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

[Snowy]

This reminds me of an old SNL skit:

https://www.youtube.com/watch?v=R3ZJKN_5M44