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!
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!
Awww, come on guys, it's so simple. Maybe you need a refresher course. Hey! It's all ball bearings nowadays.
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
Mark Uhlmann
Vancouver, Canada
'12 Stohr WF1
Awww, come on guys, it's so simple. Maybe you need a refresher course. Hey! It's all ball bearings nowadays.
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
Mark Uhlmann
Vancouver, Canada
'12 Stohr WF1
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!
Awww, come on guys, it's so simple. Maybe you need a refresher course. Hey! It's all ball bearings nowadays.
No personal experience with them but I've heard Lightstream namedropped a time or two in toterhome FB groups.
Longshoit and Probably a wrongshot but have you tried your credit union?
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.
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.
Awww, come on guys, it's so simple. Maybe you need a refresher course. Hey! It's all ball bearings nowadays.
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
Mark Uhlmann
Vancouver, Canada
'12 Stohr WF1
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.
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.
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.
Awww, come on guys, it's so simple. Maybe you need a refresher course. Hey! It's all ball bearings nowadays.
I just did a goggle search on "toterhome financing" and it popped up a bunch of offerings... just saying.
These guys sell used ones with financing.
They may help.
https://www.sporttruckrv.com/default...=xAllInventory
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
Larry H
Santa Fe, NM
4- Elden MK10
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
2-Vector FV's
1-SM Miata
removed
Last edited by Terry Abbott; 08.06.19 at 4:26 PM. Reason: dupicate
Terry Abbott
2-Vector FV's
1-SM Miata
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.
Competition One Racing
racer6@mchsi.com
http://racingrvs.com/
ended up contacting those guys and they were able to put it together. They were helpful and got it done quickly.
Awww, come on guys, it's so simple. Maybe you need a refresher course. Hey! It's all ball bearings nowadays.
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