What’s the best way to finance an SMB?

[sward]

Does anyone have insight on the best financing options for a used Sportsmobile van? I’ve found several worthy vehicles in the 80-100K range, but I’m not sure how the financing works. Any help is much appreciated.

[Twoxentrix]

I dont have personal experience with the burden of acquiring financing for one of these, But I do have a friend that had a similar problem with a Class C that excited him - initially could not locate financing because of the year (and it was a Private seller). They ended out taking advantage of some of their Home Equity by refinancing - pretty smart move since his interest rates ended out being 3.5%...might check into that strategy.

[Beasty Boy]

Originally Posted by sward

Does anyone have insight on the best financing options for a used Sportsmobile van? I’ve found several worthy vehicles in the 80-100K range, but I’m not sure how the financing works. Any help is much appreciated.

I suggest you talk to your bank or any other bank BEFORE you get your heart
set on any SMB. Bank will not loan on older than 08. Voice of experience when
I was selling mine. Good Luck.

[Grampswrx]

My buyer got a personal loan, not a vehicle loan. Really hard to get financing.

[rumrunner73]

I just finish dealing with financing for my 19 transit SMB. All leanders I dealt with want you to have a comparable purchase with history(home Mortgage does count) credit score was not a major factor. BAnk of the West I thought was the premier lender was no help . I was 2 years and many thousands into the process. I basically pleaded with my credit union and they fully financed my SMBW purchase. There's no preapproval for a build process that takes two years and the lending market is as volatile as our current president.

[sward]

Thank you everyone for the insight. The hunt continues!!

[kevinhull]

Highly recommend LightStream. Loaned me 100% of purchase price on an SMB last week. 84 month loan. Very interesting in that it seems like a personal loan, but the rate seems like a secured loan. Wasted a lot of time with my regular bank, which was willing to go NADA Guide plus a few thousand (a little over 50% of the actual cost). LightStream loaned the whole thing — and actually did it at a cheaper rate. Also does not go on title. Whole thing was surprising and easy. Note that I do have excellent credit and a healthy income; not sure whether that caused my experience to be skewed.

[sward]

Thanks! I’ve actually heard this from a few people now.

[ctb]

Went with Ally and qualified for a RV loan b/c of the sink, furnace, fridge etc...Bought ours new from North...I have heard members talk about qualifying for a "second home" loan b/c of the options etc...try that on the "search" option and maybe find out more...good luck!