Hey biz, need some money advice

Supergrass
Supergrass

Hey biz, need some money advice. 28 year old male. I have never borrowed or owned a credit card. I want to buy a class b or class c motorhome to live in. I need 10-15k for a decent shape model. Whats the best way to get a loan on this? between college grants and tax refund I should have 4000 dollars a year of extra all at once cash to dump in if i have too. Rv loan? Personal loan? How fucked am i on interest if its even possible? Also my brother has a car loan where you have a maximum payment or they hit you with a steep fee. Is this common?

Evil_kitten
Evil_kitten

bump?

likme
likme

hey user. go to a dealor. those guys will do their absolute best to get you that loan. their sale depends on it. autoloans are an entry level loan and a good way to build credit. im not sure if rv's count but the guys at the dealership will let you know.

Emberfire
Emberfire

Call Western Sky Financial, they will be more than happy to help you out.

BlogWobbles
BlogWobbles

Don't do this.

VisualMaster
VisualMaster

I am aware of payday lenders, also aware of indian mafia money scams.
I'll give it a shot. Should I try for a credit card?
I'd like to get the best deal possible. Although I want to rapidly repay it. A 150-200 dollar payment a month would also be easy. Could do 250. Tired of rent.

SomethingNew
SomethingNew

I'll give it a shot. Should I try for a credit card?
No!
You'll probably only get a shitty high interest "secured" card meaning you'll need to make a cash deposit as collateral.

The autoloan is easier to get than a credit card and will have a better interest rate. It is THE entry level loan. If you do well with it, you'll then be able to get an ok credit card rather than a scam card.

Snarelure
Snarelure

Also applying for a credit card will do a hard pull on your credit report. Anything you'd actually want you won't meet the requirements for and these hard pulls will negatively affect your credit.

Stupidasole
Stupidasole

I see. My brother says he thinks his is 6%, he had bad credit i think. Seems like an rv loan is just a hair more in interest.

Need_TLC
Need_TLC

What about a personal loan from my bank?

Harmless_Venom
Harmless_Venom

You have to have the worst tier of credit to actually get denied. You have no credit correct? Also how much do you have to throw in today and what's the average cost of the ones you're interested in?

idontknow
idontknow

This is essentially what an autoloan is. Wells Fargo and big banks do them. The dealership will have a finance guy who works directly with the bank. He will lie for you to get the loan through if he has to. Do you have proof of income?

CodeBuns
CodeBuns

Yes I am employed and I can provide paychecks or w2s.
I am currently saving up. Towards spring of next year I could have....maybe 5000. Getting at least 1500 dollars a semester back from state and federal grants.

AwesomeTucker
AwesomeTucker

You might be able to get a full loan if your income is ok. How much do these things cost?

Crazy_Nice
Crazy_Nice

used is always best. You can haggle for 20% of new msrp but a lightly used 5 year old motorhome with under 50k miles is typically 50-60% less than msrp. 15k would net me something comfy and in good shape.

w8t4u
w8t4u

You can always go to the dealer and ask about used models. Tell them upfront what your financial situation is and that you have no credit. Not bad credit just no credit. They might be able to make it work for you.

Emberburn
Emberburn

True, I will keep saving up in the meantime. Sure they will want a down payment and closing fees etc.

Flameblow
Flameblow

Also if you do end up going for it, take a hard look at the bill once they give it to you. Question everything on that list and ask them what it is. Tell them you don't want it if you're unsure of what it is. They always sneak in shit and tell you it's standard procedure. Don't trust them. Tell them you want it off. They might say they're taking it off and come back with a new bill with it still there. They are nice guys but they sell shit hard. So hard you might not even realize you bought it unwillingly. Remember the deal is not complete until you drive it off the lot. Literally. You can walk away after signing and as long as that car is on the lot, you didn't buy it.

Supergrass
Supergrass

Noted. Although with better credit they won't have as much leverage over me. Kind of feel like i will be in a weak negotiating standing with no credit.

BlogWobbles
BlogWobbles

The deal with an autoloan is that you don't need credit, just proof of income. Most people's first loan/credit is an autoloan.

Supergrass
Supergrass

Also it's not a leverage thing. You just say no. You can come in and these guys will spend hours talking to you. That's how valuable you are. Don't forget that fact. At the end of the they'll take a $15k buy over losing it over hardball for $15k+3k in bullshit charges. There are a couple things like tax and registration that you'll absolutely have to pay but shit like theft coverage and detailing fees are bogus.

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