Thanks for breaking down the options you have explored. It appears that at times one has to get creative with financing to be able to pay for in full an out of the country trailer that you do not yet have possession of!
I'm currently in talks with my local credit union whom now won't send a payment out of the Country for a trailer I won't have possession of until September. So we're exploring other options with them that will be a little more work up front but will be a guarantee the trailer will be paid for in full by our completion date. Something that I don't want to trust to Essex.
Originally Posted by GRINGOandTICA
Essex sucks hands down. I bet I've dealt with the same loan officer. I only got her on the phone after I complained to management. The terms of an RV loan are nice if you are looking to pay it off in 15yrs. I really don't see much of a tax right off, but yes one exists.
I don't have 5 weeks to try closing a loan, so I will share my options.
1) pension loan at 5%, lenght is short so payments are high.
2) take a loan from my 457 plan, 5.5% interest rate that I pay back to myself. Not sure of the lenght, waiting to hear back.
3) personal loan from a credit union. 72 months at 5.5%.
Something else that turned me off about Essex is the rates are high unless you borrow more than $25,000. Up around 9%.
I've never made a minimum payment in my life, so terms of a loan don't really concern me, but in case of an emergency I like to feel comfortable with the payments.