HDT loans.. please help - RV-Dreams Community Forum

sunflwrgirl · RV-Dreams Family Member

HDT loans.. please help

MarkS · RV-Dreams Family Member

I bought mine to use as commercial. I will change the registration to private in the next few months. I don't know about financing other than to use a commercial finance company. Typically I believe the term is shorter for commercial loans. I financed mine for thirty months.

Workinrvers · RV-Dreams Family Member

we also had trouble fianancing an HDT. Our bank sent the loan to the personal loan underwriter who denied it because it was a "commercial" vehicle. They sent it to the commercial underwriter who denied it saying since it was not being used in a business it was "personal".
Bank eventually made us a "signiture loan" and gave us the money without collateral. Was a little strange to us they didn't want the truck title to guarantee the loan but it worked out good for us.
Perhaps with your long term relationship with USAA they will make the loan that way. Another suggestion might be a mortgage line of credit if you are still a homeowner.

Good luck,

Phil

Jack Mayer · RV-Dreams Family Member

It is VERY difficult to get a loan for an HDT. The best route has been suggested already - if you own a house and have equity in it take some of that out.

Some credit unions where you have a long relationship "may" loan on a signature basis. It is rare, but it does happen. But for the most part consider an MDT or HDT to be a cash sale.

sunflwrgirl · RV-Dreams Family Member

I am finding that it is Very difficult if not impossible to get the loan for the HDT. It has discouraged me so much into believing I should just do the F450 and move on with it..

I did go to the credit union here on post yesterday and came up with a final answer of them doing a signature loan for 20,000 and I would possibly do a collateral loan for our car of the remainder. The interest on a signature loan does not get me to excited at all.. We would be overloaded with to many interest rates and some being way to high for my thoughts. I believe she say 9%

Jack Mayer, I have been looking over blog and learning so much about the HDT concept. Enjoying your read very much and want to thank you for taking the time to write.. ;)

Racerguy · RV-Dreams Family Member

I wouldn't go on the road with too much debt....It will take a lot of the fun out of it.

sunflwrgirl · RV-Dreams Family Member

I do agree with you very much Racerguy. We have a limit as to what we would be willing to give up. No doubt we will be workamping and finding odd jobs here in there still but mostly to fuel our rig for long trips. I feel also though that we should do some lil odd jobs here and there to also keep our mind going as well. falling to far into retirement is a scary thought to me in health concerns. I say this as I watched my dad go through some hard times from not working before he past two years ago.

sunflwrgirl · RV-Dreams Family Member

Lil update here.. Looks like we got our loan. Finished with a signature loan which the interest is not like an auto loan, but nonetheless we are happy. Going this week to test drive and check out our new toy. Thank you to everyone for the help and confidence to stay with it. Persistence is always key ;D

Lucky Mike · RV-Dreams Family Member

H a P p Y.........H a P p Y Day!!!!!!! glad to hear your success!!!!!!!

sunflwrgirl · RV-Dreams Family Member

Thank you Lucky Mike. It does feel like a very Happy Day. lol Im just still not relaxing till I know that the rig is good and we have exchanged money. ;p

Workinrvers, it has been so intense this past week and extremely busy, but I am truly happy with the outcome so far. I did check with Progressive to (we are military and USAA put us with Progressive) though I have not confirmed with them that we are happy with their offer. After reading on Escapees, I am going to keep searching. Progressive is saying nearly 1,000 a year for each 5th wheel and tractor. Looks to me like we can do much better and even be able to use the tractor without the 5th wheel. I have State Farm as my next in line to call..

As for the HDT we are looking at, it comes from the escapees site. I believe he goes by ld271. He has a 2001 Volvo VNL660 he is selling. I believe it is a great choice for us as it is already complete for RVing. I will attach this site for pics. Maybe you all have more information for me to think about on it too. The guy does seem like a good guy. I will admit, it feels truly odd to buy a vehicle with nearly 600,000 miles on it.. lol But is understood this is norm in purchasing HDT's

http://s1053.beta.photobucket.com/user/ld271/library/

It's a 2001 Volvo VNL660HDT Class 8 singled out. Registered as motorhome. 465 H,P. Volvo diesel with engine brake and exhaust brake, Fuller 10 Speed Auto Shift, Air ride suspension, 6 aluminum accuride wheels, 723k Miles. Has EZ Floater 32 K double pivot air suspension ride fifth wheel. Jackalopee box. Minimizer poly fenders. New complete exterior paint. Just had oil changed. New shocks. New rear brakes. Tires in good shape. Power mirrors, dual A/C's, power passenger window. Has double bunks, planned to put in couch but haven't done it yet.

Edit by moderator: Corrected link to Photobucket account with pictures.

-- Edited by sunflwrgirl on Monday 5th of November 2012 08:53:34 AM

-- Edited by Terry and Jo on Monday 5th of November 2012 06:17:39 PM

Workinrvers · RV-Dreams Family Member

Congrats! It's not an easy process trying to get people (banks, insurance etc) to understand our lifestyle sometimes but looks like it worked out well for you.

What kind of truck are you looking at/buying? Keep us updated on your progress and maybe some photos?

Phil

Workinrvers · RV-Dreams Family Member

We insured our HDT/5er combo with Allied. No restrictions for "bob tail" like Progressive seems to have. We went through Farm and City Insurance in Iowa found in the HDT Resource Guide on Escapees.

Phil

Terry and Jo · RV-Dreams Family Member

Phyllis,

I'm not sure how it will work out for you with regards to registering the HDT. While it is registered as a motorhome in the current state, what will your state of domicile consider the truck to be? I've never had any experience with tn HDT being used as an RV, so I suggest you check it out.

Terry

sunflwrgirl · RV-Dreams Family Member

Soooo back yesterday from purchasing the HDT. Happy that all went well and very pleased with our new (used) toy.. ;) Going back the 29th of November to pick our HDT and 5th wheel. Really happy that things are going along as they are. Though in no way will I say this has been easy ;p

Workinrvers.. gonna start digging in deep on insurance quotes this week. The previous owners of the rig used GMAC branched off from Good Sam for theirs. I dont mind checking into them, only that it does not seem I hear so much good.. I will also give your Allied a call and see what I can come up with. We have not completed our thoughts on using our 06 Honda accord to bobtail. We are the only owner of this vehicle and have taken great care of it. Really don't want to part with it ;) Thinking maybe later to look into mounting the smart car, but not in a rush at this point.. I do also want insurance that will allow us to use our HDT as a single vehicle without the 5th wheel attached. Just in case...

Terry, Already checked into the registration before driving to check out the HDT, but thank you for looking out for us. ;) Oregon says its all fine and gave me the forms to download and fill out so that I can get on that as soon as possible. Plan to do that this week as well. Basically they use the weight of the HDT and the 5th wheel each to figure up fees for everything.

Workinrvers · RV-Dreams Family Member

looks like the hard part is over! Enjoy!

Phil

sunflwrgirl · RV-Dreams Family Member

Thank you Phil! I am feeling allot less stress lately too ;p Looking forward to get it all here and move in biggrin