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Old 05-17-2017, 12:27 PM   #1
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Anyone Financed a used Skoolie?

I am looking a few used Skoolies on Graig's list and Ebay.
Has anyone tried to finance the purchase of a used Skoolie?
If so, where and what was the process?
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Old 05-17-2017, 12:44 PM   #2
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Originally Posted by Lonejack View Post
I am looking a few used Skoolies on Graig's list and Ebay.
Has anyone tried to finance the purchase of a used Skoolie?
If so, where and what was the process?
Financing is for suckers. A running bus is like a grand or two.
I did buy my buses on my Discover card, so technically that IS financing. But I had the cash to pay for them, only used the card because it was an online auction.
The bus stealerships in tampa will let you do layaway. But they charge you literally 5-10 times what the bus is worth for the privilege.
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Old 05-17-2017, 12:50 PM   #3
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I took out a personal loan from PenFed for the whole conversion. The small monthly payment is an eighth of what my rent was previously.
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Old 05-17-2017, 01:21 PM   #4
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Thanks warewolff,
Are You finished with Your conversion?
As a senior, I once had resources to build my bus. No more, since 2008.
Did You have a hassle about financing the bus or did they ask?
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Old 05-17-2017, 01:50 PM   #5
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Most of us here save up a few grand and buy a bus for a few grand at a bus barn. The alternative is going to a dealership where you'll pay multiple times the cost of a bus from the bus barn. Some people feel more secure buying from a dealer, and as mentioned dealers can often provide financing. I guess it kind of depends on which side of the tracks you're from.

Now that you're retired you're on the same playing field as many of the rest of us. It's not only possible, but it's a good long term project for retirees. Then you can go out and drive around the country, visit the big parks or whatever you need a home on wheels for.

So financing is available, but the cost of the vehicle will likely be four to five times the cost at the bus barn. It's not a hard choice based on low incomes.
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Old 05-17-2017, 05:00 PM   #6
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I got a 401k loan.
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Old 05-17-2017, 05:07 PM   #7
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I used a HELOC to purchase the entire project. Interest rates are super cheap and with HELOC rates being a couple point above prime im paying like 5.5ish percent. Since I am paying for the bus as it gets built the overall price that is being assesed for interest is low and the interest is low.

So while I have a 10k HELOC it just now hit its highest mark of like $5.4k. Another nice feature is I leverage Home Depot's interest free and then when the time is up on the Home Depot promotion I simply pay it off with the HELOC. I also will never miss out on a great deal because I have the money at hand anytime I need it.

My monthly payment is like $60 bucks a month or something and I even have a debit card attached to make online orders simple. We do buy some stuff with our regular monthly money and each time we consider it as a payment on the bus since we are not charging that expense nor paying interest on it.

Hell I even charged the bus on the debit card when I won the online auction. This project has been super easy to afford and manage handled this way.
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Old 05-17-2017, 09:11 PM   #8
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you shouldn't have to work on anything you finance. the finance company doesn't want a project. be prepared for a couple-four grand for the bus and a couple-four grand a year afterwards.

5 years at 4k per is a $20k rig

i've owned my 7 now and its still as expensive as it was at first.

without cash to make the project move forward its just a money pit in your driveway that eats your soul.

i had to raise my income to meet my bus needs.

do it! convert a bus! it'll be cheap! i thought. its not.

finance a new finished rig.... probably cheaper in the long term.

build your own if you got time, skills, and cash.
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Old 05-18-2017, 10:57 AM   #9
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you shouldn't have to work on anything you finance. the finance company doesn't want a project. be prepared for a couple-four grand for the bus and a couple-four grand a year afterwards.

5 years at 4k per is a $20k rig

i've owned my 7 now and its still as expensive as it was at first.

without cash to make the project move forward its just a money pit in your driveway that eats your soul.

i had to raise my income to meet my bus needs.

do it! convert a bus! it'll be cheap! i thought. its not.

finance a new finished rig.... probably cheaper in the long term.

build your own if you got time, skills, and cash.

I think this all depends on intended use. If it was my home it would be built a lot differently. Financing though is a valid option. The Bank doesn't want a project however I could sell my bus today for more than I have into it easily and I do not have to wait or change my lifestyle to afford it. Secondly if the Bank uses the bus as colateral then sure your going to have a huge interest rate because they dont want the bus project and thats why I used a HELOC. I have a lower interest rate than most people have for their cars.

For example we were looking at travel trailers and to finance a trailer that would only depreciate, that was already used, and wouldnt last 10 years I was looking at almost $200 a month. The bus has only appreciated and has cost me like $60 bucks a month which is hardly noticeable. Leverage special financing options from the orange and blue stores and your money goes farther.

Obviously if your building a monster Skoolie and a new chasis then sure 20k+ is expected. I have a modest 95 Amtran direct from the school district with low milage and 70% of the materials purchased and even with solar and possible mid-ship door I will have a sub 10k price tag. It will last much longer than the travel trailer we were looking at and worth more.
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Old 05-18-2017, 11:48 AM   #10
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Thanks warewolff,
Are You finished with Your conversion?
As a senior, I once had resources to build my bus. No more, since 2008.
Did You have a hassle about financing the bus or did they ask?
No hassle, good credit, $15k in a week. Picked up the bus with 65k miles for $2650 and I have way more than that invested, but I've done a pretty nice job so far and I'm confident I could sell it and still make a profit. Make sure you do an excellent job and don't half ass anything if you are ever considering to sell it to someone else. I dumped ~$5k alone into my off grid electrical setup. It could power a small house.
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