Should we finance a newer newell with slides or pay cash for an older newell coach? - Luxury Coach Lifestyles
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Old 10-11-2012, 06:08 PM   #1
Ron in South Dakota
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Default Should we finance a newer newell with slides or pay cash for an older newell coach?

Just wondering if anyone has used essex finance credit union? or who has had good luck with who? I hear its kinda hard to get financing right now even if your score is 750-800.? Am I better off with an older used Newell or a little newer coach with slides and a small payment? I was looking at a 1994 newell but if I go the route of a loan I would want to step up to at least a double slide. Whats your thoughts owners?

Thank you for your responses!
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Old 10-11-2012, 07:09 PM   #2
Neweller
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Ron, That is a decision I believe you are going to have to make. You know your financial situation better than anyone else. If you just want personal opinions you will get plenty around here.

I finance very little and am currently shedding a couple larger payments and going back to my older economical ways of paying cash and maybe settling for a little less. If the 1994 is in great condition and you really check it out good, that could be a viable option. If you are very confident that you will always have money coming in monthly than payments, like you stated (small) could be that other option. Those darn payments come around really quick and a small payment on an RV could be $1200 a month. Now you need (recommended) to consider having a maintenance fund in place for covering any future mishaps or major repairs.

I have heard Essex to be a good company, but personally I have never used them.

Best of luck in your decision process and welcome to the Newell talk forum.
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Old 10-11-2012, 07:42 PM   #3
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I understand your idea of wanting to step up and take on a payment to have a newer coach but it really depends on your needs and your financial situation and like Ken said only you can determine that. Good luck!
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Old 10-12-2012, 01:24 AM   #4
Raymond N Priscilla Miller
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I like having no debt so a payment for me is not an option. However, like others have said you know what's right for you.
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Old 10-12-2012, 03:50 AM   #5
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I give my vote to cashing out! The only reason I ever finance is for my business and the gain of tax credits. Period. I realize not everyone always has that luxury but hold your guns to that if at all possible. Even if it means waiting a little longer.
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Old 10-12-2012, 05:24 PM   #6
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If you have good credit and the unit you intend to buy falls within their guidelines, you should not have any problems. It does take at least two weeks for them to process a loan. Essex sells the loan to another bank and usually uses Bank of the West
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Old 10-13-2012, 02:19 AM   #7
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Refi your house and you will get a better interest rate.
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