Financing for SMB

[knapp40]

Hello,
I’m new to the forum, but I was wondering how on earth to go about financing for buying a used sports mobile as no one (as in the banks) knows what this vehicle is and what it is used for? I HAVE done my home work on this called tons of people…get ready… called NADA, (which now acknowledges that it has a problem through sports mobile inc, that its webpage does not recognize all of the options that goes into a SMB like 4x4, so hopefully they will correct that soon). I have called SMB of California, and Indiana, they won’t help for financing a used vehicle but did point me to certain credit unions, only problem is that I don’t live were these credit unions are located, so I can’t get financing through them.
I can’t tell you how many banks and credit unions that I have called and people just don’t know what these are, and I’ve done my earnest to educate them on it, but my point and my questions is this:
I see these Sportsmobiles moving for 40k to 60k and they are used, but how are they getting financing and who do I need to talk to? A little help would be great; I’ve been working on this for a good solid month now and on my last legs here so to speak. I’ve got great credit by the way, so I’m thinking it” not me here…..any help would be very greatful!

Thanks!!

[campervanbeethoven]

Suze Orman would deny that request. Here's some advice... dont finance boats, RV's, motorcycles, SMB's or ( at this moment in economic history) anything you can't afford in cash....Deflation is a B, and intrest only makes it worse... IMO

[8850]

Suze Ormond is probably correct, however, I have heard of people financing SMBs with a home equity loan. Usually this can be a lower interest rate than a used vehicle rate (assuming you're looking at a used SMB), can be deductible and can be repaid over a longer period than traditional auto financing. Not recommending, just say'n...

[bettyford]

You are not alone!!
This is an ongoing problem for those who can't pay cash. As im sure you know Financing and the Banks rules have changed. It is even harder now to get a loan. Even more so on a Van that alone is only worth say 15k but is selling for 40k because of the equipment.
There are specialty lenders that finance Hot Rods and the like check some hot rod mags for there adds.
or a Home Equity Loan they have lower APR.
I will get back with you later today with a Lender that my friend used for hes Euro VW camper that was crazy expensive and he got the loan 100% financing 4 months ago at 8% I thought that was high APR but when in need.
I found the it
Try to google J.J. BEST BANC & COMPANY or call them 1-800-991-8000 www.jjbest.com
Hope this helps
Ron

[Zeta]

"To be truly challenging, a voyage, like a life, must rest on a firm foundation of financial unrest. Otherwise you are doomed to a routine traverse..." Sterling Hayden, Wanderer

Z

[billwilson]

IMHO
-if you have exhausted all local places
-have the guy/gal that is the loan underwriter look here, smb etc
and still no go...

get a personal loan and bite the bullet

in these times no one is willing to do any out of box thinking

ex:
i live in a populated area
tons of "pink slip loan places"
for grins i was driving past one with the rig
i was offered $2,000
in the back of my mind, i had always thought if i needed
a quick $10k for emergencies it would be a walk in the park
made some calls, and sent emails with links and pics
ALL declined, even the ones that keep the car

one bright spot, the ones for sale prob can be had at a good price
however, lets not gouge our brothers and sisters that are forced to sell

[Bender]

Originally Posted by billwilson

one bright spot, the ones for sale prob can be had at a good price

I'm not finding that to be the case. Even non-SMB non-4x4 Sprinter-based RVs (most of which only sleep 2) seem to still be commanding top dollar.

The bargains seem to be in the 2000-2005 big Class A motorhomes. Some of those are going for seriously low prices with no reserve on eBay.

[Seattle]

We had some similar problems when buying our van recently. Prices appear to remain constant (I was tracking sales for over a year). I ended up befriending an underwriter at my credit union (Alliant) and once they understood what the van was it became slightly easier. I ended up shelling out more cash than I had planned but it has been well worth it. As a side note, they (Alliant) considered NADA for the base value and KBB for the 4x4 add on. Make sure you speak with Lynn at Sportsmobile she was very helpful in the process in providing build sheets and copies of the appropriate KBB pages. Good luck!

[gregsmith212]

Yep, no one knows how a ford van can cost so much! If you are a member of USAA they are great to work with. After 20 minutes with a rep I sent him to the sportsmobile web site. He got the under writher on the phone and after a lot of "wow's" and "thats so cool's" I had 95% financing, peace of cake! Don't forget to tell him it's a class B motor home, it changes the loan from five years to fifteen years and the is interest is deductible. You won't regret the effort to get one of these things.
Good Luck

[daveb]

Originally Posted by gregsmith212

Yep, no one knows how a ford van can cost so much! If you are a member of USAA they are great to work with. After 20 minutes with a rep I sent him to the sportsmobile web site. He got the under writher on the phone and after a lot of "wow's" and "thats so cool's" I had 95% financing, peace of cake! Don't forget to tell him it's a class B motor home, it changes the loan from five years to fifteen years and the is interest is deductible. You won't regret the effort to get one of these things.
Good Luck

I did the same but as a second on the home. I got a low rate for 15 years, I can refinance if its worth it to do so, and have low payments over 15 years. I also make a duplicate payment into a savings acct so I have the option to pay it off faster if need be. I understand many folks are having their homes value drop and equity is rough now days. The timing was right for me and I got lucky.