| Author | Message | ||
| Dustin Bringham (Dmbringham)
Registered Member Username: Dmbringham Post Number: 27 Registered: 2-2009 Posted From: 98.162.232.224 Rating: N/A |
Just sold my MC8, looking to upgrade to a newer coach. I am being told that financing a bus is very difficult these days, is this true? Is there anyone out there that knows of institutions that do finance a coach that would by standards be considered an "older coach" by older coach I am looking at 98-2002 model Prevost. | ||
| Dave Walker (Chrome_dome)
Registered Member Username: Chrome_dome Post Number: 281 Registered: 3-2010 Posted From: 75.208.145.200  Rating: N/A |
Depends on the resale value with a bank in case you can't make the payment and buses aren't selling much these days unless low priced. Dave | ||
| Donald P H (Eagle19952)
Registered Member Username: Eagle19952 Post Number: 71 Registered: 11-2007 Posted From: 75.204.81.206 Rating: N/A |
you got to have a banker that you've done busnesss with for a looonng time. thats what i think | ||
| Len Silva (Lsilva)
Registered Member Username: Lsilva Post Number: 473 Registered: 12-2000 Posted From: 72.187.35.208  Rating: N/A |
That, and only if you are buying a big name professional conversion that has an NADA book value. | ||
| Steve "Spanky" Aune (Spanky77707)
Registered Member Username: Spanky77707 Post Number: 44 Registered: 1-2010 Posted From: 64.234.1.246  Rating: N/A |
I would say it would be next to impossible (The economy). Banks aren't in the Bus business, they are in the money business, it would be very risky for them. Good luck. Spanky (Steve) | ||
| Luvrbus (Luvrbus)
Registered Member Username: Luvrbus Post Number: 1097 Registered: 8-2006 Posted From: 74.211.24.18 Rating: N/A |
Check some of the lenders that advertises in FMCA good luck | ||
| les marston (Les_marston)
Registered Member Username: Les_marston Post Number: 310 Registered: 1-2010 Posted From: 68.151.225.213  Rating: N/A |
other lines of financing are also a possibility, such as personal line of credit. you might want to ask yourself if this type of purchase is the sort of thing that you want to incur debt for. Just saying! Les | ||
| Matthew J Rutkowski (Matt_rutkowski)
Registered Member Username: Matt_rutkowski Post Number: 44 Registered: 1-2010 Posted From: 98.235.157.220 Rating: |
I'm in the auto Buisness and I know how SPOOKED lenders are right now! My advice to you would be that if you can't pay cash for it dont buy it. I think it would be crazy to get a loan on a bus for the simple fact that you really don't need it. The very first thing that people let "go back to the bank " is an rv because people don't need them. I would never risk my house or rental properties on something I don't need. Wait and save your money! Good luck Matt | ||
| Teresa (Happycamperbrat)
Registered Member Username: Happycamperbrat Post Number: 183 Registered: 5-2009 Posted From: 173.25.102.41 Rating: N/A |
anyone who would give up a bus before a house is someone that has never had the misfortune of being homeless..... Of course paid off is best. If the house were paid off and the bus wasnt, I might reconsider my stance. | ||
| Jim Wilke (Jim Bob) (Pd41044039)
Registered Member Username: Pd41044039 Post Number: 632 Registered: 2-2001 Posted From: 184.0.13.120  Rating: |
I'm with you Theresa. Things are better for us than they were a couple of years ago, but we always consider our (older but paid for) bus to be our "survival tent". If you go broke, banks don't want old vehicles. They'd rather write off the debt & get paid by their insurer. | ||
| Dustin Bringham (Dmbringham)
Registered Member Username: Dmbringham Post Number: 28 Registered: 2-2009 Posted From: 98.162.232.224 Rating: N/A |
Being able to make the payments is not a worry. My bank will give me financing with fairly decent terms, I thought that maybe someone knew of an alternative institution that specializes in these types of loans with a better term option & rates. | ||
| L James Jones Jr (Jamo)
Registered Member Username: Jamo Post Number: 185 Registered: 11-2007 Posted From: 74.71.202.72  Rating: |
Anytime I needed quick money, I found it best to set up a home improvement loan. My bank thinks I have redone my kitchen 4 times in the last 20 years. I bought land, cars, etc at much lower rates than I could have gotten by financing as to what it really was. Best part was, you can repay early with no penalties and save yourself more on interest. No closing costs either. Worked for me, and I always paid the loans of within a year. But...I haven't played this game in several years and things might be different today... | ||
| Dan Clishe (Cody)
Registered Member Username: Cody Post Number: 12 Registered: 1-2008 Posted From: 206.51.120.170 Rating: |
I'm kinda old fashioned, I've always saved up and used the one easy payment plan, I've done this for homes, cars, my buses, now being retired and having 2 kids in medical school I find that I've got to rethink my past approach but so far we're surviving after talking to the school, the kids are both in work study and working their butts off studying and doing side jobs, I pick up what they can't and still no student loans and one is carrying a 3.8 GPA and the other a 3.3 GPA. We've had to be creative, the youngest is doing transcription work and the other DJ's with me on the side and at times they both DJ if we get a double booking, it's been a rough couple years but so far it works for us and over the years we've saved a fortune in interest. | ||
| Teresa (Happycamperbrat)
Registered Member Username: Happycamperbrat Post Number: 195 Registered: 5-2009 Posted From: 96.251.75.190 Rating: N/A |
I couldnt agree more Dan/Cody! Paid for is the best, even if it means working more hours or getting less then what you want. Being debt free is an awesome feeling. When I was younger I had monthly payments and hated it. I wont do that again. |
