Financing question

[dieselsubmariner]

Not sure, if i am posting in the right section. I am looking at a custom built 1990 Coach and was wondering if someone has any advice in regards to financing? Would you need to get the Motorhome appraised ? Which Bank would you recommend ?
We would be considering going full time.
The Coach is a mix of Semi Truck and Bus, is mechanically and in regards to exterior in good shape, however needs interior completely updated.

thanks for any help

[hot rod]

Cash, one easy payment.

But seriously, cash, one easy payment.

I suspect you will have trouble directly financing something custom built of that age with anything other than a personal loan, home equity, or something equally creative. Either that or you end up paying an exorbitant interest rate from a non standard lender, unless you have an outstanding relationship with your local banker who is willing to get creative because you are an excellent and long standing customer of the bank.

Something late model, or from an established builder will be a whole lot easier to finance as they will have price guides to go by, or at least can see what identical units are selling for to establish a value.

On the plus side, the harder a unit like that is to value and finance, that means less buyers are able to purchase it, which should make it easier to negotiate the price. Basically a buyer's market if you are the only buyer with the cash.

Welcome, and good luck.

[dieselsubmariner]

thanks for that info. The coach is actually built by Kingsley and is a merge of a 379 Peterbilt with a Prevost Bus. Pretty neat Unit, but need some work on the inside.

[hot rod]

You should be able to do some research on similar Kingsley coaches to justify a value, they are high end and have been around for a while. Sorry, when you said custom built I assumed you meant something one off.

[dieselsubmariner]

Thanks for that. Trying to find a comp is very hard. There have not been any recently for sale. and the one im looking at is one of the very first ones they built...
The seller is anxious right now, since it is getting close to Christmas.. so now would be a good time to purchase.. unfortunately im not ready till mid april.. that's why im looking into financing.
I did inspected the Coach closely and I know at least mechanically it is in a good shape.

[hot rod]

Hey, if he's really anxious, shoot him a really silly lowball offer to take it now. If he bites it's worth moving up the financing, if not, nothing lost.

[bushpilot]

i looked at financing - but we only wanted to borrow 20 or 30 k and for 5 years or less - i was told i needed to borrow a minimum of 50k and finance for 15-20 years at a minimum...i was told that most people didn't keep them more than 5 yrs anyway.

i guess we broke all those rules....and i agree w/ hot rod...one payment, cash

[Bob86ZZ4]

I used my home equity line of credit to write the check for mine.