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RV Aircraft Finance

gwav8or

Member
Any recommendations for financing an RV? I contacted Dorr and they don?t do RVs. I contacted a bank that I used for my previous aircraft and they?ll finance me but their rate is 6.9% which seems a bit high.
 
If you really want to borrow money, try your local credit union. When I was younger and dumber, so was my credit union. They gave me the same rate as they were charging to finance..wait for it...RVs.
 
First Pryority Bank.

Yep that?s who I financed my first aircraft with. Talking with Bank of Locust grove now who is a sister Bank. The same person does aircraft rivals for both banks. They are great folks and have made things easy for me in the past. I want to use them again but want to make sure I?m getting the ?best? rate.
 
LightStream

I highly recommend LightStream. The interest rate on my unsecured loan is 4.54%. Funded in a day on a holiday weekend.
 
Tell the bank you'd like to buy an RV. Don't be specific.

Seriously though, I bought mine using my line of credit on my mortgage, about a year before renewing the mortgage. When I renewed the mortgage, the amount was rolled in to the principal. Presto, RV loan at housing loan rate.
 
I realize that everybody's finances are different, and maybe the only reason some of us even have a loan on our house is to get the (relatively) free interest available these days, but I can't imagine risking my family's 'roof' on a toy (or even a business venture, for that matter). If I were so flush with assets I could use my 2nd or 3rd vacation home as collateral...
 
I realize that everybody's finances are different, and maybe the only reason some of us even have a loan on our house is to get the (relatively) free interest available these days, but I can't imagine risking my family's 'roof' on a toy (or even a business venture, for that matter). If I were so flush with assets I could use my 2nd or 3rd vacation home as collateral...

Yep, I feel the same way. I can't risk the roof over my head for a toy. I know people that have done that with business and have been very successful, but it's just not for me. I'd rather have the security knowing that I can liquidate the asset without risking necessities.
 
I realize that everybody's finances are different, and maybe the only reason some of us even have a loan on our house is to get the (relatively) free interest available these days, but I can't imagine risking my family's 'roof' on a toy (or even a business venture, for that matter). If I were so flush with assets I could use my 2nd or 3rd vacation home as collateral...

Wouldn't insurance mitigate any risk to losing your home?
 
It's not destruction of the toy, or the home. It's about putting the home in jeopardy if you can't make the note. If one has *liquid* assets to cover the note through a financial setback, then no big deal. But adding the debt load for an expensive toy (or business venture, etc) to a loan secured by a home increases the home's exposure. If one has a major financial setback, will the extra debt load keep one from making the note each month?
 
It's not destruction of the toy, or the home. It's about putting the home in jeopardy if you can't make the note. If one has *liquid* assets to cover the note through a financial setback, then no big deal. But adding the debt load for an expensive toy (or business venture, etc) to a loan secured by a home increases the home's exposure. If one has a major financial setback, will the extra debt load keep one from making the note each month?

I would say in that case, simply sell the airplane and pay off the debt.... assuming you did not overpay for it.
 
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