Toterhome Financing?

[HazelNut]

Anyone have a leads for brokers/lenders for toterhome financing? Normal RV lenders won't do loans on em and I'm having difficulty finding a lender who even knows what they are and is willing to do them!

[lowside67]

Anyone have a leads for brokers/lenders for toterhome financing? Normal RV lenders won't do loans on em and I'm having difficulty finding a lender who even knows what they are and is willing to do them!

Perhaps a lender that does commercial highway trucks might be the way to go? I'd go talk to a dealer for the toter, I am sure they will know; even if you intend to buy a used one from a private party, a quick chat can probably narrow this down for you quickly. Why not access equity in your house to finance it instead of a "toterhome specific" loan?

-Mark

[HazelNut]

spoke with a dealer, he's got a few options for doing private party purchases. I'd still love any suggestions for brokers/lenders though!

Why not access equity in your house to finance it instead of a "toterhome specific" loan?

that would be a hard no! i keep racing totally separate from everything else.

[lowside67]

that would be a hard no! i keep racing totally separate from everything else.

Fair enough. I am an accountant by education and banker by trade so I find it hard to justify not accessing the lowest cost of capital and most flexible terms, which will always be your home.

If you are personally signing for a loan on the toterhome, it is going to affect your credit all the same as your personal mortgage and a default on that loan would make them easily able to access your home in a bankruptcy scenario, so it really is all the same.

But to each their own and good luck!
-Mark

[HazelNut]

def not a bad idea. i just like to keep racing and everything else separate. Usually I buy all my racing stuff outright. Also I'm in a bit of a time crunch to get this deal wrapped up as I need the truck to get through the rest of this season. Definitely wasn't expecting to be buying a new truck mid season!

[Daryl DeArman]

Usually I buy all my racing stuff outright.

That's the best practice, so why change the approach?

Have you considered renting something on a short term basis to fill the immediate need until you have cash to buy what you want? Or even pay a shop to transport and prep car until you have cash?

[pursang]

No personal experience with them but I've heard Lightstream namedropped a time or two in toterhome FB groups.

[Steve Demeter]

Longshoit and Probably a wrongshot but have you tried your credit union?

[BeerBudgetRacing]

Fair enough. I am an accountant by education and banker by trade so I find it hard to justify not accessing the lowest cost of capital and most flexible terms, which will always be your home.

If you are personally signing for a loan on the toterhome, it is going to affect your credit all the same as your personal mortgage and a default on that loan would make them easily able to access your home in a bankruptcy scenario, so it really is all the same.

But to each their own and good luck!
-Mark

Defaulting on a toterhome is a long way from bankruptcy for one.

But, I have always lived by the "never risk your home" scenario. And a mortgage is only part of your "home".
Spouses rarely find losing a home - because of a hobby - acceptable.
And the same goes for intangible investments.

And that doesn't even touch the problems muddying the 'basis' of your home, deduct-ability limitations of interest due to use of funds and statutory dollar limits in the new tax code.

I rarely put anything racing even on a credit card. You can never win that spousal discussion.

[HazelNut]

That's the best practice, so why change the approach?

Have you considered renting something on a short term basis to fill the immediate need until you have cash to buy what you want? Or even pay a shop to transport and prep car until you have cash?

Renting tractors is a HUGE pain in the ass and expensive.Been using hotshot truckers but they only get me to staging lots not to paddock load in. Rest of teh season is a west coast swing so I need my own equipment again.

can't justify tying up that kind of cash on a toter vs. long term financing. this is a biz expense now anyway.

[lowside67]

Defaulting on a toterhome is a long way from bankruptcy for one.

But, I have always lived by the "never risk your home" scenario. And a mortgage is only part of your "home".
Spouses rarely find losing a home - because of a hobby - acceptable.
And the same goes for intangible investments.

And that doesn't even touch the problems muddying the 'basis' of your home, deduct-ability limitations of interest due to use of funds and statutory dollar limits in the new tax code.

I rarely put anything racing even on a credit card. You can never win that spousal discussion.

To be clear - I said if it is a personal asset and you are signing the loan in your personal name, ultimately they have recourse to all of your personally held assets including your home. I completely agree that it is a long way between those two processes, but that doesn't mean I am wrong. As always - your tax professional and lawyer should be the ones giving you this advice with the context of your specific life, but this is my understanding at a "universal" level.

-Mark

[Purple Frog]

Nut,
You said it was a "business expense".
If you have a business and its a LLC or some sort of corporation, surely you have a bank through which that business is conducting its financial transactions. (unless you are doing everything with Bitcoin )
So start with a phone call to that bank's lending officer.
That person has a lot of resources.

[BeerBudgetRacing]

To be clear - I said if it is a personal asset and you are signing the loan in your personal name, ultimately they have recourse to all of your personally held assets including your home. I completely agree that it is a long way between those two processes, but that doesn't mean I am wrong. As always - your tax professional and lawyer should be the ones giving you this advice with the context of your specific life, but this is my understanding at a "universal" level.

-Mark

I agree - you aren't wrong, but the perpetual habit people have of borrowing against their home is bad. I've seen judgments against businesses pierce the corp veil and end up as liens against a shareholders home because they had a habit of repeatedly funding the business through home refinance. It's easy to borrow against for sure. And the rates are great - looks smart on paper.

People rarely talk to their independent advisers first. And yes, I have a problem with banks and their borrowing advise. It's like getting stay sober advise from a bartender.

[HazelNut]

Nut,
You said it was a "business expense".
If you have a business and its a LLC or some sort of corporation, surely you have a bank through which that business is conducting its financial transactions. (unless you are doing everything with Bitcoin )
So start with a phone call to that bank's lending officer.
That person has a lot of resources.

big national bank. useless for stuff like this that's outside the box. they'll do a straight up biz loan but the term is short.

[cjahn]

big national bank. useless for stuff like this that's outside the box. they'll do a straight up biz loan but the term is short.

Try a local community bank. I work for one that has 30+ locations and thinks outside the box. While we are nationally chartered we don't typically loan out of the area.

Cj

[Daryl DeArman]

If the toterhome you are attempting to acquire is titled as an RV try GoodSam RV financing.

I suspect you are having a difficult time obtaining financing to your liking because it's a terrible idea to loan money, secured only against a title, on a rapidly depreciating asset that has a very small resale market. Especially an asset that would be fairly expensive to locate and recover.

[marshall9]

Fair enough. I am an accountant by education and banker by trade so I find it hard to justify not accessing the lowest cost of capital and most flexible terms, which will always be your home.

If you are personally signing for a loan on the toterhome, it is going to affect your credit all the same as your personal mortgage and a default on that loan would make them easily able to access your home in a bankruptcy scenario, so it really is all the same.

But to each their own and good luck!
-Mark

No.

[marshall9]

To be clear - I said if it is a personal asset and you are signing the loan in your personal name, ultimately they have recourse to all of your personally held assets including your home. I completely agree that it is a long way between those two processes, but that doesn't mean I am wrong. As always - your tax professional and lawyer should be the ones giving you this advice with the context of your specific life, but this is my understanding at a "universal" level.

-Mark

Wrong again. No chattel lending in the US anymore

[Daryl DeArman]

No chattel lending in the US anymore

What 'chu talkin' 'bout Willis?

Are you saying it's a terrible idea (I believe it to be a terrible idea) or that it's not possible?

My very basic understanding of chattel is that it is any personal property that you can move, certainly an automobile is chattel.

[HazelNut]

If the toterhome you are attempting to acquire is titled as an RV try GoodSam RV financing.

tried goodsam, the issue is that it's not exclusively an RV, apparently the gooseneck hitch puts it in a different asset category. I've heard this from a few different RV lenders, hence I'm asking for lenders that have dealt with toterhomes specifically

[Daryl DeArman]

tried goodsam, the issue is that it's not exclusively an RV, apparently the gooseneck hitch puts it in a different asset category. I've heard this from a few different RV lenders, hence I'm asking for lenders that have dealt with toterhomes specifically

I am assuming you tried the lienholder (if there is one) listed on the title. If lien-free title, perhaps the owner can tell you who they utilized, unless they paid cash.

[HazelNut]

I am assuming you tried the lienholder (if there is one) listed on the title. If lien-free title, perhaps the owner can tell you who they utilized, unless they paid cash.

yup. looks like they had private loan on it.

[Purple Frog]

I just did a goggle search on "toterhome financing" and it popped up a bunch of offerings... just saying.

[BeerBudgetRacing]

These guys sell used ones with financing.
They may help.
https://www.sporttruckrv.com/default...=xAllInventory

[lch Racing]

I have used https://eboatloans.com/, several times and they are very good. They do large yachts to RV's. Did my 45' Haulmark. Be advised the Blue Book is usually significantly less than asking price due to a low amount of unit turnovers,and dealers not reporting accurate data.
Larry

These guys sell used ones with financing.
They may help.
https://www.sporttruckrv.com/default...=xAllInventory

[Terry Abbott]

unless the toter is made by the manufacture has to be listed in a NADA book ,not converted its easier to get a loan but its still a PITA, converted toter are almost impossible to get a loan on because the vin says its a straight truck chassis and has no value.

i tried for weeks on a converted model and gave up, ended up with a 40' pusher

[Terry Abbott]

removed

[SStadel]

I was lucky enough to have a good relationship with my banker. When I bought mine (toterhome and trailer) 14 years ago, I was given a 20 year loan (I think, maybe 10). It made it affordable to own and luckily I was able to pay it off way early. My bank was a small regional bank though.

[HazelNut]

http://racingrvs.com/


ended up contacting those guys and they were able to put it together. They were helpful and got it done quickly.