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busterja21

Elizabeth CO

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Posted: 04/04/19 09:54pm Link  |  Quote  |  Print  |  Notify Moderator

have you considered a heloc or if your TV is paid for your CU may give you a used car loan with a check payable to you in exchange for a lein on the title, which you can take the money and use to purchase the TT.


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pitch

NY

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Posted: 04/06/19 09:01am Link  |  Quote  |  Print  |  Notify Moderator

You folks are disappointing me. Where is the post from the wags saying that financing an RV is sheer idiocy and if you can't afford to pay cash, you don't need to RV?
Come on guys, don't let me down!

tjndsa

NC

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Posted: 04/13/19 08:51pm Link  |  Quote  |  Print  |  Notify Moderator

busterja21 wrote:

have you considered a heloc or if your TV is paid for your CU may give you a used car loan with a check payable to you in exchange for a lein on the title, which you can take the money and use to purchase the TT.


Heloc's do have great rates but for us, the cons to them are that the rates are adjustable and the interest is calculated/compounded similar to that of a credit card. Can take longer to pay off than a simple interest loan.

Anytime we finance a home, vehicle, and now our first Fifth wheel, we take the longest term the bank will allow with that term's rate. We then save money on interest by doubling our payments and pay it off in half the time. This in essence, lowers the amount of interest you pay but keeps your payments as low as possible. In the event we need to make the regular payment, we have that option without accumulating late payments/fees.

time2roll

Southern California

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Posted: 04/13/19 09:31pm Link  |  Quote  |  Print  |  Notify Moderator

Campfire Time wrote:

Credit unions.
My credit union makes no RV or watercraft loans.


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bid_time

Michigan

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Posted: 04/14/19 09:28am Link  |  Quote  |  Print  |  Notify Moderator

The amount of bad financial advice given out by people that seem to think they know what they are talking about is mind bogling.

* This post was edited 04/14/19 11:49am by bid_time *





sayoung

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Posted: 04/14/19 12:04pm Link  |  Quote  |  Print  |  Notify Moderator

Sometimes you can get a better price on the rv using the dealer financing. Read the fine print as some have a minimum length of time , usually a year , before you can pay off with no penalty.The lower price with the interest for a year added was just a wash when we were thinking tradeing in.

time2roll

Southern California

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Posted: 04/14/19 12:59pm Link  |  Quote  |  Print  |  Notify Moderator

Ralph Cramden wrote:

bid_time wrote:

The amount of bad financial advice given out by people that seem to think they know what they are talking about is mind bogling.
We pay cash for everything lol.
I paid cash for my house and borrowed for the RV [emoticon]

bid_time

Michigan

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Posted: 04/14/19 04:37pm Link  |  Quote  |  Print  |  Notify Moderator

Ralph Cramden wrote:

bid_time wrote:

The amount of bad financial advice given out by people that seem to think they know what they are talking about is mind bogling.


We pay cash for everything lol.
I took out a loan for 12 years at 3.21% and left my money invested where I get 7% +/- average annualzed return.

mileshuff

Phoenix, AZ.

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Posted: 04/14/19 07:16pm Link  |  Quote  |  Print  |  Notify Moderator

If you have excellent credit then try Lightstream. Was approved and had money in 2 days. It is unsecured so no lien on your TT. My loan is at 4.5%.


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2manytoyz

Central FL

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Posted: 04/15/19 09:49am Link  |  Quote  |  Print  |  Notify Moderator

Boy, what a PITA it was to get a loan on a used motorhome. Our home has been paid off, and my credit score is 825.

Still, our credit union didn't want to cut a loan on a used RV. I could buy a new $250K+ one, no problem. I told them I would take my business (of 30 years) elsewhere.

I then started talking to the loan officer at Lazy Days. The next day, the loan officer got back with me, apologizing profusely. They offered a 5.9% rate. Lazy Days called shortly after, offering a 4.9% rate. I sent the info to my bank, and they instantly agreed to match it.

It was a couple of hectic days, but I got a good deal, but only after threatening to take my business to their nearest competitor (another credit union), which we also belong to.

After checking online during this process, banks not wanting to loan money on a used RV is a common problem. Has NOTHING to do with your assets, income, or credit history... so don't take it personally if you get the run around.


Robert
Merritt Island, FL
2015 Forest River Georgetown 328TS
2006 Jeep Wrangler Unlimited TOAD
Falcon 2 Towbar, Roadmaster 9400 Even Brake System
http://www.2manytoyz.com/


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