Tuesday, October 19, 2010

RV loans - whaaaas up with that????? and Katie's warm sweater

I'm doing some preliminary work to see where I can get an RV loan, and what the interest rate would be.  What I've found out so far is that some financial institutions won't lend on a used RV, others will lend only if it's a certain limited number of years old, and at the RV show on Saturday I was talking to a credit union rep and found I can get a better rate if I borrow more money than I want.  

I have great credit, have owned homes all my life, and yet I feel "less than" because I want to buy an RV that's not new or expensive. 

Why should I have to borrow more than I want or need to get a lower interest rate?   I've been really surprised at the information I'm getting.  I could put the whole thing on a credit card for less interest than some financial institutions have quoted me, like my own bank, who I've been with for years.  They offered a ridiculously high rate at an extremely short term.

I'm very disappointed in my local bankers. : (    At one bank I was told he could offer me a lower rate if I applied for a personal unsecured loan instead of an RV loan.   Whaaaas up with that?????

This is a sweater that was hand knitted by my friend Alice for Katie, then she embroidered a square with her name and sewed it on the neck.  This is the warmest sweater Katie has, and on the really cold days, I'm sure glad she has it.

Katie loves wearing it, but we only use it when it's really cold.

It's very thick and covers her well, and keeps her dry if it's raining.

Isn't it cute?

We woke up last night to rolling thunder and blasts of lightening.  Lots of rain.  It's been dreary and dark, raining on and off, all day.  At work, when I went to my car to get something this morning, I saw this guy in front of the car by the building, with rain on his web.  If you click on it, you can see how detailed the web is.

 Isn't it pretty?  I'm not a fan of spiders, but I'm fascinated by these huge guys and their webs.

From me and warmly dressed Katie, have a great Tuesday evening, everyone!  : )


  1. I wish my Kerry is as good as your Katie! Early in this (past) spring we gave him a short haircut but the weather stay cooled, everytime I put on a sweater on him, he would find a way to take it off. Such a pain!

    Oh I absolutely afraid of spiders, also lizards, roaches, worms, centipillars, bugs, etc. etc....

  2. I know all of this is personal business, but it it also helpful for those of us who will follow in time.

    We aren't quite there yet, and when we do get to the buying point I'm not sure if we will just purchase one outright (taking money from the 401K, or get a loan.

    I have heard that you can deduct the interest on an RV as a second home. Have you heard that?

    Since you are thinking about renting out your condo, is it possible to get a second mortgage loan on it instead of the RV?

    I have also heard that it is better to get the loan before you retire.

    Of course all of this was from the mouths of RV salesmen who wanted a deal NOW after I said we weren't buying until next year.

    Please keep writing about what you learn.

  3. Katie is cute, her new sweater makes her look like she is wearing an armadillo costume.

  4. Love the new sweater, and of course, the spider. I have also heard that it's next to impossible to finance a used rig. Doesn't make any sense to me - it seems like the used ones would depreciate less than the new ones and they would have more security, because it would be less likely to get "upside down."

  5. Are you a member of the Good Sam's? I got a renewal notice and in the brochure of benefits they mention RV loans at good interest rates. If you haven't already, it might be a good idea to see what they have.

  6. Great comments!

    Yes, you can deduct the interest on an RV as a second home. I think it has to have a kitchen and bathroom to qualify.

    I can't get a second on my condo. Even with the 20% I put down, I'll be lucky to walk away not owing money when I sell. I've lost all my equity in this market. At least, for now.

    Yes, I have also heard I should get the RV while I'm a homeowner, don't know why, but that seems to be the case.

    I'll keep writing as I learn more.

    YES, that's exactly what she looks like, an armadillo. Maybe that's what she'll be for Halloween! :) THANKS!

    I have already joined the Good Sams. Thanks for the tip, I'll check them out when the time gets closer. They should be more RV friendly than a bank or CU. :)


  7. You might try Commerce Bank. In 2004 we got a loan from them on an 86 Airstream. They were somewhat reluctant but we convinced them it was safer for them than a huge loan on a depreciating asset.



Thank you for your comments - we LOVE them!