Question: My brother is looking into the possibility of buying a class a diesel pusher motorhome in the 1998 to 2002 range. Can anyone give any insight as to what he can expect on financing? Like length of loan, amount that can be financed compared to purchas price and estimated value, and etc. Any help will be forward onto my brother and greatly appreciated.
All types of financing are really up in the air these days. Nobody knows what's happening nor what might happen tomorrow regarding financing. He should check all the local reputable lenders and see what they offer. Lenders are requiring higher than expected interest rates from even the highest rated borrowers to get a higher "risk premium." We see that in the relatively high prime mortgage rates in the face of generally low rates and low volume of business. Some home equity lines of credit are being frozen for even borrowers with an excellent record. Basically, lenders are laying low in this credit market.
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Credit unions seem to have the best rates..Check various credit unions in the area, you can call and get thier rates and terms, and they usually have calculators to figure payment on thier websites..
I dont know there may be some real good finance incentives with some dealers to push units, with the econonmy the way it is..
I personally would get pre approved thru the credit union and find a private party that needs to sell ....... I have seen some of the Motorhomes around here sitting for awhile.... You keep looking may find the one who will take a big loss to get out of it...
CountryLife wrote: My credit union is offering 6.75% for up to 20 years, but is dependent on credit rating and how much is borrowed.
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I second the credit union advice. It really helps if you are a member with an established history with them.
I was shopping for a ski boat last month and called my credit union about financing. I mentioned the "credit crunch" we keep hearing about, and they said that individuals such as myself with excellent credit shouldn't be concerned.
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I received an email from Camping World about refinancing. I filled out the requested information and emailed it back. I had checked on their insurance rates before and I was actually getting my RV insured at a lower rate so I did not expect to actually be able to save any money. However, I just completed my refinance through Camping World. They used a mortgage broker in Missoula, Montana called Destination Financial. I dropped from 6.99% to 5.99% on my class C. There were no costs except to FedEx my signed contract back to them and they sent me a $100.00 gift certificate for Camping World. Lexi Johnson at Destination Financial was a delight to work with and the process was completed fairly quickly. I am extremely pleased with their service and definitely feel it is worth the time and effort to check it out.
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