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Financing Used Purchase


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Hey All

Anyone out there successfully get financing for used purchase? Especially for an older year? I know there’s no NADA and understand why. I also know there are lenders that do less conventional financing and have recently gotten a signature loan myself but would like more like a 10 year period  if possible. Also, if you did finance a used purchase, how did you coordinate getting funds in hand fast enough to actually close the deal before a used sale was snatched by a cash buyer?

Hope I’m not repeating something that was recently answered and missed it. The only thread I found had a lot of discussion about no NADA and only hypotheticals for financing.

 Thanks!

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Mch - 

Recently Oliver has started using a new (different) finance company for helping people finance their travel trailer.  I know that this new company is offering a number of things that previous ones did not.  It is possible that one of these "new" offerings just might be financing for "used" Olivers.  Try calling the Oliver sales office.

Bill

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 I think I posted this some time ago.  When I looked at financing a used Oliver there was no bank or credit union that would consider financing, as you stated there is no NADA used values.  At the time the only option was personal loan, @ 9% for 3yrs and a large down payment,  or a home equity line of credit. To much paperwork and still high interest rates.  This is the only disadvantage of buying a used Oliver,  but a benefit for owners, the ability of asking higher used values. Cash purchase is the best option on used Oliver.  The other disadvantage that I found most Rv dealers won’t  consider a Oliver for trade in, same problem no NADA used value.  If you need to finance a Oliver new is the best Choice. There are some banks, credit unions and RV financial groups, you can get long term 7 yr plus the catch is the higher amount finance the lower interest rate.  The other advantage of new and Rv Loan. Tax write off as a second home. This is the problems i faced others may have had better results.

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4 minutes ago, topgun2 said:

Mch - 

Recently Oliver has started using a new (different) finance company for helping people finance their travel trailer.  I know that this new company is offering a number of things that previous ones did not.  It is possible that one of these "new" offerings just might be financing for "used" Olivers.  Try calling the Oliver sales office.

Bill

Top gun

i glad to hear they have a new group. The one they had  before was a third party lender I had a difficult time with them. They would not provide the actual lending institute they were using or Would give a accurate interest rate. Hope this is a direct lender.

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Thanks all

when I go to the link for financing they have on website currently it goes to a form specifically to finance new Oliver. I have not been able to locate any guidelineS or terms or even the generic lender website. Also the form has an address and phone number on it and when I googled those, they were the address and phone for Oliver. In short, the lender is a mystery. 

i have searched several other lenders and might have found some possibilities but many of them are more local in nature. I did locate one in FL but no idea other than website and they also do marine so idk. I have also seen guideline for <10 years old but feel that if a lender is underwriting specifically for this trailer they might consider it.  
 

ultimately my biggest potential hang up is probably timing. Even if I find a lender, how do I successfully coordinate a used trailer hitting the market with a loan without killing my credit with repeated inquiries?

thus my main question really — which is— has anyone pulled this off and if so how?

or maybe I should ask— are sellers even going to mess with someone getting a loan (I could do decent urgent $ but sellers probably easily get cash offers?)

I’m definitely open to ordering a new one but feel I’d have a lot more travel options financially over the long term if I could do used. I work full time remote— even before COVID— and should be wrapping up my actuarial credentials if I pass exam next year.  As a result, my income should have a nice increase and I’d like to travel 6 months at a time or possibly full time once exam is done. I have stellar credit and my debt to loan ratio should be good since my mortgage is modest. Obviously I don’t have a ton of savings outside of my 401k and don’t want to touch it. So I wax and wane over new — the wait actually could be ideal because of exam  BUT I’m very hard wired to buy used and save a buck on what continues to be a stellar trailer and have the $ to spend elsewhere or just for general financial security. I don’t have a spouse or kids so I’m pretty much 100% responsible for me, myself, and I (and the beagles) This is a really tough decision for me. I don’t want to keep sitting at home thinking how stupid it is for me to not be on the road but I don’t want to screw up my long term financial security and end up having to ditch the trailer or not be able to use it because I got in over my head.

whew! That was A LOT... your input and experience appreciated!

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When we bought ours NEW (in Aug 2019) , I asked our local Credit Union about buying a used Oliver from a private seller.

They said that since there's a very low number of Oliver's produced overall..the don't appear in the NADA RV guides which the CU uses for assessing value remotely.
Their suggestion was that they either need to "see the unit" at their branch, or have a local CU to the location of the unit act on their behalf in establishing the quality and value of the used unit.

Since then I think they are now in NADA guides that CU's can use to assess value.

 

 

 

Edited by ctshort09
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4 hours ago, Landrover said:

 I think I posted this some time ago.  When I looked at financing a used Oliver there was no bank or credit union that would consider financing, as you stated there is no NADA used values.  At the time the only option was personal loan, @ 9% for 3yrs and a large down payment,  or a home equity line of credit. To much paperwork and still high interest rates.  This is the only disadvantage of buying a used Oliver,  but a benefit for owners, the ability of asking higher used values. Cash purchase is the best option on used Oliver.  The other disadvantage that I found most Rv dealers won’t  consider a Oliver for trade in, same problem no NADA used value.  If you need to finance a Oliver new is the best Choice. There are some banks, credit unions and RV financial groups, you can get long term 7 yr plus the catch is the higher amount finance the lower interest rate.  The other advantage of new and Rv Loan. Tax write off as a second home. This is the problems i faced others may have had better results.

 

2 hours ago, Mch said:

Thanks all

when I go to the link for financing they have on website currently it goes to a form specifically to finance new Oliver. I have not been able to locate any guidelineS or terms or even the generic lender website. Also the form has an address and phone number on it and when I googled those, they were the address and phone for Oliver. In short, the lender is a mystery. 

i have searched several other lenders and might have found some possibilities but many of them are more local in nature. I did locate one in FL but no idea other than website and they also do marine so idk. I have also seen guideline for <10 years old but feel that if a lender is underwriting specifically for this trailer they might consider it.  
 

ultimately my biggest potential hang up is probably timing. Even if I find a lender, how do I successfully coordinate a used trailer hitting the market with a loan without killing my credit with repeated inquiries?

thus my main question really — which is— has anyone pulled this off and if so how?

or maybe I should ask— are sellers even going to mess with someone getting a loan (I could do decent urgent $ but sellers probably easily get cash offers?)

I’m definitely open to ordering a new one but feel I’d have a lot more travel options financially over the long term if I could do used. I work full time remote— even before COVID— and should be wrapping up my actuarial credentials if I pass exam next year.  As a result, my income should have a nice increase and I’d like to travel 6 months at a time or possibly full time once exam is done. I have stellar credit and my debt to loan ratio should be good since my mortgage is modest. Obviously I don’t have a ton of savings outside of my 401k and don’t want to touch it. So I wax and wane over new — the wait actually could be ideal because of exam  BUT I’m very hard wired to buy used and save a buck on what continues to be a stellar trailer and have the $ to spend elsewhere or just for general financial security. I don’t have a spouse or kids so I’m pretty much 100% responsible for me, myself, and I (and the beagles) This is a really tough decision for me. I don’t want to keep sitting at home thinking how stupid it is for me to not be on the road but I don’t want to screw up my long term financial security and end up having to ditch the trailer or not be able to use it because I got in over my head.

whew! That was A LOT... your input and experience appreciated!

Keep in mind, if you do finance a used purchase, the final cost to own will most likely be more than financing new, due to the higher interest rate and the near-new pricing of used Olivers.

We recently sold our Leisure Travel Van to a private party.  I don't know how they financed, but they secured a preapproved loan.  At the sale, it took minutes to transact and confirm a wire transfer from their financial institution to ours.  Of course, this was for an RV with a definable value which probably made it easier to secure a loan. Perhaps if you can somehow document the value and marketability of a used Oliver, financing might be possible.  Even so, I would still look at the total cost of principal and interest for new vs used.

Not related, but if you plan to use your Oliver as an office, the interest can most likely be claimed as a tax deduction.  

Ray and Susan Huff

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2017 Leisure Travel Van Unity Twin Bed (sold)

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16 minutes ago, Susan Huff said:

 

Keep in mind, if you do finance a used purchase, the final cost to own will most likely be more than financing new, due to the higher interest rate and the near-new pricing of used Olivers.

We recently sold our Leisure Travel Van to a private party.  I don't know how they financed, but they secured a preapproved loan.  At the sale, it took minutes to transact and confirm a wire transfer from their financial institution to ours.  Of course, this was for an RV with a definable value which probably made it easier to secure a loan. Perhaps if you can somehow document the value and marketability of a used Oliver, financing might be possible.  Even so, I would still look at the total cost of principal and interest for new vs used.

Not related, but if you plan to use your Oliver as an office, the interest can most likely be claimed as a tax deduction.  

Didn’t think of that. I’m a W2 employee and I haven’t explored any possible expense due to not being 1099 but I’ve heard more than once that expense deductions are possible as a remote employee 

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So I don’t know how I found it but located a number for Epic finance and asked if they were working with Oliver.  Spoke with underwriter about used purchase and they do not do any private purchase loans, only dealer. I asked about how they handle the 50% payment at the start of production that is 10 weeks prior to close and she was unable to find any information on that. Sounded like it was a somewhat new relationship and they only had one lender at a 15 year or less term and she wouldn’t quote a rate because they were still setting up lenders. It was a little concerning since I think she had a rate in front of her and almost said it and decided not to. Idk... I guess I at least found out a private purchase would have to be from elsewhere. Was hoping for a 20 year term option on new for more flexibility (want to payoff sooner for obvious reasons) but maybe there will be one.  Admittedly haven’t talked to Oliver yet since I’m hoping to see Elite I before putting in $2,500 for order. Maybe they’ll have more details ironed out?

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1 hour ago, Mch said:

So I don’t know how I found it but located a number for Epic finance and asked if they were working with Oliver.  Spoke with underwriter about used purchase and they do not do any private purchase loans, only dealer. I asked about how they handle the 50% payment at the start of production that is 10 weeks prior to close and she was unable to find any information on that. Sounded like it was a somewhat new relationship and they only had one lender at a 15 year or less term and she wouldn’t quote a rate because they were still setting up lenders. It was a little concerning since I think she had a rate in front of her and almost said it and decided not to. Idk... I guess I at least found out a private purchase would have to be from elsewhere. Was hoping for a 20 year term option on new for more flexibility (want to payoff sooner for obvious reasons) but maybe there will be one.  Admittedly haven’t talked to Oliver yet since I’m hoping to see Elite I before putting in $2,500 for order. Maybe they’ll have more details ironed out?

Not positive I don’t think you will find a 20 yr loan on a Rv unless it’s 50k or higher that’s on new. Used you might get 7-10 yr loan if only a couple years old it will still have to be a high purchase price. Check out Rv sites that offer loans good Sam etc. you’ll see how they break down financing. Good luck,

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For used, even new, with today's low interest rates, borrowing against existing assets (home, stock account,  etc.) may be more advantageous than a loan on a trailer. 

Just my thoughts. 

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