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Open Roads Forum  >  Class A Motorhomes

 > Financing for older DP's. (over 10 years old)

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vacuumbed

Salt Lake City, Utah

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Posted: 02/12/10 05:04pm Link  |  Print  |  Notify Moderator

I have been researching financing for a 1996 Monaco Executive DP. I'm quickly finding that most banks don't want to loan money for a coach over 10 years old. Does anyone know of a bank that will finance older DP's?

cwdavis

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Posted: 02/12/10 05:32pm Link  |  Print  |  Notify Moderator

FYI, I searched Google for 'RV loans used' and collected about 150,000 hits. One would think that there might be one or two honest sources in that list, but one suspects that the sensors should be on high alert with most of them!


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Posted: 02/12/10 08:57pm Link  |  Print  |  Notify Moderator

I know someone that talked his way into a loan on a 12 year old rig. The only reason he was able to do it was because it was a high end rig. Vouge Prima Vista.





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Posted: 02/12/10 05:53pm Link  |  Print  |  Notify Moderator

BB&T


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vacuumbed

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Posted: 02/12/10 07:11pm Link  |  Print  |  Notify Moderator

My credit union only goes back 10 years, BB&T doesn't service Utah.

Bionic Man

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Posted: 02/12/10 05:44pm Link  |  Print  |  Notify Moderator

You might look into a local credit union as well. They historically have been more liberal in their lending policies.


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Posted: 02/12/10 11:15pm Link  |  Print  |  Notify Moderator

Put it on a credit card and then roll it into refinancing your stick house. That is what we did. You may think its crazy, as then your paying interest on the purchase for 30 years, however you can accelerate your house payment to any payment plan your want. Once you've payed off the extra for the coach, you are no longer paying interest on that extra amount. All the extra goes directly to the principle, so you will substantially reduce your number of years that you pay it off in. Play around with a loan calculator to figure out how much to accelerate your house payment and by how much. Otherwise get a home equity loan.


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Posted: 02/12/10 09:20pm Link  |  Print  |  Notify Moderator

I purchased a 1995 Gulf Stream last year and had no trouble at my Credit Union. I did put $5,000.00 down and that might have helped.


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Posted: 02/13/10 12:37am Link  |  Print  |  Notify Moderator

Very few banks will loan on a 10yr old coach. Many will not loan on a coach registered as a Montana LLC. Even then, most want large down payments and high FICO scores. Credit unions are known to bend a little, but with tight money it's a******shoot.....good luck....Dennis


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Posted: 02/13/10 01:17am Link  |  Print  |  Notify Moderator

We went through our credit union nothing down and 4% a 94 winnebqgo less than a year ago

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