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Financing an HDT/MDT


Wikeee

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Will be purchasing a used MDT or HDT sometime in the next 6 months for towing a very heavy 5th wheel. Have uncovered two sources of financing for MDT's - ARC & RV Lending Group. Anybody else know of additional Financing options? MDT or HDT or both. Thanks in advance!

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My situation's likely a little different, with a little more conventional unconventional motorhome. I ended up financing with a bank I already had business with. Essex and a few other big RV lending outfits scoffed at the mileage on my rig. I got a few comments about it being "all worn out" at 208,000 miles. The other hang-up was really a problem with how Showhauler had submitted information to NADA--they listed the cost of the conversion, without truck chassis, since NADA wanted base costs (and I think Showhauler's dealers handle actually ordering a new truck). NADA also generally applies the same depreciation curve to all makes and models, which means they're way off market value in many cases. I thought I was getting a great deal, and the banks thought I was paying double what it was worth.

 

Wherever you end up, I'd recommend clarifying collateral requirements before actually applying for a loan anywhere--you'll save yourself a lot of time, and minimize the number of credit inquiries.

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RV Lending Group has year limits on their loans. This may hurt in HDT/MDT. Most of what we after are 10 year old units. Big hang up with my CU is value. They are saying now if I get a real value they will consider. Their conventional means of value don't list trucks. This is their problem. Get around that and you have a chance.

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