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Help NADA Value or Similar


dirtrunner0519

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Is the HDT you want to buy still a "truck" or has it been fully converted to a hauler, as that makes a difference. When I purchased my HDT, it had some conversion work done, still dual axle, no bed or skirting, RV hitch and wiring, registered as a MH. My bank used a commercial truck valuation to determine how much loan I could get. My insurance company covers MDT/HDT trucks, I assume they used the same method for valuation, but they needed to know how much I paid for the HDT for my quote since it includes purchase price protection.

 

If you go to the HDT Resource Guide it will have more information regarding financing options.

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NADA does have a commerical truck book, I don't know if it is available online, but that is probably what they are looking for. If your bank is looking for something "close" you might be able to show them the valuations for a comparable year, length, and HP Sportchassis from nadaguides.com RV Tow Vehicle section. Otherwise, you might be able to find comparable rigs in the RV/Truck buying papers in order to justify the loan amount being asked for. Beyond that I don't know of any NADA specific valuations for HDT RV haulers.

 

Just some thoughts.

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Just my thoughts. You might do better talking to a used truck/ equipment banker/loan office. Same goes for insurance. These type of loans and insurance is best done when you can talk to people that know the used trucking/ equipment business inside and out. The loan value of the used truck you are looking at, most likely is based on used trucks sold, in the last 2 mouths just like it. And the loan will be only 50% to 80% of that used truck value. SO buyer needs money out of pocket to get the loan. The sellers point of view is ...."you can't build this truck for that price" and the seller is correct. But the lender dose not see it that way, and it's his money your asking for. The loan value and a insurance company value will be two different numbers completely. Insurance can cover little or everything, as long as everything you want covered is spelled out in the policy. There is topic on this forum about insurance co., also. Talk to a major used truck dealer to find out value, loans, and insurance. Even thought you are looking at a HDT.......It is still a class 7/8 truck, loans and insurance with a use for RVing, privet use. Keep looking and asking...... help is out there. Just my thoughts Good luck OU812

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Find out if they will allow you to use a private appraiser and if they have one they use. You will get a better, more accurate appraisal of what you actually have rather than using a NADA price for what it used to be.

But you are learning (the hard way maybe) about trying to finance an HDT for personal use. It's hard to do.

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I sold a HDT a number of years ago and the bank was asking similar questions. My memory is not what wish but as I remember only some truck dealers had access to the NADA info for trucks. We finally got some info but it took a lot of digging. The bank completed that loan but said they would no longer loan on trucks for private parties. As others have said HDT loans are difficult.

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Find out if they will allow you to use a private appraiser and if they have one they use. You will get a better, more accurate appraisal of what you actually have rather than using a NADA price for what it used to be.

But you are learning (the hard way maybe) about trying to finance an HDT for personal use. It's hard to do.

 

This is what I was going to suggest. I was in the process of switching insurance companies on my rig, and one of the insurers wanted to send an inspector/appraiser out to look it over, as book value for Showhaulers doesn't include the truck chassis and comes out at about a third of what you can buy one for (try explaining that to a typical customer service person...). Turns out it was a laughable experience, but scary in that it doesn't show the insurer nearly enough to have an idea of what it's worth. I suspected we were in trouble when the guy asked how many cylinders it had, and confirmed it when he said we had to list all of its equipment/specs in 160 characters.

 

I've decided I'm going to have an appraisal done on my own, just to have the peace of mind of one data point I can substantiate. Plus that lets me shop around more easily with insurers that will do agreed value.

 

For what it's worth, with no claims, a spotless driving record, and no coverage changes, the rate went up 50% a year ago and another 30% this renewal (in other words, double what it was two years ago, after several years with basically no change).

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