Older Conversion Financing?

[12PointRacing]

Hello All - I have done the searches and found some great information regarding financing methods for new conversions, but does anyone have any tips for older conversion financing?

I found a '92 GMC Topkick toterhome conversion from a private party that would be perfect for my needs, however most RV finance places will not touch it because it does not exist as a bluebook value. If it were 7 years or newer I would have the route of having it appraised (and/or going through my credit union), however this is not the case.

Anyone have any experience with this and/or contacts? Thanks in advance.

 

[Weramongo]

Try 5/3 (Fifth Third) Bank in Ohio. They have a pretty good working knowledge of these conversions.


Sean P. Clarke
WERA Motorcycle Roadracing

 

[12PointRacing]

Thanks Sean - Gotta get this toterhome so I can make more WERA races this season.

-dave

 

[12PointRacing]

...quick phone call and it seems they no longer do them, or are not able to do them right now.

 

[Warpath-TC]

Check with Concept Haulers --> http://www.concepthaulers.com/ and ask for Rusty. Not sure if they will finiance rigs they are not selling, but I think so.

Bill - Warpath

2003 28' Show Hauler Motorhome on a 1995 FLD 120 www.showhauler.com

 

[geof]

use the equity in your home to finance or use the equity in a friends/family members home and secure it with an agreed value insurance policy...or your first born child in the case of grandparents...; > ).....geof.....about 3.25% currently I believe for the first 6 mos.

 

[12PointRacing]

All good ideas, although home equity is not an option as we have just moved in to our new home 1 year ago.

I am going to attempt to get in touch with Rusty and see what I can come up with - Thanks guys.

 

[Don in E Texas]

How about telling the finance co. that it is a 1992, but conversion was done in, say, 1998? That would make it newer.

My bus conversion was done on a 1976 ex-Greyhound --- but conversion was done in 1999 - I had no problem with getting appraisal, etc.

Just a thought.

don

 

[geof]

check anyway....houses in this area went up 12% this year 'cuz we don't live in the City of Cincinnati...that's equal to more than $30,000 in equity on my house.....anytime you can tie it to property-or make it a seperate 2nd "vacation home" and insure it properly the better the rates and the more interested your lender will be....and you can shop lenders currently....here are tax advantages also....geof

 

[Bob Hill]

Since I'm new to this forum I'll tell you what I've found obout financing an older truck conversion.This has a work in progress for 2 years.First off there are some nice older conversions out there but the trouble is they are not titled right when they were converted.I guess it depends on what state you live in.You can buy a used chassis and take it whatever mfg you want to convert it.You have to have the title.When they convert it it's registered as a 2004 Motorhome.If it were still registered as a 97 Kenworth no finance company will do it for the simple fact it's still a 97 Kenworth no matter whats on the chassis.Yes you have to have great chedit but look at it this way.Pay $30,000 for a good chassis(there are a lot around condo or conv)The finance company takes the title and the mfg converts the thruk.If building the truck costs say $90,000-$100,000 your getting a motorhome that the way it was built will be running empty the rest of it's life.Just look at the underpowered new motorhome junk you can buy for$150,000-$200,000 and be upside down it when you drive of the lot. Just my opinion. Since I've driven trucks all of my life I can tell you that if you can drive a class A motorhome you can drive a converted truck it's not that hard and you can take this motorhome to any dealer and he will have parts day or night because the truck is what he sells. Thanks for listening

 

[vapoppa]

amen!--- mase

 

[12PointRacing]

...i was able to find financing for my older unit.

As mine was a smaller unit and already registered as a motorhome, a local RV place was able to finance it as a "consignment" deal. Basically, they made $$ for doing nothing at all, but they were able to get the banks to agree which is all I cared about. So, for anyone in the future looking to finance a topkick/kodiak/FL70 type truck conversion - check for RV consignment dealers as it worked easily for me.

Some day down the road I will be able to build up the real deal on a true tractor chassis, but this one will get me by for a while. Thanks all for the advice.