| Author |
Message |
Manny Montesino (Buscrazyinfl)
Registered Member
Username: Buscrazyinfl
Post Number: 5
Registered: 6-2006
Posted From: 24.26.9.146
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, July 25, 2006 - 12:38 pm: | |
What finance companies out there will finance a conversion bus coach? We can't seem to find any institutions that are willing to finance anything older than a '99. |
Cliff (Floridacracker)
Registered Member
Username: Floridacracker
Post Number: 290
Registered: 7-2004
Posted From: 24.73.133.179
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, July 25, 2006 - 1:12 pm: | |
Manny,
From what I have read over the last several years
the consensus seems to be you will have to be the
financier/home equity, refi, etc. |
JR Lynch (Njt5047)
Registered Member
Username: Njt5047
Post Number: 3
Registered: 7-2006
Posted From: 69.132.238.127
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, July 25, 2006 - 8:02 pm: | |
Older professionally converted coaches and motorhomes will finance. It's the "home grown" no-name conversions or shells that are a problem. Gotta have a blue-book value.
What are you trying to finance? If you are looking at a completed coach, a home equity line is by far the least expensive way...albeit there is some risk. I say "completed" because if not familier with these sorts of bus conversion projects, the cost to convert will easily double the cost of the shell...could get out of control...mine didn't, but it's noticeable up close too...still got "curb appeal"...anything less than 50'...well, it does run well!
Either way, the interest on a completed motorhome or conversion coach is tax deductable...similar to a vacation home. Check with your tax advisor!
Best, JR |
Brian Brown (Blue_velvet)
Registered Member
Username: Blue_velvet
Post Number: 356
Registered: 6-2005
Posted From: 67.174.112.202
Rating: N/A
Votes: 0 (Vote!) | | Posted on Wednesday, July 26, 2006 - 12:10 am: | |
We originally paid cash for our converted 4108. When we needed cash for a new home down payment last month we were able to secure an RV loan at our credit union. They accepted our insurance's appraisal w/o any questions. It didn't hurt that the appraisal said our bus was worth $55k and we only were asking for a $20k loan (paid $23k for it).
Don't forget that "model year" is usually the date of conversion and NOT the chassis date.
HTH,
Brian Brown
4108-216
Longmont, CO |
jjrsmp12
Unregistered guest
Posted From: 64.56.98.158
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, July 25, 2006 - 1:38 pm: | |
Financial Underwriters Network will finance up to 15years old for a Professional conversion(custom coach, nitetrain, florida, etc). Up to 15 years at around 6%. |
Manny Montesino (Buscrazyinfl)
Registered Member
Username: Buscrazyinfl
Post Number: 6
Registered: 6-2006
Posted From: 24.26.9.146
Rating: N/A
Votes: 0 (Vote!) | | Posted on Wednesday, July 26, 2006 - 8:25 pm: | |
Thank you for the responses thus far. The info has been helpful. We contacted the Financial Underwriters Network. The representative I spoke with said the biggest issue is the title. IF the bus was able to receive a new title AFTER its conversion, and the date on that title was a '96 or newer, then they could finance, and their rates were good! Anything older than a '96, it seems the only option is a home equity or refinance. Both of those are an option for us. |