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rsqfyrmedic

Miami, FL

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Posted: 02/06/18 06:48am Link  |  Quote  |  Print  |  Notify Moderator

Hi all, not a noob but looking to purchase a 2004 class A. Does anyone know of a bank or credit union that finances anything older than 10 years? (Credit not a problem) TIA

Isaac-1

SW Louisiana

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Posted: 02/06/18 07:53am Link  |  Quote  |  Print  |  Notify Moderator

It can happen, I financed my coach through a local bank where I have a substantial history, though it was financed over a short term (4 years), the coach was 14 years old at the time the loan was made. I have also heard of others tending to have better luck through local credit unions.

MFL

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Posted: 02/06/18 08:07am Link  |  Quote  |  Print  |  Notify Moderator

I have no personal experience as to loan availability, but an 04 class A is likely not a large investment. With good credit, and maybe adding something else for collateral, such as paid off car/boat, or a co-signer with similar, may be an option.

Jerry





Jim@HiTek

Gresham, OR, USA

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Posted: 02/06/18 08:32am Link  |  Quote  |  Print  |  Notify Moderator

Back in Feb of '16, I had the delightful problem of not being able to find anyone who wanted to loan on a '02 Winnebago in Mesa, where there are hundreds of dealers and consignment lots. I have a credit rating of 783 too, but no takers.

Since I no longer own a S&B home, have no real property to speak of so couldn't get an equity loan either. Eventually gave up, and withdrew the entire amount from my retirement funds. What I should have done is used my two credit cards and almost maxed them out. Could have paid those off with a few hundred per month each if I'd thought of it. That would have reduced my withdrawal. Reason was the amount I took out pushed me into a higher tax bracket and I ended up paying $6800 in taxes that year when usually it would be no more than a couple hundred, if anything.

So my advice is to nearly max out your CCs and withdraw the rest from your retirement funds. Or get a loan from a relation.


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Crowe

Billerica, MA USA

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Posted: 02/06/18 10:21am Link  |  Quote  |  Print  |  Notify Moderator

withdraw the rest from your retirement funds

Sorry but really bad advice. The loss of future income plus the tax load/penalty can be very expensive.

Or get a loan from a relation.

Even worse advice, unless it's a relation you don't care about.

So my advice is to nearly max out your CCs

Wouldn't do that either. Too much high cost debt and too much risk if you get in a pickle and need to charge necessities.

I would just keep looking for financing. If you have a credit union at work, try that first. If you are a home owner an equity loan may work. Rates are fairly low, but you do risk your house if you default. This site came up on a search:

https://www.sefinancial.com/rv-trader/?i........edium=Landing+Page&utm_content=rv+trader.

One last thought is too see how much you can get on an unsecured note (be prepared for high interest) and do the rest on a CC or some other way. Good luck and let us know how you make out. There are many on here who have been in your situation.


Subscribe to the 3 "L" rule-don't stop livin', lovin' and learnin'

RV-less for now but our spirits are still on the open road.

mowermech

Billings, MT

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Posted: 02/06/18 10:47am Link  |  Quote  |  Print  |  Notify Moderator

I recently went to my Credit Union and said "I need $9000 to buy a 1999 Dodge Cummins 3/4 ton truck." Their only question was "how much do you want the payment to be?" We negotiated a payment amount, she filled out the paperwork, and handed me a check to pay for the truck.
The motorhome? Same scenario. No problem with the age of the vehicle.
Of course, we have been members of that CU for almost twenty years, and have financed several vehicles with them. That might make a difference!


CM1, USN (RET)
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Grit dog

Black Diamond, WA

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Posted: 02/06/18 01:49pm Link  |  Quote  |  Print  |  Notify Moderator

THIS^.
Stick to credit unions or local banks.
Maybe it was our relationship with the CU we used to use, but we could get a loan basically on a phone call, no problem. They were typically secured loans, so if it was for something old, it was secured by something newer. IE loan for old camper, taken against newer truck that was paid off.


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sneakygroundbuzzard

st cloud mn

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Posted: 02/06/18 05:58pm Link  |  Quote  |  Print  |  Notify Moderator

we finance every thing with our credit union
when we want to buy something we just tell them what it is,and how much it is
they just ask when do we want the money and what account we would like it put into

but we also have extremely good credit(upper 800's)

Crowe

Billerica, MA USA

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Posted: 02/06/18 06:30pm Link  |  Quote  |  Print  |  Notify Moderator

Their only question was "how much do you want the payment to be?" We negotiated a payment amount, she filled out the paperwork, and handed me a check to pay for the truck.

Ouch! This is the first thing my father taught me NOT to do-negotiate a payment. Payments should be based on the interest rate and length of time, not just a fixed amount. Do you even know what your interest rate was?

but we also have extremely good credit(upper 800's)

Sneakyground, interesting. On what scale?

sneakygroundbuzzard

st cloud mn

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Posted: 02/06/18 06:58pm Link  |  Quote  |  Print  |  Notify Moderator

which ever ones that the CU and Ford finance uses to check your credit.

when we bought our truck last year we got 0% finance from Ford credit.when the dealerships finance guy ran our credit he told us what it was at that time(very high 800's)

when we bought our TT this last month the CU finance guy told us what our score was(still in the upper 800's)

so thats what they told us,not what we can look up on line on those so called credit rating sites.

the wife and i make a pretty good living (combined incomes).

until we bought our truck last year we only had a our mortgage and utilities for debt.no credit card debit at all,not even to this day.

we do use CC but they get paid off right away when we do use them.

we have never taken a loan to term yet,and dont plan on it.

my wife is very good with handling finances

if it were me we would be broke,but i would have a heck of a lot more guns and toys than i do lol

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