Financing Options

[Soloracer]

First post here.
I've found a SMB, negotiated my price but I am having trouble finding a company that will finance a SMB. Any suggestions, my bank will do it, but at a very premium interest rate.

Thank in advance,

jim

[alta825]

Have you looked into a Home Equity Line/Loan? they're also tax deductible and when we got ours the rates were incredibly competitive.

That is what we did to get our SMB, and now I also have the means to get a garage started this summer hopefully...

Good Luck

-d

[Soloracer]

I just don't want to touch my equity. Living where I live the housing market is still going through the roof, so we are trying to keep the equity so when we move out of a resort community our next house will be free. I'm hoping for some suggestions for a lender that will lend for a SMB, didn't think it would be this hard, but then again I never do things the easy way.

Thanks for your suggestion.

[alta825]

Have you tried a Credit Union yet? Most have a very easy process to join if you are not already a member and when I was shopping for our SMB they were very accomadating on RV loans

I hear you on the Equity deal - we're the same way w/ housing market here in the Park City area, its still on the up and up. We've been diligent w/ our Equity Line payments and have overpaid every month along w/ occasionally paying an extra chunk when we can afford. End of this year hopefully all will be paid off...

-d

[John and Dana]

When I was looking at the Camping World flyer that came in the mail yesterday I noticed they were advertising RV financing. Don't know anything about it but thought I would pass is along.

Good Luck

John

[Soloracer]

I'll be heading down into town for mothers day and will check them out when I'm down there. I'm finding that alot of lenders will not lend against a class B, also found out the SMB is having trouble finding a lender for new as well. Just spent an hour will my local banker, got a preliminary approval just a little higher interest rate than I was hoping for. Guess it will be more motivation to pay it off quicker.

jim

[jlrray]

The key is to base the vehicle on an appraisal in lieu of kelly blue book value. The blue book value does not take into account many factors including the quasi cult following of sportmobiles. Its like airstream trailers.. They never are quite "Cheap". THere is a thread here about financing and the appraisal company. I pretty much followed that.

I had mine done through automotive appraisals services group. The guy I talked to was very helpful. his name was Mark Koch. Apparently he had done a few previously.

The kelly blue book shows a bunch of wierd model numbers. Kinda hard to decipher, and its better not to do it anyway. it works in your favor.

Joe

[Ed in Montana]

Joe, you don't know the secret handshake yet, so you can't tell people about the "quasi-cult status" of Sportsmobiles!