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Topic: Financing (Read 4 times) previous topic - next topic
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Financing
Yahoo Message Number: 84258
I hope someone can help with me with this.  My wife and I have been looking for a used 26.5 MB for awhile and finally found one (different state  than we live in and late 90's.  However, I will have to finance most of the sales price.  Realizing that NADA doesn't take into consideration what the market is willing to pay for an LD my 2 credit unions will loan upto 160% of value.  Even with this they aren't even close to what late 90's MBs are selling for (by several thousands of dollars).  They suggested having it appraised but they will only take an appraisal from an LD dealer, which of course there aren't any.
Besides the fact that the MB is located in another state than the factory.

Any suggestions, I'm a bit frustrated and we had are hearts set on this one.

Thanks for any suggestions you might have in advance,

Bryan
Re: Financing
Reply #1 –
Yahoo Message Number: 84261
If you have enough equity in your home, you could take out a home equity loan, either for the full amount of the amount you need, or for the difference between what your credit union will loan you and what you need.

--Al in Bremerton --2002 26.5 MB
Re: Financing
Reply #2 –
Yahoo Message Number: 84262
I bet the Factory would give you a letter stating the value of any certain model and year.  I know when I bought my 89 26.5 RB the previous owner had a letter from the factory because they had apparently been thinking about buying a new one.  The factories letter stated that the motorhome should be worth 18K, but the owner wanted 13,500 for it and took 12,000.  I guess the other options would be home equity loan, or borrow against a 401K if available, that's how I paid for mine.  Or take a personal signature line for the difference.  I'm a little curious about how much they are asking for the LD, I can't imagine it's worth that much more than the NADA is rating them at.  I will tell you this, Lazy Daze are definitely worth the price of admission and you won't be sorry about making the investment.  I consider my purchase the best 12K I ever spent.
Re: Financing
Reply #3 –
Yahoo Message Number: 84264
Another thought I just had... talk to some motorhome specific lenders, they are often much more willing to lend against certain models and for longer periods of time.  I know motorhomes usually qualify for some pretty long term loans.  You could look online for RV financing or go to Good Sam, I know they have lots of RV specific lenders in their networks.
Re: Financing
Reply #4 –
Yahoo Message Number: 84265
I appreciate the ideas and had thought of some of them myself.  Guess I was hoping for an idea that was as convenient as dealing with one of my credit unions locally.  But I think you're right I should probably look at an RV specific lender and possibly get in touch with the factory and see what they say about a letter or something other value statement.  Actually the MB we are considering is a 98 that they are asking $30,000 which according to the sales price file is on the lower side. Nada has low book at a little over 21K and average retail at almost 26K.
 Thanks again everyone, we'll keep trying and hopefully it won't sell before we work it out.

Bryan
Re: Financing
Reply #5 –
Yahoo Message Number: 84269
Quote
"I bet the Factory would give you a letter stating the value of any
certain model and year..."

Quote
Dan Davis
With due respect, Dan, my bet is that no one at Lazy Daze would be willing to establish the value of anything other than a new LD.  I can't imagine they would put a number on used LDs they never see after they leave the factory.  I guess someone could settle this with a phone call.

Chris
Formerly: 2002 30' IB
Re: Financing
Reply #6 –
Yahoo Message Number: 84270
I don't know that they were trying to establish value but rather give them an idea of what it should be worth.  I would imagine when dealing with a bank or CU they would probably go by what their book says regardless of what anyone else says.  Short of it is they want to make sure they can repo the vehicle and cover the amount owing on it if something goes bad.