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shoutout – Incredible Bank
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Rate was very competitive on my 16 year old coach. Don’t be put off by the regs on the web site. Talk to Brad Mason and see what he can do. They did not request one but I had an independant appraisal done and supplied it to them. Don’t know if it swayed them or not. Of course percent of down payment will make a difference. I offered 1/3rd. If you are looking for financing, give them a call. BRAD Mason 906 250 0873. Good luck! Happy New Year!
Doug
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my rate was the same I had for a 8 year old motorhome, although the Prevost was 7 years older.
I know for me when we discussed the amount of the coach it was “it cash flowed” so – to me it had a lot to do with income.I agree – it should be a talk to brad and let him look at the particulars of the complete deal. My purchase was from a dealer that he knew, in fact he knew most of them already.. I heard of Brad originally from Mike at Featherlite – but he has an ad on Prevost – stuff.
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Hi Jim,
Excess cash flow refers to a financial measurement in a the loan agreement which activates the requirement for mandatory prepayments of the loan. Excess cash flow as a rule reflects the amount of money or cash flow a company generates from operations after it has paid dividends and taken care of essentials like plant and equipment maintenance and other capital expenditures.If the financial results of the borrower indicate that it has excess cash flow, then the loan agreement typically requires 50% to 75% of that excess cash flow amount to be used as a prepayment of the outstanding loans of the borrower under the loan agreement.Some lenders look at this differently than others. But the main event is if you have excess cash they want to see it invested.Harry -
Gee Harry, it sucks that we own our bus and own all 33 of our cars, and 6 Airstream (two are projects yet to happen)
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So you have excess cash flow and they penalize you for being a good business man. What BS.
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All banks want two things. First, for any loan they want security in the form of assets they can seize if a loan ever goes bad. While they never ever make unsecured loans they still never want to have to seize those assets because they are not in the business of owning cars, homes or businesses.
So the second thing they want is to know the borrower has sufficient income or business receipts to pay back the debt. They have folks that work in the back room who take the data they collected and plug that information into formulas that are used to predict there is an ample amount of income that can be used to retire the debt. If they do not understand an applicant’s business or have a way to prove sufficient cash available for loan repayment they consider the loan too risky.
It’s magic and everything works if the borrower is “average” and fits into the profile, but if a borrower is outside of their model of a no risk account they will deny a loan. The only solution is to walk away and try elsewhere.
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From our experience, they all use the same model. Some are more adept to marketing. I must be mistaken, but isn’t a bus an asset they can seize ? We learned during the last bus purchase, the bank model is the only model. So, we paid cash for it, and will do the same for our next coach with slides. The point being, having cash laying around at 000001% interest is a benefit to me. Silly me
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The first thing I did with my first business was pay everything off owning no one. My CPA and the financial world said that’s foolish, you need to use other people’s money. I never did! My businesses paid cash, not some of the time… All of the time!
About 15 years ago I decided to get my credit score up because if you don’t use credit you don’t have a report. So I got a couple credit cards, a couple small bank loans and now we’re all happy at the 800 level. So… Be in hock up to your eyeballs but pay your bills on time and the credit community loves you. Pay your bills on time and have bundles of cash and you’re a deadbeat.
I’m with you Jim, my cash stays with me to invest and do with what I want. And do remember one thing and you know it as well as I do. Many in the financial community are now and always will be “CRAZY PEOPLE”!
Harry
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Sitting on a ton of cash is kind of silly, so while we have cash on hand to go a little crazy at times, the purchase of a bus is just a decision on what investments I want to liquidate so I don’t have to beg anyone for a loan.
I have no clue what interest rates on loans are, but I don’t think I have ever seen a period when the average earnings on investments was greater than the cost of borrowed money. I don’t care what my credit rating looks like.
I remember the good old days when the banker knew you were an honest hard working person that paid off debts, and the loan process was walking in the bank, saying you needed to borrow some money for whatever, and in less than 10 seconds he made the decision to offer you the loan. Today you have to make the nerd in the back room convinced the loan is a good deal for the bank, and you never get to meet the nerd.
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Jon
thats what I don’t get. We have a stellar record. If the “excess cash” prerequisite is ability to pay off bus note at anytime, why would we try for a loan. We weren’t given any perimeters for “excess cash standard”. Just given that reason for rejection
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When you’ve lived a long time, you’ve heard some things. Here is one: “A bank is a place you go to borrow money once you’ve proved you don’t need to”.
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Jim, part of the problem may be attitude. Not yours, but the bank?
A long time ago it was a bank officer at the bank our company had its accounts at that went out of his way to tell me how many nights we could spend in a fancy suite in Las Vegas for what our bus was going to cost us in terms of depreciation, insurance, fuel, repairs, etc.
He never stopped giving me attitude.
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Okay, enough with the banking questions. Time for important stuff.
What have you guys found for your next last coach and what is happening
to our sister coach?
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John and Terri
Leo, aka 0593, is fine. We love thd coach very much. But using it a bit differently now, having bought a lot several years ago at Outdoor Resorts Indio. Previous three years the December thru February has been cold dreary and wet. Not conducive to sitting outside in our roof only living room or kitchen watching TV reading or yacking with neighbors. That’s the reason for going back to a 45 with slides. But the current crop of sales coaches beside the one we made an offer on last month don’t make us spark. We love our little rocket w/500 hp. After emission test last fall Transwest truck told us Leo is producing close to 355hp at the tires. And…..we love our long range fuel tank. 1600 miles between fills! So, for now your sister Coach is fine and will be going to the Amira Loma bus spa the end of April
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Jim & Chris,
Good luck in your search. 0592 has been at TGO in Titusville since November.
Not a very warm winter there either. Hope to see you guys on the road.
We miss you.
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