which takes me back to have it inspected first.
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Old 01-15-2017, 05:40 PM   #3
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There are inspectors here who will talk to you about what to look for should you decide to do an inspection yourself. I've talked to two, so I'm confident that I can do an initial inspection on one, but I'll still pay someone to do a better inspection before I write a check.

To answer another question, we bought our Foretravel from a private party in another State. We looked at it, then discussed it for a couple of days. We called the seller with an offer, which was accepted. We mailed a deposit the next day and made arrangements to pick it up. When we arrived we had a cashier's check (or whatever it was called, think they had another name for it) for the balance. We also were able to bring a partially completed Bill of Sale that we downloaded from our State's website. They completed it and we took it, the title, and the coach home the next day.
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Old 01-15-2017, 06:15 PM   #4
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I only financed 2012 Ford Escape because of no interest for 5 yrs, kept my cash earned interest for 5 yrs. after 5 yrs. pd. in full. Last finance of veh. was 1978 Before 1978 much finance, now no more. If looking for low int. rates use home Eq. loan if possible, or credit union.
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Old 01-30-2017, 10:28 AM   #5
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So--what kind of interest rate should I expect for the 2017 Airstream I want to buy from a dealer? (Excellent credit.)
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Old 01-30-2017, 10:45 AM   #6
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5% maybe slightly lower is the best they ever do on RV loans.
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Old 01-30-2017, 11:31 AM   #7
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Keep looking

Quote:
Originally Posted by Belbein View Post
We found the perfect Airstream. Lightly used. Beautiful condition. The only problem is ... the credit unions and banks "don't finance RVs" (who wants to finance an RV? I want to finance an Airstream!). Our principal bank quoted us a rate of over 10% for 15 years. We have excellent credit, so this is f******** absurd! How can it be that these things retain their value so well and yet no one will finance them at reasonable rates? I've been around lending for decades, so I understand underwriting-- but these would seem to be a good risk. I don't get it.

Anyway ... any ideas on finding sources?
Although we paid cash we tinkered around the idea of taking the interest credit deduction for a second home which is legal.

I suggest you do your homework because I belong to two credit unions and both jumped at the chance offering <7%.

Naturally they only look at risk so, if your credit is shaky or the Airstream is 10+ years old, and it's a long term, they are going to back-off since they will be left holding the bag if something goes wrong.

Good luck!
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Old 01-30-2017, 11:35 AM   #8
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Quote:
Originally Posted by Elizabeth28 View Post
So--what kind of interest rate should I expect for the 2017 Airstream I want to buy from a dealer? (Excellent credit.)
What. You have Ewald up there, right? They won't give you a finance quote?
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Old 01-30-2017, 11:37 AM   #9
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Quote:
Originally Posted by featherbedder View Post
I only financed 2012 Ford Escape because of no interest for 5 yrs, kept my cash earned interest for 5 yrs. after 5 yrs. pd. in full. Last finance of veh. was 1978 Before 1978 much finance, now no more. If looking for low int. rates use home Eq. loan if possible, or credit union.
Smart.

In the end, you really didn't finance anything.
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Old 01-30-2017, 11:52 AM   #10
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I financed a 2014 Toyota Avalon for 60 months at 0%.
I still resent the $523.20 monthly payments and the fact that I owe Toyota Financial Services $19,300.
I still resent the $852 tag and $74 per month insurance.
It will be alright in 37 more months...
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Old 01-30-2017, 11:55 AM   #11
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Quote:
Originally Posted by ab1727Center View Post
We are planning on purchasing an Airstream & becoming Full Timers working at National Parks out west. We are interested in purchasing from a private seller but have never purchased anything this expensive other than our home. Looking for advice on how the safely pay the seller. We are prepared to travel to see an Airstream that we would consider buying but not sure how to handle the financial side of the purchase. We have excellent credit and will have 10% down for a loan. We will definitely hire an inspector or ask that the Airstream be taken to an RV shop for inspection prior to buying.

Any advice would be greatly appreciated!!! Thank you!

Angie
Well, Angie I was about to give you a few tips since we just purchased a 2014 last October from a private owner but, you added you would finance. We didn’t.

First, call them. Do not text or email them. Talk.
Second. Be ready to hop in your tow vehicle and be at their doorstep the next day. (In other words, time is of the essence.)

If you are going to finance, your lender is pretty much going to protect THEIR back which in turn will help you protect YOUR back.

Bottom line, if you are a good judge of character, you are going to get a feeling from the person or persons you are buying from. But if you aren’t one of those people who don’t have that radar, rely more on your lender. I’d call them and ask them for some ‘ground rules’ you should use.

We were Newbys. Our seller gave us two days showing us every little detail they felt important. We had breakfast together one day and lunch the next and then closed the third day. Super people.

You’ll know.
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Old 01-30-2017, 11:20 PM   #12
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Also home equity loan for low interest and fully rite off perf. legal.
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Old 01-30-2017, 11:40 PM   #13
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Wink

Quote:
Originally Posted by upnorththree View Post
What. You have Ewald up there, right? They won't give you a finance quote?
They did. And it was a good rate. Just wanted to check here to keep them honest.
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Old 01-31-2017, 01:56 AM   #14
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Quote:
Originally Posted by Elizabeth28 View Post
They did. And it was a good rate. Just wanted to check here to keep them honest.
Well Elizabeth, that's just not the way lenders work. What we say here is not going to keep them honest. To them, it's just hearsay.

If you're playing cards you need to have bank names and their interest numbers, not friends' on the internet. A smart lender already knows his/her competitor's numbers.
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Old 01-31-2017, 04:45 AM   #15
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Try LightStream.com. Lightstream is an online division of Sun Trust bank. Sun Trust has been in the RV and marine lending business for years (I financed 2 boats through them). You can get an unsecured loan for most any purpose (including RVs) at very competitive rates IF you have excellent credit, savings to cover the loan, and a sufficient income to make the payments.
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Old 02-01-2017, 04:51 AM   #16
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Quote:
Originally Posted by flamingoroad View Post
Try LightStream.com. Lightstream is an online division of Sun Trust bank. Sun Trust has been in the RV and marine lending business for years (I financed 2 boats through them). You can get an unsecured loan for most any purpose (including RVs) at very competitive rates IF you have excellent credit, savings to cover the loan, and a sufficient income to make the payments.
Thank you very much! I fortunately have excellent credit and sufficient income to make payments. Even though we were recently turned down for a loan at Good Sam's. Haven't received the letter of explanation yet but suspect is was the NADA valve and we only put 10% down. Next attempt will will have 20% down and will try LightStream. We did end up buying the tow vehicle from the AS seller's! 2011 Chevy 2500 HD Diesel...Got the horse now we will save for the cart! Thank you so much for your advice!!
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Old 08-21-2017, 02:13 PM   #17
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Hmm, credit rates aren't what they used to be back in the Reagan years. My first home mortgage was 13.5% with a hard 20% downpayment. My downpayment was financed by buying a used BMW sedan at 15% interest and then selling for it half again what I paid for it, and then carrying that loan on top of the home mortgage.

If the trailer is in very good condition then I think up to 10% interest is ok. Don't forget that it qualifies as a (first or second) home for the mortgage interest deduction, as I recall. However, the people in DC are eyeing the home mortgage interest deduction with bad intent, and some would like to eliminate it as part of tax reform.
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Old 09-27-2017, 01:28 PM   #18
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Where do you find inspectors? I am not finding them easily on this site and think you are spot on re: getting one before buying! I am going to look at a trailer this Saturday in Albuquerque NM if you know of someone who's available?

THX - Chris
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Old 09-27-2017, 01:46 PM   #19
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Having bought used, make sure by testing that all the major items work like inverter, air conditioning, heating, refer, stove, lighting, plumbing (no leaks), sewer and grey water, propane system, batteries. Next look at the exterior for scrapes, dents, scratches, missing items, front hitch jack, years on tires, roof covers...i would have the nearest Airstream dealer perform a leak test although this is tough because the seller would be hesitant...
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Old 09-27-2017, 01:52 PM   #20
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Quote:
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Where do you find inspectors? I am not finding them easily on this site and think you are spot on re: getting one before buying! I am going to look at a trailer this Saturday in Albuquerque NM if you know of someone who's available?

THX - Chris
Click on the "Portal" tab on AIRForums (it usually opens to that page unless you've bookmarked another link.)

On the right side of the Portal page you'll see a section labeled "Airstream Inspectors." It lets you select a state and a type of inspector... I'd recommend trying different types of inspectors because the query isn't quite perfect. It'll display a list of AIRForums members who are willing to do inspections within the state you chose, and will let you sort by how many posts they have, what town they're in, etc. It's a somewhat-manual process from there, you should send a few PM's to likely-seeming candidates and see if they're willing and/or available to help you out.
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