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KimW 07-18-2004 12:32 PM

Airstream financing
 
I was wondering where I should go to finance my airstream? We ordered it the other day and won't get it for a few months, so we have time to get financing. We don't trust the dealer to get us the best rate, so does anyone know where to get the best financing with excellent credit?

Thanks!

Silvertwinkie 07-18-2004 12:38 PM

You can try a bank, but Thor Credit, which is the financing arm of the parent company of Airstream was fairly competitive. Maybe not the best, but surely not far from the pack and it's fairly hassle free.

Rates have gone up, but your best ammo is to shop around before placing your order. Some dealers when the know they are being shopped tend to be a bit more agressive in the price/package or they simply walk.

In your case, I would get the rates from the dealer you chose and compare to other institutions. The nice thing about going through the manufac financing is that they have all the info and RV value knowledge, where a bank or other place, it could be fairly foreign, but not impossible.

KimW 07-18-2004 12:44 PM

Will try thor
 
Thank you! I will try Thor right away and ask the dealer what thier rates are!! You've already helped me.



Quote:

Originally Posted by Silvertwinkie
You can try a bank, but Thor Credit, which is the financing arm of the parent company of Airstream was fairly competitive. Maybe not the best, but surely not far from the pack and it's fairly hassle free.

Rates have gone up, but your best ammo is to shop around before placing your order. Some dealers when the know they are being shopped tend to be a bit more agressive in the price/package or they simply walk.

In your case, I would get the rates from the dealer you chose and compare to other institutions. The nice thing about going through the manufac financing is that they have all the info and RV value knowledge, where a bank or other place, it could be fairly foreign, but not impossible.


KimW 07-18-2004 12:48 PM

THor contact info?
 
HOw do i contact Thor?


Quote:

Originally Posted by KimW
Thank you! I will try Thor right away and ask the dealer what thier rates are!! You've already helped me.


Silvertwinkie 07-18-2004 02:25 PM

If it is an Airstream Authorized dealer, then they should have that info on hand. They also might have a few other lenders to share.

If they don't, PM me and I'll send you the customer service number for Thor financing and perhaps they can get you in the right direction.

I would check with the dealer first though (if they are an authorized Airstream sales center), odds are, they have the info.

Also keep in mind that when you do finance the coach, it is considered under the current tax code as a second home meaning that most if not all the interest on the loan is tax deductible-- still, you are paying out of pocket monthly, so getting a good rate is still important. :)

Eric

Minnie's Mate 09-14-2004 01:15 PM

We looked at a new unit this past week end. We are just in the window shopping mode now since I have to make a decision for a tow vehicle first. The salesman said he would have to have 25% down before he would place the order. Is that the standard amount on a new purchase? What percent should we expect to have to put down on a new unit? What if financed through Thor? Afterall, wouldn't the dealer be getting his full amount including our downpayment up front? Also, how much should we put down if we finance through another bank? What would be the usual term of the loan if financed through Thor or other bank?

neil.ervin 09-14-2004 04:07 PM

If possible, consider a home equity loan.

Silvertwinkie 09-14-2004 04:08 PM

Any dealer that wanted 25% down, I would walk (having a good credit score).

We placed a $500 deposit on a special order unit and we could have financed the entire balance including tax, title, etc.

As for going with a home equity loan, the perks are the same no matter which you use. The interest is deductable as a second home if you go through straight factory financing and the interest on a home equity is also tax deductable.

I found the interest rates farily similar, so to me the only way it would make sense to go the home equity route is if you could get a lower rate and not pay a bunch of fees. Using the factory financing, there are no finance fees (per se), just interest.

wahoonc 09-14-2004 04:14 PM

$$
 
Pay cash...buy a vintage unit :rolleyes: :D FWIW $500 is a reasonable deposit for a special order. I special order vehicles fairly often, and have never been asked for a deposit over $1000. Most of the time there is no deposit required at all. Sounds like they are not wanting to do special orders to me.

Aaron :cool:

Porky Pig 09-14-2004 04:35 PM

25% down for a special order is waaaaaay too high.

When we ordered our 34 Classic from Toscanos ... I gave them a $1,000 deposit ... and used a credit card. We did all of this over the phone ... after one face-to-face meeting at the dealership several months earlier.

They trusted me ... and I trusted them.

As for financing ... they were able to match the lowest rate I could find ... with 90% financing.

Petunia and I feel that we received a great deal and were treated royally by the dealership. They have been rewarded with additional business from folks that I have sent to them. :)

jcanavera 09-14-2004 04:37 PM

My last two have been ordered units. I think the most I had down was $500. The first trailer was financed through Good Sam and the current trailer is through Thor Credit who offered a better rate.

Home equity loans are ok on items that normally aren't allowed an interest deduction under normal credit loans. An automobile for example might be better under a home equity due to interest deductions.

The bad side of home equity loans are that many have floating interest rates. That's a gamble unless you are getting a good low rate in the early years when the interest costs are the greatest.

The other bad side is that you have put your home in hock. I used to be in banking and when home equities first came out we talked about how folks could lose their home if they defaulted on the payment that in essance was an auto loan. Most folks can possibly keep the home mortgage payment up but add to it a home equity loan and you are in big trouble if you lose a significant portion of your income. I figure let them foreclose on the trailer, at least I keep the roof over my head.

Jack

silverback 09-14-2004 08:27 PM

We've use Thor twice. The 2nd time, when we ordered and upgraded, may have required a phone call or two to help the various departments understand the details (one loan gets paid off and we start a new one...). And they have been slow twice sending the payment coupon book (so we usually made a payment or two without it). I guess I'm saying they're a bit bureaucratic... Pretty good rates though.
Ken

Minnie's Mate 09-15-2004 06:50 AM

Thanks for all the tips guys. I agree that I don't like the idea of a home equity loan for the reasons that jcanavera gave.

I thought 25% seemed rediculous on a new coach...either it is worthy collateral for the MSRP less a reasonable down payment (say 10%) or they aren't. At the point that we were quoted the 25% down, we had told the salesman up front that we were window shopping on this visit and weren't ready to buy until after we upgraded our tow vehicle, but we wanted to see the Safari bunkhouse they had on their lot. We never even went into the showroom building, we just looked at the units on the lot and the salesman came back out to "check" to see if we had any questions he could answer. When my wife asked about other interior color schemes for the bunkhouse, he started his "presentation" that included the deposit bomb. I could see that much if financing an older coach. We were considering an older coach that we could pay cash for, but when it comes to being handy I have two left hands that have all thumbs on them and we wanted a TT we could start using from the start without first undergoing a restoration project or having to worry if the a/c would go out on the first summer trip or if the fridge would quit on a week long trip, etc.

As for walking, as far as I have been able to find out, Atlanta Auto Brokers is the only Airstream Dealer in Georgia. (BTW, they also seem to be a used car dealer if that explans the attempt to get the huge deposit.) I would be willing to go to a dealer in an adjoining state if they weren't too far away, say Birmingham, Montgomery, Chatanooga, etc. Any recommendations?

Silvertwinkie 09-15-2004 07:42 AM

Use the Internet. If you are going to buy an RV, it means you're willing to travel. Look at it as your first camping trip.

We have one dealer here in Illinois. I found 2 other dealers within 300 miles using the web and wound up buying from one 300 miles away. There are some that have traveled further for the right deal.

https://www.airstream.com/dealer_locator/index.html

Minnie's Mate 09-15-2004 12:00 PM

Thanks for the link. Now if I just knew the zip codes for Birmingham, Montgomery, and Chatanooga!:D

Diesel Pusher 09-15-2004 12:16 PM

Quote:

Originally Posted by Minnie's Mate
Thanks for all the tips guys. I agree that I don't like the idea of a home equity loan for the reasons that jcanavera gave.

I thought 25% seemed rediculous on a new coach...either it is worthy collateral for the MSRP less a reasonable down payment (say 10%) or they aren't. At the point that we were quoted the 25% down, we had told the salesman up front that we were window shopping on this visit and weren't ready to buy until after we upgraded our tow vehicle, but we wanted to see the Safari bunkhouse they had on their lot. We never even went into the showroom building, we just looked at the units on the lot and the salesman came back out to "check" to see if we had any questions he could answer. When my wife asked about other interior color schemes for the bunkhouse, he started his "presentation" that included the deposit bomb. I could see that much if financing an older coach. We were considering an older coach that we could pay cash for, but when it comes to being handy I have two left hands that have all thumbs on them and we wanted a TT we could start using from the start without first undergoing a restoration project or having to worry if the a/c would go out on the first summer trip or if the fridge would quit on a week long trip, etc.

As for walking, as far as I have been able to find out, Atlanta Auto Brokers is the only Airstream Dealer in Georgia. (BTW, they also seem to be a used car dealer if that explans the attempt to get the huge deposit.) I would be willing to go to a dealer in an adjoining state if they weren't too far away, say Birmingham, Montgomery, Chatanooga, etc. Any recommendations?


Minnie's Mate:

I live in Decatur, and went to their store about a year ago out on Thornton Road. I had just bought my trailer on Ebay and figured I would take it there to get some things fixed on it. Well, they don't even have a tech who can work on them and they have no shop per se'. They basically sell high end used cars off of leases. Now that I have had my rig for a year, my wife wants to trade it in on a new one. I have contacted a dealer in Greensboro, NC and am waiting to hear back from them. They came highly recommended by the folks at the Jackson Center. Said they had been an Airstream dealer for about 30 years. I need to know how long they can be financed. I like the idea of deducting the interest, but don't want it tied up in my home equity. I checked in Florida and they have a ton of dealers, but I don't want to drive down there right now. Good luck in your search, if you want me to share what I learn from the folks in NC, PM me.

Thanks,

Rob.

Silvertwinkie 09-15-2004 12:27 PM

Quote:

Originally Posted by Minnie's Mate
Thanks for the link. Now if I just knew the zip codes for Birmingham, Montgomery, and Chatanooga!:D

You can get zip codes here:

https://zip4.usps.com/zip4/welcome.htm

:)


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