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Question about financing


mrchips

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If I can get my coach sold I will be looking for a fiver and an HDT.. In doing my thinking I got to wondering about financing for the truck. I have read a couple things that said financing might be an issue. Can anyone shed any light on that?

 

Next, if it is registered as an RV, are you still locked into 60 months or so for financing, or could you take it out further? Typically I finance for as long as I can, and then try and pay things off as fast as I can. But that allows leeway for much lower monthly costs.

 

We were looking at getting out of our coach and it's big expense (no I don't own it, I drive it for the bank) and going to a much cheaper, in price, fiver and an HDT to help lower our overall monthly expenses. The fiver I am not worried about, Just don't know anything about financing an HDT.

 

Any assistance out there?

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USAA may do a personal loan but not an RV loan. I have asked them about it. I have been a member for life, Dad was a member since 1938. Because there is no "book value" as an RV it is a fish out of water, they are NOT competitive on insurance for HDT's either.

 

Do you have a brokerage account you can borrow against? That is the best alternative to buy with if you have it. Once you get a truck and document it as an RV, get an appraisal. Then go to lending institutions to see what they can offer on the "RV" side. It is a catch 22, you can't get traditional funding on a truck, once it is an RV you have a good chance.

 

Steve

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We maintain excellent credit and we went through our credit union. Our interest rate is 1.99% but the term is 60 months. I didn't want to go any longer than that. The credit union didn't care if it was titled as a heavy truck or an rv.

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Steve in SoCal, USAA may not finance an HDT as an RV but I assure you they will finance an RV. Mine is currently financed with them and I have financed several RV's with them over the years.

 

As for insurance, yea that don't surprise me. They don't insure RV's at all. They farm those out to Progressive typically.

 

Well selling our coach and trying to get a five rand an HDT may not be a viable option. Appears maybe an HDT may be a bit tricky to get without a fist full of cash. Gonna have to do some research I reckon.

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My local credit union did the financing on mine. It was a breeze, but I use them quite a bit for vehicles, so there were no questions asked except the typical, "you're doing what with a semi truck???"

 

I also had them list the vehicle type as "RV" on the title application which made it a breeze to register as a RV. I doubt larger institutions would do that.

 

Local credit unions are essential to doing things out of the norm. Financing a commercial truck to own/drive as a private vehicle definitely qualifies as out of the norm.

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My rig isn't a typical truck tractor with a bed on it, so expect there to be some differences, but even though there's an NADA value listed, it wasn't much use. Since ShowHauler customers often bring their own trucks, the list price they've used is for the conversion, which leaves out a pretty big chunk of the initial purchase price. I also had to deal with the mileage (over 200K at time of purchase)--typical RV financing places tried to explain to me that it was all worn out.

 

As far as insurance, look for agreed value if you can. That way the value is established when the policy is written--most insurers will accept a recent bill of sale or an appraisal (should be <$300).

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Big5er, obviously if I

1. knew where the resource guide was,

2. read it,

3. found my information

 

I would not be asking here........ <_<:D

Mark Bruss does a fabulous job maintaining and updating the resource guide. It is a lot of hard work and a thankless job. You would be amazed at some of the info you can find there.

So, let me give you a hand and :) "point" :) you in the right direction. (sorry for the big red pun)

Untitled_zpswgqumy0u.jpg

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Big5er, did I read somewhere that you were a LEO somewhere around Houston..........???? If so it's all starting to make sense.......lol

Thanks for the assistance. I knew what you were talking about but guess I didn't put two and two together about the name.

Sux to be new and expected to know everything.....

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If it weren't for the newbies, who would I get to pick on? :D

BTW: welcome and good luck with the financing.

Gotta get the coach sold first, which I don't hold out a lot of hope on. Hey I retired two years ago from 25 years in the military, picking on is fine......lol

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Guys there is little info in resource guide that has not been mentioned here.

Glenn, the Resource Guide is a much faster way to find what you are looking for. Especially a newbie that hasn't kept up on all the reading it takes to follow the forum.

 

Everyone should always look there first. Plus as new items come into focus, Mark puts them in the Guide for all to find. Just gotta do a little searching.

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