Any recommendations on financing a used rig?

[H4N5]

Hello,

I have my sights set on a very specific airstream that has just come to market from a private seller. The problem is, I need financing.

Does anyone have any experience or recommendations when it comes to securing financing for an Airstream that is:
-15 years old
-from a private seller
-between $25-30K
-will be used to live in over the summer, but will most likely become for recreational use after that.

Any insight would help.
Thank you thank you thank you!

[thewarden]

I suspect that you may find it difficult to find a lender that will finance a trailer that old, depends on much you plan to put down I suppose. I would think 25% would be a minimum.

[JonDNC]

A home equity line of credit if you can probably best.

[KathyinTexas]

Buying a used Airstream is a good move--you'll miss all the depreciation and you will own an awesome travel trailer that will keep its value for years to come. I don't love debt, but we took out a personal loan to purchase our 2006 25' Airstream Safari ($30,000 @ ~8%). Luckily we were able to pay off the loan early, but looking back, we'd do it all over again. We love our rig, have had great trips with her, and, in fact, she has increased in value. Only YOU can determine whether you can afford the loan or not. Good Luck.

[H4N5]

Kathy, mind you sharing where you got your loan? Bank, Credit Union, Good Sam?

Thanks!

[Hittenstiehl]

H4N5

You will likely get several "if you need to finance it you don't need it", but it's your desire not ours. We all made ours work (or justified the purchase) in a variety of ways.

A home equity line of credit
A personal signature line of credit
A credit card
A 401/457 withdrawal.

Good luck

[KathyinTexas]

Usaa

[fotoman1527]

You have certainly been provided all the relevant options, among which I would start with Third Federal (they often have very competitive rates; I have no relation with them) and inquire about a home equity line of credit (heloc). This presumes you own a home with available equity. Do note you would be encumbering or further encumbering your home with this new obligation, and putting off the day you own it free and clear. However, you’d probably get the most favorable rate this way. Good luck!

[NoResults]

In over 50 years I have always found my local credit union the first and last place to look for financing any item from rv to home to lines of credit etc.


Dave

[pkegel]

We financed our used 2005 SafariLS 22' about 2 years ago though our Credit Union. We paid for an appraisal that came in several thousand $ higher than what we wanted to finance. Our Credit Union allowed us to finance more than they normally would on a used RV because of the appraisal. We like to keep our cash in investments and the interest rate was very low.

[Kevin245]

Mod Hat On...

Let’s clean up our act here folks. Being helpful is the goal so let’s keep the chiding and subsequent sophomoric responses in check. We’ve cleaned up the affected posts and we’d appreciate a more cordial interaction moving forward. Anyone taking issues with this request can PM me directly.

Kevin245

[BobnGayl]

I think the OP asked a reasonable question and doesn’t deserve such a negative, uninformed response. We finance everything if we can get terms below our investment return. Obviously this is a personal preference and not for everyone. We also use credit cards for everything we can. We like the Delta AMEX Reserve card because we get a lot of miles and we love to travel. Again obviously not for everyone.

To answer the OP’s original question, we like our local credit union. They have excellent rates and have been rebating a lot of the interest at the end of the year. Last year it was 50%. The year before, 75%. When it’s no longer cost effective to finance, we will pay cash. But until then, other people’s money sure beats using our own.

[PB_NB]

We did a Personal Line Of Credit with the low interest rates and flexible payout options, that was the best for us. We had a bunch of cash to put down after the sale of the old trailer.

We did the "new trailer" route but in hind sight, a good used one would have been more appreciated and probably need less repairs than our new one!

Good luck with your purchase!

[guskmg]

If you really need to finance, I would ask my favorite institution how old of an Airstream they will finance and go from there. You could add cash up front to inrease the total needed to by what you want. My first trailer I hocked my soul to by the cheapest new model. The next one I paid cash for a used one. This one I ordered exactly like wanted and paid cash. Hopefully as time goes by your net worth will improve so that you can enjoy a better and better lifestyle. That is the American dream. Lets keep it that way.
guskmg

[Rocinante]

For what it's worth, we strongly recommend buying a gently used model vs. a new one. Having bought new the first time, we're now in favor of letting someone else enjoy the initial depreciation and deal with the worst warranty issues before we take it on.

[new2trailer]

In the last few years, I've had no satisfaction with any financial institution concerning toys. All the bank stress testing the Feds do has made banks etc more risk averse.

So don't take it personal if you don't get the money you want for your trailer. Maybe the seller will finance.

Mike

[PB_NB]

Originally Posted by new2trailer

So don't take it personal if you don't get the money you want for your trailer. Maybe the seller will finance.

Mike

^^ x2

Excellent option to pursue!

[rjack]

Get an appraiser recommended by your bank and have the document in hand when you speak with various lenders. Very few lenders are familiar with Airstream values, but remember they make their living by making loans. A copy of your personal financial history is also important to have ready. Your preparation for the loan interview will reassure and impress loan officers with your reliability. Good luck. Perhaps I am unduly charitable to the negative/rude post comments, but a nice balance between the brake and the accelerator is realistic and appropriate. Travel happily.

[Onegdnurse]

When we tried to obtain a loan for our 1999 Airstream we found that the credit union would only give us a pittance. I decided to take a loan on my 401 K. The interest was the same and it was quick and easy.
Airstream: Silver Betty
Good luck,
Deb Hunt

[Ahroc]

Hi
I went thru the process a couple of years ago.
a) Blu-book is WAY BELOW true market value of Airstreams, and most lenders wont loan above Blue-book.
b) Many lenders are not excited to lend on RV's because they are so portable, as in where did it go?
c) And the Airstream dealer I was dealing with couldn't lend on anything older than 10-years.
d) It was all pretty discouraging at the time.



I spent quite a bit of time digging and found ( www.lightstream.com ).
My perception is the credit scores need to be pretty high for them to lend.
Anyhow they ask what the loan is for, but never ask for the title, basically a personal loan.


Good Luck!