Packaged Financing question.

[Skinhyfish]

Looking at a cab chassis with flatbed and hard sided mounted camper. Have a chunck to put down. Curious if able to put under one loan like a sprinter van and RV loan style finance options.

Anyone have a place or suggestions from past experience?

 

[Ozarker]

Never heard "pool rounder" after reading your post a couple times I'm guessing you're asking if the truck and camper can be financed together? Yes, it can be.

Is the camper permanently attached to the truck (bolted) if so it's an RV, if not it's two titled "vehicles" and both would be financed with a "blanket loan".

Best place to look for financing is your bank, you are already a customer!

Actually, your quest is simply to find a lender to work with, all banks do these types of loans, the lender will let you know how they will secure the note and what loan category they want to put it in.

 

[Skinhyfish]

Never heard "pool rounder" after reading your post a couple times I'm guessing you're asking if the truck and camper can be financed together? Yes, it can be.

Is the camper permanently attached to the truck (bolted) if so it's an RV, if not it's two titled "vehicles" and both would be financed with a "blanket loan".

Best place to look for financing is your bank, you are already a customer!

Actually, your quest is simply to find a lender to work with, all banks do these types of loans, the lender will let you know how they will secure the note and what loan category they want to put it in.

Sorry auto type on that explanation. I fixed it in message

 

[Ozarker]

Pardon my financial ignorance Ozarker... But I am surprised that a normal banks would even touch a normal RV right now, much less an "odd ball vehicle". RV anything/ everything is VERY MUCH is on the wrong side of the financial "bell curve" for what I hear!

Looking forward to your input (as always)!

Collateral is just one part of the lending equation. The first consideration is the ability to repay the debt. Next, is a borrower's history, credit worthiness, do they have a history of paying debts as agreed? Your credit worthiness is measured by your "credit score".

There are "Signature Loans" which are loans made based only on the two areas I just mentioned and no collateral is taken by the lender.

Two basic categories of collateral, real property and personal property. By regulation, banks identify loans made by the type of collateral taken, (if any) and the purpose. The purpose is simply defined as "personal" or "commercial" and such is influenced by the type of bank making the loan. RVs are personal property, the loan could be personal or commercial, the value of the RV is, initially, the sale price. If the lender has a significant amount of RV loans it may "book" them as such, otherwise they may be called "auto loans" or other personal property descriptions.

The banker's joke is; show me you don't need a loan and I'll lend you the money!

Of course banks lend for the purchase of RV's!

I'm thinking your post was more about the perception of the RV market or trying to pin the economy as being "bad". Neither are really lending factors, except that if collateral value is lower than the amount being loaned, other compensating factors must make up the difference in the risk assessed. Compensating factors such as higher income/ability to pay, credit history, loan history with that lender, or some other factor that leads the lender to believe the loan will be paid as agreed.

Banks and specialty lenders put car buyers "underwater" by lending more than a vehicle is worth everyday.

 

[Deleted Member 183]

Thank for replying even though I deleted my post because I gathered as much. I have acquaintances with people in the RV industry and know that Covid was their "gold rush" and now the are sitting on a "lot of paper"! I just learned last week that if they have an RV in inventory for more than a year the lenders demand the dealers pay down the equity 5% monthly plus the high interest. Not a place I'd like to be!

 

[Ozarker]

Thank for replying even though I deleted my post because I gathered as much. I have acquaintances with people in the RV industry and know that Covid was their "gold rush" and now the are sitting on a "lot of paper"! I just learned last week that if they have an RV in inventory for more than a year the lenders demand the dealers pay down the equity 5% monthly plus the high interest. Not a place I'd like to be!

That's a "Floor Planning" issue in commercial lending, I don't think I'd make a loan to a dealer, (well, that depends on many factors, but not a loan they are use to) but lending to a buyer, consumer, you bet!

 

[gator70]

Most folks use a 2nd mortgage to do this. The interest is a bit cheaper and you can refinance later. An alternative is Prosper.

We were in Page Arizona last summer and in the Wallmart parking lot was six expensive Expedition vehicles. We were lucky to have a chat with some owners. They all said they sold their homes to raise the cash for the purchase.

 

[Ozarker]

Most folks use a 2nd mortgage to do this. The interest is a bit cheaper and you can refinance later. An alternative is Prosper.

Prosper? What's that?

A 2nd mortgage can be a useful personal finance tool, when carefully made, problem is, most aren't careful enough. Understand, you're betting the farm.

 

[Ninelitetrip]

US Market?

Existing new on a dealer lot?

Existing used private sale?

New build with brand name camper manufacture like Lance in the NADA database with current model also?

Or a DIY kit with no Manufacturer's Certificate of Origin?

New build with truck, flatbed, and camper from separate vendors with delivery spread across 6 months until completion?


Lightstream.com is owned by Truist Bank. Plug in your numbers on their site, don't be shocked at the rate.

 

[AbleGuy]

We were in Page Arizona last summer and in the Wallmart parking lot was six expensive Expedition vehicles. We were lucky to have a chat with some owners. They all said they sold their homes to raise the cash for the purchase.

YOLO is a strong incentive to think that way… but exchanging an appreciating asset for a depreciating asset is certainly risky.

The HELOC idea for RV financing, and then renting out your house while traveling might be a better option.

 

[Skinhyfish]

US Market?

Existing new on a dealer lot?

Existing used private sale?

New build with brand name camper manufacture like Lance in the NADA database with current model also?

Or a DIY kit with no Manufacturer's Certificate of Origin?

New build with truck, flatbed, and camper from separate vendors with delivery spread across 6 months until completion?


Lightstream.com is owned by Truist Bank. Plug in your numbers on their site, don't be shocked at the rate.

New cab chassis ram, OEV flatbed and a AT overland Aterra

 

[Ninelitetrip]

Stellantis Financial / RAM dealer financing or new car bank loan, that is straightforward. Deals be to had if off the dealer lot.

ATO, I'm guessing you will order the OEV Aluma Tray through ATO as a package with the Aterra XL? Problem with ATO is they have only built maybe 15 - 20 Aterra XL's? Is it in the NADA database? And to order from ATO the Aluma tray and Aterra they will want 50% deposit? Your only option could well be the tray and camper are a personal loan, not an RV loan, first for lack of data on the Aterra, and second only for completed units, not 50% percent down payments.

If you can you find a competitive rate 5- 7 year loan that finances the majority purchase price and splits funding from 50% deposit, then final 50% at completion, please post.

 

[gator70]

I think folks must refuse new purchases or overpriced used purchase and be innovative on how to get into something acceptable.
I do think $60K is reasonable, although I'm spending a bit more.
Go get this one at $69K

Mercedes Benz 1222, 4x4, like new

Solid and electronic-free, ex-firetruck, Mercedes Benz 1222 AF 4x4, year 11/1991, 18,910 km, great condition, service booklet, 1st owner, garage car, fast axles (approx. 110 km/h), rear and middle differential locks, off-road reduction, TÜV on Request new, ABS, heated mirrors, driver's seat with...

expeditionmeister.com

It costs $4500 to import with transportation, as one youtuber did it and explained the process.

I can show you how to do the interior.

 

[Ozarker]

Frankly, all this "overlanding stuff" is just a fad, whimsical toys for big boys that is hyped to take money from the insecure male ego. There is a point at which you reach the absurd.

Most anyone can afford some kind of vehicle that can travel over rough terrain or bad roads and that would be considered "reliable". Anything beyond that becomes narcissistic tendency to show off, kinda like a 5th grader from a poor family showing off his new tennis shoes on the playground.

If you need to get a loan to buy off the wall, unique, unusual, gyrations of an off roading contraption or some DIY recreational toy, you probably can't afford it and you're financing a whimsical fantasy.

Most males go through these stages, I did with my Roy Rogers gun set, hat and chaps, but then I was 5 or 6 years old.

If you are over extended financially because of vehicles and overlanding equipment, call for help, counselors are standing by, call 1-Nowheeling.

 

[Skinhyfish]

Frankly, all this "overlanding stuff" is just a fad, whimsical toys for big boys that is hyped to take money from the insecure male ego. There is a point at which you reach the absurd.

Most anyone can afford some kind of vehicle that can travel over rough terrain or bad roads and that would be considered "reliable". Anything beyond that becomes narcissistic tendency to show off, kinda like a 5th grader from a poor family showing off his new tennis shoes on the playground.

If you need to get a loan to buy off the wall, unique, unusual, gyrations of an off roading contraption or some DIY recreational toy, you probably can't afford it and you're financing a whimsical fantasy.

Most males go through these stages, I did with my Roy Rogers gun set, hat and chaps, but then I was 5 or 6 years old.

If you are over extended financially because of vehicles and overlanding equipment, call for help, counselors are standing by, call 1-Nowheeling.

No this is a true second home. I have had a FWC, Lance, hallmark… they just don’t fit the needs