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Question about financing older coaches
Hi,

I am hoping to purchase Barry's 2003 U320 but haven't had much success finding lenders that are willing to finance older coaches over 100k. Can anybody share some good lenders that are willing to finance older coaches that would accept longer...

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  • AC7880
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Re: Question about financing older coaches
Reply #1
Try Alliant: Alliant Credit Union | Nationwide Digital Banking, Credit Cards, Loans

USAA if you are a member, or eligible to join either yourself, or through family is the best rates and loan criteria. As you noted you have to come with some...

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Re: Question about financing older coaches
Reply #2
Adam

You might try a local credit union. That being said, being cash strapped and owning a 15+ year old luxury motorhome, no matter how well maintained (like Barry;'s) is not likely to bring happiness or peace of mind, unless you can maintain and...

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Re: Question about financing older coaches
Reply #3
Credit Unions are the best bet.   Ours isn't open to the public so wouldn't help but it's 1.99 on any year last time I checked and that interest is usually deductible.  

  • bbeane
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Re: Question about financing older coaches
Reply #4
X2 on what Tim said.

Re: Question about financing older coaches
Reply #5
X3 what Tim said.

The standard advice around here for anyone contemplating a purchase, is to have at least $10K cash set back for "incidental" expenses.

In other words, best to be prepared for the unexpected.  You will sleep better at night.

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Re: Question about financing older coaches
Reply #6

The problem with usaa is that I don't have much cash right now and given taxes in CA of over 10k, I would need to come up with 20-25k which I couldn't do at this time.

Any other suggestions?

...


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Re: Question about financing older coaches
Reply #7
As posted above, unless you can do ALL the repairs yourself, you may find yourself behind the 8 ball and even then, RV ownership is not cheap. If you coach you purchase gets 8 mpg and you drive it in the west, figure $0.50 a mile and that's only...

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  • bbeane
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Re: Question about financing older coaches
Reply #8
Adam, not trying to be harsh, but any motor home is an ongoing expense, luxury motor coach even more. That's under normal operation, their will be unplanned expense that comes up now and then. Barry's coach is as well taken care of as any you...

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Re: Question about financing older coaches
Reply #9
Adam, USAA is your best choice and you might consider having the coach titled in South Dakota.  I would recommend Montana LLC, but you can't do that with USAA.  Ask me how I know!  So, I titled my purchase in SD at 4% sales tax. 

  • John44
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Re: Question about financing older coaches
Reply #10
Get an older no slide for now,cheaper to maintain,will still enjoy it.

  • kb0zke
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Re: Question about financing older coaches
Reply #11
And then you find the really old coaches, like ours. Barry's is 10 years newer than ours, so if someone wanted to finance his, and can't, they would have an even harder time financing ours.

This topic comes up every so often, and the result is...

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Re: Question about financing older coaches
Reply #12
Adam, X2 on Joe's title but remember to buy insurance in LLC name not your name ,  if it is wrecked that will give ins co. excuse not to pay if names don't match
Chris

Re: Question about financing older coaches
Reply #13
We saved and paid cash for an older FT. We love the coach and the lifestyle it provides, and the Foretravelers
 that we've met. We sleep better at night knowing we can afford to maintain and enjoy the coach.

Re: Question about financing older coaches
Reply #14
We saved and paid cash for an older FT. We love the coach and the lifestyle it provides, and the Foretravelers
 that we've met. We sleep better at night knowing we can afford to maintain and...


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Re: Question about financing older coaches
Reply #15
We also paid cash. We knew what we could afford + $15 CBs just in case. That became our criteria for what we looked for.  ^.^d

Re: Question about financing older coaches
Reply #16
We also paid cash. We knew what we could afford + $15 CBs just in case. That became our criteria for what we looked for.  ^.^d

Besides--Cash is King when making a deal!

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Re: Question about financing older coaches
Reply #17
Besides--Cash is King when making a deal!
Did not work for me: the PO knew what he had in the coach and the paperwork to prove it. I made him an offer and HE HUNG UP ON ME! Turned out, he was...

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Re: Question about financing older coaches
Reply #18
With luxury items like motorcoaches, boats, and airplanes, it's always better to pay cash and plan on spending 10% more over and above normal operating in the first year.   You will either spend it on unscheduled repairs or upgrades you decide to...

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Re: Question about financing older coaches
Reply #19
Thank you for all of your responses!

Dan - Thank you for the link to Alliant, unfortunately they will only finance a coach up to 15 years old. 1 Year too old! Doh!

Tim and the dittoers  ;) - Yes, I would plan on doing pretty much all the work myself....

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Re: Question about financing older coaches
Reply #20
The problem becomes you are underwater the first year in that the unit becomes worth less than the debt and as it ages it never gets any better.

If one is careful it can be an excellent idea to...

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Re: Question about financing older coaches
Reply #21
Did not work for me: the PO knew what he had in the coach and the paperwork to prove it. I made him an offer and HE HUNG UP ON ME! Turned out, he was so fried by tire kickers that he thought I...


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  • bigdog
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Re: Question about financing older coaches
Reply #22
Adam, I would look for an older coach and pay cash (if you can) A decent no slide 1998 like ours will be 50% (or more) less than the buy in cost of that 2003.
In our case, We went from a tent to our 1998 U320. So for us it was like jumping into...

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Re: Question about financing older coaches
Reply #23
I have crunched numbers and unless I am extremely unlucky, it would actually make better sense financially than to pay the current rents in Los Angeles, which is where I still need to live for...


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Re: Question about financing older coaches
Reply #24
Some People do the math. And discover that a pay decrease is actually a wealth increase in some other City.