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Finance a HDT


GlennWest

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I had to get a personal loan for my truck, they would not give me an auto loan. Funny thing is the personal loan was at a better rate than the auto loan.

Good luck

Do you still have land and a home? Most don't want to give a personal loan when we are tumbling weeds/full time. We also don't use credit cards are that hurts our credit rating. Strange how something that ruins people's credit actually hurts credit if you don't have one.

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The last time I checked my credit it was noted that I wasn't using enough credit. I have ONLY 2 cards and it was suggested my credit rating could be increased if I had 7 more. My rating is excellent now and I can assure you I will not get even one more credit card.

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Do you still have land and a home? Most don't want to give a personal loan when we are tumbling weeds/full time. We also don't use credit cards are that hurts our credit rating. Strange how something that ruins people's credit actually hurts credit if you don't have one.

 

Glenn, we have been fulltime for 19 years. When we started we still had a small balance on the truck, trailer clear, 1991 NUWA Champagne. In '98 we traded for current trailer. We banked with Credit Union for many years before retirement. No issue with new trailer. Credit Cards, we charge EVERYTHING on a MC or Visa and pay off cards monthly, we don't use debits at all. Trailer was paid off around 2001, so no debts. You might want to check into a CU for banking, seem to be easier to work with.

 

Notice that you are near the Houston area, we are also on the south end(way south) of town. Suggest you contact AMOCO Credit Union, branch's all over and inquire about your situation.

 

Regards.

 

Jim

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Glenn if a value is all that is holding them back maybe you could have the truck appraised. I had that done in Michigan 2 years ago so I could get enough insurance coverage to replace the HDT if something happened. When it was all done the value went from 20K to over 70K appraised value.

 

Brad

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Think I tried that with HFCU. It was a while back. Didn't go over well. I am going to try a personal loan today. Been out of work for a while, just part of welding not a big issue, and don't want to spend my available cash just yet. Start back to work June 1 and then I will not have a day off for 2 months. So I need to go ahead if I'm doing this. Thanks everyone. I had never really considered a personal loan. Noticed their rates are like 7% on personal loans. ouch.

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After my divorce I tried to take a measly $15K loan out against my HDT. Due to the divorce I had an appraisal for $60k. I went to my credit union, where I have been a member since 1987, and it went like this:

 

Them: That's a commercial truck and we don't do truck loans.

Me: No, it's a motorhome. See the registration?

Them: We don't care how it is registered. It is a commercial truck.

Me: No, it's been converted, see?

Them: Good bye

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A personal loan can be had if they feel you have enough credit and "other equity". Alliant will do that, but they do want some assurance you have assets that can be tapped. Your property and barn should accomplish that.

 

I have the same issue with credit cards. We use mostly a Merrill Lynch card that is NOT reported to the agencies. Have to get away from that to build up the credit more. Our credit is very good, but it should be higher. It is stupid to have to do "artificial things" to boost your credit, but that is the way it is :(

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Our credit not bad. It isn't excellent and CU has told us it never will be without getting credit cards. Just the nature of credit. We have no cards and don't see the need. Now if I didn't work and on a fixed income I might look on this different. If we had one we wouldn't use it. By the way, won't try anything today. Holiday.

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I can vouch for the credit unions being easier to work with. We're members of the DuPont Employees CU and when I started to investigate financing options, they simply based the loan value on a regular commercial truck's appraised value. They didn't care a whit how I was going to register the truck after the fact.

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I spoke with RV Lending Group when I initially started looking for an HDT. They were willing to finance an HDT as a toterhome or a hauler. I ultimately didn't use them as they had some restrictions on how old of a truck they would do a loan on and the HDT I ended up buying was 12 years old at the time and did not qualify. They would at least be worth talking to.

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Phil,

 

When your & your CU loan officer had the conversation (below) did he NOT even go out to the parking lot and look at the "Vehicle"?

 

Likely he has seen a fair amount of "Large Vehicles" pass by that have signs saying "PRIVATE RV----NOT FOR HIRE" on them.....

 

We had a .........."Discussion" on the forum once that somewhat "danced-around-the-HDT/RV / COM subject" and you pointed out that many who claim RV status maybe Commercial in reality and most of us have seen examples that prove your case.........

 

So........what do you do when you present the CU Loan Officer with a LEGAL Document (Title & Reg) that states RV and with his God-Given-Banker-Status he can........DECLARE your LEGAL DOCUMENTS to be a FRAUD.......your lucky the guy did not Tazer you on the spot......

 

Grumps told me "when you get OLD the world will seem weird........the world is weird.......but when you are YOUNG you are too busy to care...."

 

So last year in Yuma I was walking around a HUGE RV dealer lot when I saw a very nice Pete being fitted with a custom set of stickers that said (PRIVATE COACH-----NOT FOR HIRE) ....... a bunch of Geezers were trying advise the poor tech EXACTLY where the stickers needed to go and I chirped up that maybe NOT put the stickers on at all........BAD comment.......The RV manager stomped over to me and nearly shouted "EVERYONE KNOWS YOU HAVE TO HAVE THESE WORDS ON YOUR BIG TRUCK TO BE A REAL RV".........I let a tear drop from my eye and sneaked off in shame.....

 

Whats a guy to do?????

 

Almost everyone seems that you are a com truck until........you go to Wal-Mart and get your stickers........

 

Phiil & CU Load Officer:

Them: That's a commercial truck and we don't do truck loans.

Me: No, it's a motorhome. See the registration?

Them: We don't care how it is registered. It is a commercial truck.

Me: No, it's been converted, see?

Them: Good bye

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DT, they just run the VIN and see what it says. They do not care what it looks like, how it is registered or anything else. They only care about what the VIN search says it is. That is what makes insuring them so hard also. The VIN says it is a tractor, then it must be a tractor. Insurance companies are a little more flexible, because they get to charge you whatever they want.

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I had to do a personal loan, auto loans even used I could have got for 1.49% so the personal loan was not even close.

Lucky you, The CU I am using (NFCU) will finance me at 13.2% for a signature loan on a HDT RV Hauler.. Talk about robbery!!

And my credit score is above 740!!

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