Financing options?

[Tipsy4life]

Boy, new here, HELLO!

Stupid question perhaps BUT I am looking to purchase a used Class B RV in a few months. I am a DEBT FREE male who has only the income from SSDI.

Does ANYBODY know where I can get financing options. My credit scores are GOOD.

[Rockwood27]

Are you going to be living full-time in the RV? The reason I ask is most lenders require a permanent address for the loan. Many lenders won't give an RV loan that are over 10 years old. US Bank and Bank of the West are two RV lenders.

[wny-pat]

Check your local Credit Union! Their rates are usually much lower than conventional banks.

[Want a B]

You're off the hook by being debt free so why not save up and buy the B with cash?

[Pentex3]

Originally Posted by Tipsy4life

Boy, new here, HELLO!

Stupid question perhaps BUT I am looking to purchase a used Class B RV in a few months. I am a DEBT FREE male who has only the income from SSDI.

Does ANYBODY know where I can get financing options. My credit scores are GOOD.

How much will you be borrowing? You’re most likely only resource will be equity from your owned home. You would still have to qualify for the loan amount based upon your income. Last resort would be reverse mortgage but I wouldn’t enter into one of those for a non essential purchase.

[fraydamccaughey]

I would also save up and buy the car for cash in the future because it’s not the best thing to deal with banks and other financial institutions.
You can get a better loan with a good credit score, but you will still have to pay the additional money to a bank. You can read more on https://www.greedyrates.ca/blog/how-to-get-a-car-loan-in-canada-when-you-have-bad-credit/. Anyways, I am not a fan of paying banks for nothing, and I prefer to save up to buy something. And if I cannot afford something, then I don’t buy it at all. It is a nice strategy that helped me to stay out of trouble for many years.

[HWDean]

Originally Posted by fraydamccaughey

I prefer to save up to buy something. And if I cannot afford something, then I don’t buy it at all.

That is a little narrow-minded. Although I was able to pay cash for mine, I borrowed. I am earning more in interest and dividends than the loan's interest rate. Thus, at the end of the loan term I will have more money left over than if I paid cash.

Sometimes is pays to use other people's money

[HWDean]

Originally Posted by Tipsy4life

Does ANYBODY know where I can get financing options. My credit scores are GOOD.

It will depend on the age of the RV. Generally speaking, the options for RVs over 10 yrs old are limited and range from 4-6% with excellent credit. If its less than 10 yrs old, or you buy it off the lot you can get terms similar to a new-car or auto loan

[GlenCurtis]

If your SSDI program income is enough for you to give no more than 50% to repay the loan, I think you can go to a bank or try private companies to give you small loans. Specify your FICO level so we can understand how much of a priority you might be to get a loan approved

[GlenCurtis]

If a used car is over 10 years old it might be better to buy it right away from a dealer or look for a more affordable option. I would suggest investing in stocks and using a robot https://forexstore.com/best-forex-robots in the early stages so the process doesn't depend on your knowledge. But I don't know if you could master that.

[Snowy]

Originally Posted by Snowy

This reminds me of an old SNL skit:

I just asked admin to delete my post above. Although i do think overspending is a problem in our society, and am surprised by how many people buy things they don't need on credit, my post here was snarky and unhelpful. I wanted to delete it awhile ago, but could not find a delete button. I just realized that maybe i can get it deleted by asking admin. Sorry to the OP for being snarky and unhelpful.

[jakegw2]

I don't think this is a good time to buy an RV on credit. Used RV prices are likely to fall for the next 2 years or so which makes the chances of getting underwater on a loan quite high. If you do still decide to buy on credit consider waiting another 6 months so you don't purchase at the high-water mark of prices.

[Davydd]

Personal loans have ridiculously exorbitant interest rates way over mortgages and vehicle loans. I could and took out a huge loan (more than a camper van) to bridge a closing of a new house about one month sooner than closing and selling my old house. Fortunately I paid the loan off within the month and paid no interest. Due to interest rates that would not be a good decision and you would have to have no debt like a mortgage on your house and some guarantee you would have the money to pay off the loan. Those were good times. I suspect any loan in today's economy uncertainty would be more scrutinized with higher interest rates.

[mloganusda]

Just checked with credit union on what they would loan on a 2017 class C MH. Book value of MH was $72,450.00 and they would loan 80% = $57,960.00 toward purchase for 10 years at ~$500/month payment. Sale price of $69,000.00 would mean a down payment of $11,040.00 to purchase MH. Not sure what the interest rate would be but ~7.0%.
As you can see, you are looking at lots of money to purchase a used MH. Dealers make more money on sale of MH off the interest rate for the loan at 200 months.