Any MV Friendly banks to get a loan to buy MV's??

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Beagle_Hauler
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Any MV Friendly banks to get a loan to buy MV's??

Post by Beagle_Hauler » Tue May 24, 2011 6:58 am

I've found a great looking GPW for sale and would like get a loan instead of dipping into my savings, but one bank wants 13% interest for an unsecured loan, another wants 10% if I borrow against my savings (yeah, borrow my own money and charge me ten percent..yikes!) and my credit union will go 5% if it passes their appraisal (hope their guys knows his stuff..). Being new to the MV ownership game, are there any established financial institutions that cater to MV's? How about insurance companies? Do any specialize in our markets?? Any info helpful, thanks in advance! ~Mark

PS I've also posted this in the general forum so if it's inappropriate here, pls delete.

thornicus
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Re: Any MV Friendly banks to get a loan to buy MV's??

Post by thornicus » Sat Nov 19, 2011 8:58 pm

Sir,

Have you tried USAA, i am a member there and they approved me for a loan on an M38A1. I believe that the limit was 4500 though


Rich

HellonwheelsV100
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Re: Any MV Friendly banks to get a loan to buy MV's??

Post by HellonwheelsV100 » Tue Nov 22, 2011 1:09 pm

I just got a loan to buy a MV from First Tech Federal Credit Union here in Beaverton/Hillsboro. There was a catch though- with no title and no Kelly Blue Book, they would only do a personal loan. I ended up using my truck as collateral for the loan and got a 3.99% rate for up to 84 months.
According to the loan person, they could loan on an MV IF there was an appraisal done on it, and it had proof of value, and looked easy for them to sell if you defaulted on your payment.

Not sure if that is any help or not.
Dave Chaney
MVPA/MVCCO
Scappoose, OR
CadGage V100 (in restoration) M75 APC (co-restorer-1st Place MVPA 08 restored class), M114 (1st Place MVPA 08 Motorpool class), M151A2 (sold), M38A1, CadGage Scout, Ferret Mk 2/3 (sold), Chenowth FAV

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