-
Financing
I’m wondering if anyone has dealt with any lender who finances older Prevost Buses, anywhere from ’99 – ’02, Other than Incredible Bank. Seems like most lenders won’t finance a bus that is more than 15-years.
Thanks for any leads …
-
13 Replies
-
Tim,
Sounds like you just need to find an ’03!
-
Per,
Not for me …. for a potential buyer on my coach 🙂
-
Tim, might try an advertiser who knows Prevost and PC
IncredibleBank
General Customer Support 877-261-4750
Brad Mason, National Lender, direct 906-250-0873
P.O. Box 1182 Wausau, WI 54402
loans@incrediblebank.com
http://www.incrediblebank.com -
excel credit tom bell 407-712-2806 the best
-
Just to clarify about “Incredible Bank.”
I talked to Brad and they DO NOT do private party financing/sales anymore. Something about them getting scammed … which I’m not sure what that means?
You must go thru a dealer for them to get involved, which defeats the idea of of selling your coach on your own in the first place.
-
Tim, have you tried Newcoast Financial Services?
-
The problem with buying or selling a coach is that at some point the age of the coach limits the availability of financing.
The problem severely limits the number of potential buyers and leaves a seller with no choice but to hope someone with cash will buy the coach. Because of the limited number of buyers with cash the impact goes beyond the difficulty in finding a qualified buyer, and devalues the coach because price is affected by supply and demand.
The companies that finance coaches are afraid of older coaches because a coach which is used as security can be a real dog, not worth what is owed on it. It is presumed a dealer involved sale means the coach is less of a risk because the dealer has taken pains to weed out those older coaches that have not been well maintained.
A buyer with cash is in a very strong negotiating position because as a buyer he likely has little competition vying for the same coach so he can offer and often pay far less than what a seller thinks the coach is worth. It isn’t right or fair, but that is the way it is in real life.
-
So Jon,
After talking with several banks/lenders, specifically about financing an older Prevost (more than 10-years), they all said that a plastic RV, like a Winnebago, is easier to get financing on than an older Prevost, since plastic coaches have a book value.
No Prevost has a book value, so many lenders won’t offer financing on them.
That still would never sway me to buying anything but a Prevost, but it’s interesting that lenders shy away from older Prevost vs. your average older plastic coach.
-
The excuse that a Prevost has no book value may be true because there are not enough reported sales to create a database. But that is a little bogus because an appraisal is certainly a valid way of creating an accurate value.
As a layman what I do not understand is if a buyer is financially stable a lender ca find other ways of securing the debt including a second mortgage on a house, using some financial instruments as security, or perhaps involving a dealer to assist with the transaction.
But I can see why a lender can be concerned because in a private transaction it seems it could be easy to get more money in a loan than the coach would be worth.
-
Jon is right again… If the lender is unaware of a Prevost Bus Conversion you can pretty much forget a loan without other collateral, 2nd mortgage, other real property etc.
Jon is also right on the all cash sale. Paying cash for my bus was a strong negotiation tool. What’s the old saying “Cash talks while credit walks”. Something like that anyway?
Maybe a little off topic but I remember someone say and it may have been Jon again. “Don’t buy a used diesel pusher without an extra $20,000 on hand for the unexpected”. Sage advice right there!!!
Harry
-
Yeah Harry like the old saying goes “Money talks and Bullchit walks” Bought my 91 XL the same way, cash, 8 years ago. Of course our coaches are older. Don’t think I would have bought a 5 year old model and dropped a half mill or better and felt comfortable.
-
The first coach I seriously looked at was financed by a small local bank who loaned on the strength of the customer. From that loan the bank became aware of the Prevost conversion and would loan to me as well.
I offer that from the standpoint of contracting the bank who financed the current owner. Maybe they would make another loan on a product they know? It may be worth a phone call.
Harry
-
I used my local bank. They had no idea what a Prevost was, but they were willing to listen. Once educated, they were very easy to work with.
Log in to reply.