Buying New Home on wheels
| Listing Information |
| Amount: | $10,000.00 |
Status: | Loan created |
| Grade: | B |
DTI: | 10% |
| Lender Rate: | 14% |
Borrower: |
homeless11
|
| Time Left: | Finished |
State: | CA |
| Funded: | 100% |
Group: |
(No Group) |
| Loan Information |
| Loan Status:
| Current |
Origination Date:
| 2007-08-06 |
EricsCC ROI:
| 10% |
| Status History |
| Aug 04, 2007 |
Current |
The purpose of the loan is to provide financial leverage in dealing with banks and dealers in buying a new motorhome for my family. I live full time in a motorhome. This is both a choice and somewhat a necessity as I have to live close to my employer in order to respond to emergencies ( I am a cardiac nurse) and I cannot afford a house in the SF bay area where fixer-uppers cost $600,000+. I live in a 32ft motorhome that is nearing the end of its lifespan. I have a new addition to the family a baby girl. I rent a space that is in a good location for me. I have lived the motorhome life for a long time now--I know all about them and know what I need--but it isn't cheap, and motorhome buyers are regarded as marks by the dealers and lenders as these are usually considered luxury items and they want your entire retirement fund and first born. Try to get cheap on them and you get the bums rush. But for me its a way of life and a home.
I make a good salary and have steady employment, almost guaranteed. I would literally have to kill someone (joke) to lose my job and get regular cost of living increases even if I don't advance in my profession. But that is not me, I am very active, a member of my professional association, and continually strive to increase my knowledge, so I also get merit raises from time to time also. I have also taken an interest in getting rid of all credit card debt, and recently succeeded in doing so, with the exception of some added on this month due to a long overdue vacation. So at this time I do not have a lot of cash on hand. If I am funded I will not just plop this money down to make a deal--I have a long history of dealing with the above named dealers and banks and plan to give them as little as possible. Any excess I will turn back into one of the funds here or use to help someone else here.
My monthly income after taxes, insurance, retirement, etc is a minimum of $5,200. I frequently work overtime and so it can be as high as $6,500. My current motorhome is paid off and my space rent is $650 mo. Insurance for car and motorhome is about $120mo. Car payment is $360mo and gas, maintenance is about $200 mo. Utilities are very low in this lifestyle--about $100 mo. Phone and internet are about $160 mo. Food--my wife cooks at home mostly--$400-500 mo. Entertainment varies, I buy lots of movies but don't go out too much, so $300-400 mo. Maintance on this motorhome can also run $200 mo average, I have had to replace major appliances, rebuild floors, put in new cabinetry. Additional clothing, household expenses maybe another $200 mo. I get a total of $2,590. Did I miss anything? So there is plenty of room to pay off a loan right now |
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