Financing July 01, 2009, 12:34:58 pm Yahoo Message Number: 103632I am beginning to research financing options. My credit union in NY will charge 10% interest on a loan... Any suggestions? Haven't chosen a vehicle yet, but need to research this!!Thanks in advance!!Alyce
Re: Financing Reply #1 – July 01, 2009, 12:53:16 pm Yahoo Message Number: 103635QuoteI am beginning to research financing options. My credit union in NY will charge 10% interest on a loan... Any suggestions? Haven't chosen a vehicle yet, but need to research this!! I guess I've been out of vehicle loans a long time ... 10% sounds whopping big to me. I would guess a fast-depreciating vacation vehicle in risky times to be the reason. You might want to investigate a home-equity type loan, since the rate would be lower, and it shifts the risk to you (you would lose the home, and not the RV). This is fine if your income stream is in good shape for the future.Steve
Re: Financing Reply #2 – July 01, 2009, 01:13:08 pm Yahoo Message Number: 103636My credit union in NY will charge 10% interest on a loan... Any suggestions? Yes. Check with Think Mutual Bank, www.thinkbank.com. According to their website, they have rates from 4.66% for 12 months up to 6.25% for 120 months. We got a loan from this bank for our slide-in truck camper...I filled out their online loan application, I was contacted via email for some additional information which I sent to them via email, and had a couple of telephone conversations with them. Very easy loan application process.Linda Hylton http://map.datastormusers.com/user1.cfm?user=1167 http://earl-linda.blogspot.com/
Re: Financing Reply #3 – July 01, 2009, 03:35:30 pm Yahoo Message Number: 103640Alyce, Have you looked online? I did a search on motorhome financing and motorhome loans. Lots of possibilities to evaluate.Stan__
Re: Financing Reply #4 – July 01, 2009, 05:12:19 pm Yahoo Message Number: 103641Ah... I see I wasn't clear about my situation.... I would need a loan to finance a vehicle for Fulltiming! Apparently my Credit Union doesn't care what you do with the vehicle...but they are treating it as such and won't insure anything older than 2002.Did anyone fulltiming have a problem finding a lender? Quoteam beginning to research financing options. My credit union in NY will charge 10% interest on a loan... Any suggestions? Haven't chosen a vehicle yet, but need to research this!!Thanks in advance!!Alyce Alyce M. SkeltonWriter's Link Communications 101 Railroad Ave #7 Goshen, NY 10924 845-294-2378writerslinkcommunications.com mobile 313-5877 Dell Laptops: Huge Savings on Popular Laptops - Deals starting at $399(http://pr.atwola.com/promoclk/100126575x1222883570x1201497211/aol?redir=http:%2F%2Faltfarm.mediaplex.com%2Fad%2Fck%2F12309%2D81939%2D1629%2D0)[Non-text portions of this message have been removed]
Re: Financing Reply #5 – July 01, 2009, 05:43:57 pm Yahoo Message Number: 103643Did anyone fulltiming have a problem finding a lender? We ARE fulltimers...and we got a loan from Think Mutual Bank that I talked about in a previous post!Linda Hylton http://map.datastormusers.com/user1.cfm?user=1167 http://earl-linda.blogspot.com/
Re: Financing Reply #6 – July 01, 2009, 05:45:57 pm Yahoo Message Number: 103644Did anyone fulltiming have a problem finding a lender? As additional information, we first started fulltiming back in 1998. during that time, we've purchased automobiles and RVs, all with a loan. At no time have we had problems getting a loan because we were fulltimers...or for any other reason.Linda Hylton http://map.datastormusers.com/user1.cfm?user=1167 http://earl-linda.blogspot.com/
Re: Financing Reply #7 – July 01, 2009, 08:42:30 pm Yahoo Message Number: 103648No kidding? Thank you, I will check them out....Alyce Dell Laptops: Huge Savings on Popular Laptops - Deals starting at $399(http://pr.atwola.com/promoclk/100126575x1222883570x1201497211/aol?redir=http:%2F%2Faltfarm.mediaplex.com%2Fad%2Fck%2F12309%2D81939%2D1629%2D0)[Non-text portions of this message have been removed]
Re: Financing Reply #8 – July 02, 2009, 12:03:28 pm Yahoo Message Number: 103659QuoteAh... I see I wasn't clear about my situation.... I would need a loan to finance a vehicle for Fulltiming! Apparently my Credit Union doesn't care what you do with the vehicle...but they are treating it as such and won't insure anything older than 2002. Bear in mind that banks and CUs vary over the map as to rates and qualifications, but they all have in common that they want to see a low risk to protect their investment. An older motorhome does not fall into the category of sound collateral. What you will need is a less risky source of collateral, and/or very good credit rating, and a solid income source. This will affect not only whether you qualify, but what rate is offered.Steve
Re: Financing and fulltimers... Reply #9 – July 02, 2009, 02:32:27 pm Yahoo Message Number: 103661Thanks for the feedback. As someone who wants to fulltime, I am looking for some more suggestions regarding financing. Is it ever not a good idea to finance through a dealer? I realize that they may charge a higher rate, but since my Credit Union does not normally finance rvs, but only vehicles, (I have my car loan through them) but their rate of ten percent seems much too high. Also, does applying for loans on different sites affect negatively a credit score? Thanks in advance.
Re: Full-time financing Reply #10 – July 02, 2009, 02:38:35 pm Yahoo Message Number: 103662"What you will need is a less risky source of collateral, and/or very good credit rating, and a solid income source. This will affect not only whether you qualify, but what rate is offered." And more important, whether you succeed as a fulltimer. In fact, going into fulltiming with a burden of debt is something to be avoided if at all possible. It's like starting on a trip with flat tires: it slows you down, and cripples your ability to go where you want to go. Better by far to buy what you can afford (unless all you can afford is a junker, in which case you'd better keep on saving until you can get something reliable), and start your new life not owing anything to anybody. Once you find ways to earn money along the way, you can save up for something better. But in the meantime, you won't have monthly payments--and the threat of repossession or bankruptcy if you fail to make them--hanging over your head like storm clouds.Andy Baird http://www.andybaird.com/travels/
Re: Financing and fulltimers... Reply #11 – July 02, 2009, 02:53:40 pm Yahoo Message Number: 103663QuoteIs it ever not a good idea to finance through a dealer? It's fine, if that's the only financing you can find. However, when we bought our slide-in truck camper, the dealer's bank wanted something around 8%. We got a loan from Think Mutual Bank for 4.76% for 60 months...that's a huge difference, not only in the monthly payments, but also in total amount of money you pay over the life of the loan.QuoteI realize that they may charge a higher rate, but since my Credit Union does not normally finance rvs, but only vehicles, (I have my car loan through them) but their rate of ten percent seems much too high. IMO, 10% is usery! Why not do the leg work yourself and find a loan with a lower interest rate?QuoteAlso, does applying for loans on different sites affect negatively a credit score? Absolutely! All those inquiries go on your credit report...and the more inquiries you have, the lower your credit score. So, the moral of the story is to be very judicious in filling out the "check our rates" forms on the various RV loan websites. If it were me, I'd phone the place first and ask for their rates not giving them any personal information from which they could generate a credit report.Linda Hylton http://map.datastormusers.com/user1.cfm?user=1167 http://earl-linda.blogspot.com/
Re: Full-time financing Reply #12 – July 02, 2009, 03:36:29 pm Yahoo Message Number: 103665Thanks for the suggestions.... I am already paying an arm and a leg in rent, and miserable NY state 8.6 percent interest rate on anything I buy now. I would much prefer to be paying for my own vehicle. Having owned three homes in the past, I now don't have equity, but feel my SS and alimony would be enough... I have good credit with the C Union, having bought my vehicle through them.... so I called and asked a question about financing rvs. There answer was not based on my credit, as I asked them without giving my personal information. Anyway, wanted to get some idea if any fulltimers financed, who they used so I could narrow the field and not screw up my credit with a lot of applications. I could probably do a personal loan thru the C Union, but wanted more options! LOLThanks to all who responded.QuoteBetter by far to buy what you can afford (unless all you can afford is a junker, in which case you'd better keep on saving until you can get something reliable), and start your new life not owing anything to anybody.Once you find ways to earn money along the way, you can save up for something better. But in the meantime, you won't have monthly payments--and the threat of repossession or bankruptcy if you fail to make them--hanging over your head like storm clouds. Alyce Dell Summer Savings: Cool Deals on Popular Laptops - Shop Now! (http://pr.atwola.com/promoclk/100126575x1222696924x1201468348/aol?redir=http:%2F%2Faltfarm.mediaplex.com%2Fad%2Fck%2F12309%2D81939%2D1629%2D1)[Non-text portions of this message have been removed]
Re: Full-time financing Reply #13 – July 02, 2009, 04:38:44 pm Yahoo Message Number: 103671alycemaysk@... wrote: I am already paying an arm and a leg in rent, and miserable NY state 8.6 percent interest rate on anything I buy now. I would much prefer to be paying for my own vehicle. Having owned three homes in the past, I now don't have equity, but feel my SS and alimony would be enough... --- I don't presume to have any information (other than what you've revealed) about your personal financial situation, so I can't comment on that aspect other to say that I absolutely agree with Andy's cautions about starting a new lifestyle with a good-sized debt load. This would never be my choice, but YMMV. My point is: Do you have enough, if any, RVing experience to realistically expect that you will "succeed" at fulltiming? If you find that the lifestyle isn't for you and/or doesn't work out for any number of reasons, will you be stuck with (and possibly underwater on) a quickly-depreciating RV that you very possibly will not be able to sell for what is owed? Will you have a viable "exit plan" (financial and otherwise) in place in case the lifestyle shift doesn't work out? I'm well-aware that some fulltimers happily manage to live "by the seat of their pants", living extemely frugally and/or supplementing their incomes by working on the road. I'm also aware that there are folks who fall in love with the *idea* of fulltiming, and whose expectations of the lifestyle and the wherewithal it requires to maintain and enjoy it are often based more on wishful thinking than on realities. *If* you haven't done the "homework" already (it's difficult to know this from your original post), I encourage you to learn all you can about the fulltiming lifestyle, including getting plenty of information about real-life, day-to-day, ongoing costs, before you focus on obtaining RV financing. Besides several in-print books and resources and online articles on fulltiming, the Escapees message forum offers *many* discussions related to all aspects of fulltiming.Good luck with your decisions.Joan
Re: Full-time financing Reply #14 – July 02, 2009, 05:52:36 pm Yahoo Message Number: 103672Thanks for all your responses! I have children in NY, MA, RI, and friends in PA, NC, SC, Florida and Michigan. I would like to be able to visit, and move on. Taking into account my present expenses, I feel I can manage. My concern is the age of a rig. I have some skills as a former single homeowner, but think I need to find a rig that is in really good repair, and I think that older LDs might have too many problems.I have been researching RVs for several years now...just not about financing. I moved back east to NY in 2000 from NC where I lived for 12 years. Ever since I got my first Mac in 1995, I have been online reading about RVs. Researching RVs. I moved here to be closer to my grandchildren and now that they are older, I want to Travel! I mean move! Not just sit here in the boonies! LOL and i am not getting younger!! I have been looking at all sorts of sites. I have been teaching online since 1995, and feel that I am ready to look at actual RVs.. I have been interested in Roadtrek and fairly recently the LazyDaze models. My question was who are some good financial folks. Who do you trust? I am researching in several areas, and was hoping to see some duplication in responses with regard to members financial choices. I really understand the financial risks, and when I did a search about financing on LD site the messages were in 2005 and 2006. The financial situation has changed greatly since then, I think most people can agree.AlyceQuotealycemaysk@. alycemay I am already paying an arm and a leg in rent, and miserable NY state 8.6 percent interest rate on anything I buy now. I would much prefer to be paying for my own vehicle. Having owned three homes in the past, I now don't have equity, but feel my SS and alimony would be enough... --- I don't presume to have any information (other than what you've revealed) about your personal financial situation, so I can't comment on that aspect other to say that I absolutely agree with Andy's cautions about starting a new lifestyle with a good-sized debt load. This would never be my choice, but YMMV. My point is: Do you have enough, if any, RVing experience to realistically expect that you will "succeed" at fulltiming? If you find that the lifestyle isn't for you and/or doesn't work out for any number of reasons, will you be stuck with (and possibly underwater on) a quickly-depreciatin I don't presume to have any information (other than what you've revealed) about your personal financial situation, so I can't comment on that aspect other to say that I absolutely agre I'm well-aware that some fulltimers happily manage to live "by the seat of their pants", living extemely frugally and/or supplementing their incomes by working on the road. I'm also aware that there are folks who fall in love with the *idea* of fulltiming, and whose expectations of the lifestyle and the wherewithal it requires to maintain and enjoy it are often based more on wishful thinking than on realities. *If* you haven't done the "homework" already (it's difficult to know this from your original post), I encourage you to learn all you can about the fulltiming lifestyle, including getting plenty of information about real-life, day-to-day, ongoing costs, before you focus on obtaining RV financing. Besides several in-print books and resources and online articles on fulltiming, the Escapees message forum offers *many* discussions related to all aspects of fulltiming.Good luck with your decisions.Joan Alyce M. SkeltonWriter's Link Communications 101 Railroad Ave #7 Goshen, NY 10924 845-294-2378writerslinkcommunications.com mobile 313-5877 Dell Summer Savings: Cool Deals on Popular Laptops - Shop Now! (http://pr.atwola.com/promoclk/100126575x1222696924x1201468348/aol?redir=http:%2F%2Faltfarm.mediaplex.com%2Fad%2Fck%2F12309%2D81939%2D1629%2D1)[Non-text portions of this message have been removed]
Re: Full-time financing Reply #15 – July 02, 2009, 06:10:19 pm Yahoo Message Number: 103673One other thing I haven't heard in this thread yet, that I think would be an important consideration for a prospective fulltimer, is home state residency. Were you to relocate to a state that has no income or sales tax prior to starting your full timing, it seems to me that you could save considerable money. If a state sales tax is 8%, and you were to pay $50000 for a used RV, you would have to add $4000 for sales tax, whereas by living in, for example, South Dakota (I think i am right here, someone jump in, if I am not) that has no sales nor income tax, you would save that $4000 at purchase, as well as saving state income tax on income earned after you start full timing. Again, there are books and web sites that provide more info, and, as someone else said, a number of web organizations such as Escapees, that can provide more detailed info. And I would do all this research before I spent the first penny. YMMVLee
Re: Full-time financing Reply #16 – July 02, 2009, 07:01:00 pm Yahoo Message Number: 103674On Jul 2, 2009, at 6:09 PM, Lee wrote:QuoteOne other thing I haven't heard in this thread yet, that I think would be an important consideration for a prospective fulltimer, is home state residency. ... An excellent point, Lee. In fact, it is an *essential* consideration for a fulltimer because the advantages or disadvantages of where you elect to establish your domicile doesn't just end with the purchase (and sales tax, licensing) of your RV. South Dakota does not have a state income tax, but its sales tax is a "hefty" THREE percent!!! Everyone's circumstances are different. But being a homeowner for 35 years in *no way* prepared me for my full time lifestyle in a motorhome, especially since I had never been behind the wheel of one! These are my Golden Years; the last thing I wanted was to be burdened by debt and then be faced with the possibility of repairs to an older motorhome about which I knew nothing. My advice Alyce (not really worth much more than a wooden nickel!) would be to choose a single poison: debt or repairs!! And when you start preparing a budget, add at *least* 10% for increases in your costs and things you didn't think of when you started planning.I hope it happens for you -- good luck.Lorna Tallulah Falls, GA Blog: http://uppity-woman.blogspot.com
Re: Full-time financing Reply #17 – July 02, 2009, 07:26:07 pm Yahoo Message Number: 103675Very good point, Lorna!! I certainly have been thinking about it, since my CU will not finance any unit older than 2002... They would do it for me, they said, since I do have an account, but would still charge the 10 percent!!! So it is a position between a rock and hard place!Thanks for your feedback!Alyce QuoteMy advice Alyce (not really worth much more than a wooden nickel!) would be to choose a single poison: debt or repairs!! And when you start preparing a budget, add at *least* 10% for increases in your costs and things you didn't think of when you started planning. Dell Summer Savings: Cool Deals on Popular Laptops - Shop Now! (http://pr.atwola.com/promoclk/100126575x1222696924x1201468348/aol?redir=http:%2F%2Faltfarm.mediaplex.com%2Fad%2Fck%2F12309%2D81939%2D1629%2D1)[Non-text portions of this message have been removed]
Re: Full-time financing Reply #18 – July 02, 2009, 07:47:57 pm Yahoo Message Number: 103678Thanks Lee... I am studying a book purchased recently listing tax issues for all states. Anybody from NH? Wondering how the investment tax works there.Alyce Quoteresidency. Were you to relocate to a state that has no income or sales tax prior to starting your full timing, it seems to me that you could save considerable money. If a state sales tax is 8%, and you were to pay $50000 for a used RV, you would have to add $4000 for sales tax, whereas by living in, for example, South Dakota (I think i am right here, someone jump in, if I am not) that has no sales nor income tax, you would save that $4000 at purchase, as well as saving state income tax on income earned after you start full timing. Dell Summer Savings: Cool Deals on Popular Laptops - Shop Now! (http://pr.atwola.com/promoclk/100126575x1222696924x1201468348/aol?redir=http:%2F%2Faltfarm.mediaplex.com%2Fad%2Fck%2F12309%2D81939%2D1629%2D1)[Non-text portions of this message have been removed]
Re: Full-time financing Reply #19 – July 03, 2009, 08:44:48 am Yahoo Message Number: 103681Although NH does not have a sales or income tax, they do have a dividend and interest tax, which is not friendly to older, retired folks. My folks owned a business in NH for many year and selling it was their retirement. They invested the money from selling, but then had to pay taxes on the income the investment generated. NH is great at taxing the wrong people - now they're driving away tourists, the major industry of the state, with the imposition of a 9% occupancy tax that applies to motel rooms and campground sites.Ted H.'05 RB NE-12Charlton MAAnybody from NH? Wondering how the investment tax works there.Alyce[Non-text portions of this message have been removed]
Re: Full-time financing Reply #20 – July 03, 2009, 10:22:40 am Yahoo Message Number: 103682Hmm.. wondered about that. Sorry to hear your folks had that problem. But thanks for the info, Ted.AlyceQuoteAlthough NH does not have a sales or income tax, they do have a dividend and interest tax, which is not friendly to older, retired folks. My folks owned a business in NH for many year and selling it was their retirement. They invested the money from selling, but then had to pay taxes on the income the investment generated. NH is great at taxing the wrong people - now they're driving away tourists, the major industry of the state, with the imposition of a 9% occupancy tax that applies to motel rooms and campground sites.Ted H.'05 RB NE-12 A Good Credit Score is 700 or Above. See yours in just 2 easy steps! (http://pr.atwola.com/promoclk/100126575x1222585087x1201462804/aol?redir=http://www.freecreditreport.com/pm/default.aspx?sc=668072&hmpgID=62& bcd=JulystepsfooterNO62)[Non-text portions of this message have been removed]
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