Financing a used egg - Fiberglass RV


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Old 02-16-2007, 06:12 PM   #1
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Hello everyone,
It has been a while since I have posted. Again my husband and I are trying to take the plunge into Egg World. We semi found one that we liked (even though we have only seen pictures and not the real thing.) We will have to take out a small loan to pay for the trailer and the credit union said they would have to look up the comparable price on NADA. Well, the certain one we were looking at was over the amount NADA said it was worth. Hence, the bank would not loan us the amount. Is there a sort of Kelly Blue book that sellers use to come up with a fair price? I just don't know enough about it to judge if it's worth the price or not. I realize these things sell like hotcakes (old or new). Anyone have any ideas for me about this? THANKS
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Old 02-16-2007, 06:49 PM   #2
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Liz, this is a really interesting subject. Late model trailers (five years or newer) are typically a steal at NADA. Real world is that they just don't depreciate. If you can find one on an RV dealer's lot and get one there for NADA, that's the way to go. You'll have instant equity.

Don't give up on just one lender. We had our first credit union tell us that they wouldn't loan on a brand new '06 Bigfoot because the dealer wanted more than the trailer "booked" at, even though it was several thousands less than "sticker" price. It's a wierd world.

Our other credit union wrote the check and asked for us to send the title. It was literally that easy, and at an excellent interest rate.

Older trailers may be significantly more difficult to finance, and you may need to look at alternative methods for that.

Good luck!

Roger
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Old 02-16-2007, 07:40 PM   #3
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I've been a member of my credit union for over 30 years. When I was looking to buy a used molded lightweight fiberglass trailer I knew it was going to be a problem getting a loan for IT. But getting a personal loan, the kind you can use for anything...was going to be easier. The interest rate is higher, but it may be the way to go in your particular situation. Just treat it like a mortgage, you want to pay it off sooner...pay a little extra each month...it gets applied directly to the principle. All the money you are going to save by not staying in motels for instance.

AND, I would have been able to reduce the rate if I had an automatic payment setup through my checking account where it would be paid on a specific day each month.

Fortunately, I was able to find the perfect trailer for me without taking out the loan...but I was prepared to do it.
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Old 02-17-2007, 08:52 AM   #4
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Thank you for the replies. I think that I am going to save up the money, cash, so that I can buy whatever I want. It may take me longer but I will not be beholden to the credit union
P.S. I am paying off my credit card too and I WILL NEVER get into that situation again!!!
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Old 02-18-2007, 07:24 AM   #5
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Liz, A very SMART decision, IMHO!!
Rose
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Old 02-18-2007, 07:58 AM   #6
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Hi: We sorta fell into the "EGG" basket as we found ours befour we knew we were looking!!! No problemo just put it on the Line of Credit...well by the time we get the Mortgage payed off end of '07 we should owe $100,000.00 on the L.O.C. Some things never seem to change Alf S. North shore of Lake Erie
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