Financing and old(er) RV

[David Pendleton]

Hello all.



I've never financed and RV purchase before. I could ask my bank, etc. but I haven't gotten that far and you guys know way more than any bank...



I'm thinking about a 1999 vintage unit, asking price is ~12K. I'd like to finance 8-10K of it.



Is this kind of thing common? Can it be done?



Thanks all.



Dave

 

[Fireman]

I'd say most banks won't due to the age of the unit. I belong to a credit union that will, but they only loan a percentage of wholesale book value (regardless of the market) and they charge a higher interest rate. Do you have anything to borrow against, like a vehicle that is paid off, to secure the loan ? Alot of banks will do that. Another factor is how much debt you already have and your credit record. Good luck, it can be frustrating.

 

[BigMike]

Best bet is get a Line of Credit on your home if you have enough equity. Current interest rate is around 7. 5%. No cost to set one up. Interest is tax deductable. You can get interest only payments, but a person should pay down the principal too!

 

[DonTX]

I just sold my diesel pusher 1987 model, and was surprised at the loan value the guys credit union used, thousande more than I was asking, and above book value!

 

[duckcarvr]

If you are buying through a dealer they will help you with financing. if you have good credit you will get a better rate. If not through a dealer then it would be better to join a credit union. It will not cost much maybe as little as $5. I think mine will finance back to 10 years old but the percentage is more on an older unit. Hope this helps robert

 

[HBarlow]

The ability of an individual buyer to finance an older RV will depend more on his, or her, unique financial condition than on the RV itself. If you are a member of a large, successful credit union your cu will probably loan you the money. If not, a long term relationship with your local bank may be your best bet.



Harvey

 

[steved]

If you are buying through a dealer they will help you with financing. if you have good credit you will get a better rate. If not through a dealer then it would be better to join a credit union. It will not cost much maybe as little as $5. I think mine will finance back to 10 years old but the percentage is more on an older unit. Hope this helps robert

The dealers around here will finance anything... but the less it costs, the more interest you pay.



Right now, the biggest bang-for-the-buck is a fifth wheel... no one wants a "gas guzzler" truck, the SUVs are the hot ticket, and they all want the shorter bumper pulls. I was able to look at newer 5th wheels that were bigger, nicer, and less money than some of the smaller bumper pulls. I'm sure with the price of diesel, its actually going to get worse/better depending on your view.



steved

 

[surfbeetle]

I had a 1988 yukon that I financed through my credit union in 2002 all that they cared about was the bluebook was more that I financed.

 

[David Pendleton]

Thanks all.



I may wait until spring and see what happens to diesel prices. My credit is good and the truck's paid for, I'm sure I can figure something out.

 

[MN Cummins Lvr]

David,



Being you are in a great state, maybe try Twin Citiy Co-Ops Federal Credit Union. I financed two trucks with them and rates were competitive with those.



Consumer Loan Rates*Page*~*Twin City Co-ops Federal Credit Union serving residents of Minnesota and Wisconsin



Good Luck!



Paul