| Author | Message | ||
| Chris (157.130.118.2) Rating: N/A |
lol... Actually, I was wondering if there were any lenders anyone could recommend for financing shells or partial conversions. I'm assuming they can be somewhat of a pain to get cash for, as there isn't a whole lot of equitable value, and I dont want to give them much down. Or, if anyone wants to just GIVE me some money, it would be o.k., too. just send a western union confirmation number to cjauito@yahoo.com  | ||
| Mike M. (64.252.215.144) Rating: N/A |
With the interest rates about as low as they are gonna get, go for a home equity loan. If you don't have a home or equity, then you probably shouldn't be looking at $40k shells anyway!! Mike McCarthy 1969 GMC 4903 Forestville CT | ||
| mrjimmystewart (68.105.105.16) Rating: N/A |
So far I have found that lenders will not make a loan using a seated coach as security, where the owner intends to convert to an RV. After its converted, you might get a loan, if it is well done, although most will not loan on anything that is has not been converted by one of the big converters. When you think about it from the lender's point of view, that makes sense. There is a lot of risk in having a substantial amount of dough out to someone that is going to take apart your security, and perhaps reassemble. Hopefully the converter will finish the job, and will not make mistakes that cause fire or other hazards. Commercial lenders that lend on seated coaches to be used ina business, typically are for 3 - 5 years, and have payments in several or more thousand a month. Really the man avenue for a person buying a coach is to use equity from your home, or jsut buy a coach that is more within your means. Darn it. | ||
| Scott Whitney (66.82.9.16) Rating: N/A |
Or convince one of the high end used Prevo dealers like Buddy Gregg to finance you on a completed conversion. . . Scott | ||
| bobm (64.12.96.235) Rating: N/A |
If you can prove you do not need the money and have more cash laying around than you need to borrow, my banker will talk to you, maybe. see this site for some help. www.dave2k.com | ||
| Chris (157.130.118.2) Rating: N/A |
Yeah, that's what I was afraid of.... I wanted to get a vehicle loan of sorts to buy the bus and use equity for the conversion. I'd be paying a little more, but that would allow for a more expedient conversion. Thanks for the posts, anyway. | ||
| Stephen Fessenden (Sffess) (65.154.176.165)
Rating: N/A |
You are really asking for an unsecured personal loan. If your credit and earnings are good enough you may get a bank to give you one. Maybe a commercial loan. They usually will not want a 20 year old bus for collateral. Home equity interest is deductable, however, and the IRS may not take your deduction of interest on a "second home" bus until it is converted. Then again, they may. |