Financing
Hello everyone! I truly hope I can get some help because I feel pretty lost. My partner and I want to full time. We want to travel (not extremely often to keep the gas cost down) but that is our o...
Forum Discussion
Residency will be a small hurdle compared to your bad credit history. You are buying a toy in the eyes of any lender. Lenders will take a risk (if the reward is great enough) on something you need. The thought is you will pay for your house, since you need a place to live. They will loan on a car, since cars are pretty much essential in most of the country and that makes paying the car payment a priority.
This same scenario plays out at every financial institution. They look at your credit history and decide if you are likely to pay the debt on what you are borrowing for. People with great credit can get a loan to take a vacation, with less than a stellar record, no way, since there isn't any way for that lending institution to take that vacation away. At the very bad end of the scale, the loan sharks on the street corner think you will pay because if you don't they break your kneecaps, which is a very strong incentive for you to come up with the weekly payment.
In the eyes of the lender, a person losing their recreational vehicle is a decision they will make over losing their car or their home or having their kneecaps broken. I seriously doubt you are going to find any financial institution that is going to go far out on a bad credit limb for you.
This same scenario plays out at every financial institution. They look at your credit history and decide if you are likely to pay the debt on what you are borrowing for. People with great credit can get a loan to take a vacation, with less than a stellar record, no way, since there isn't any way for that lending institution to take that vacation away. At the very bad end of the scale, the loan sharks on the street corner think you will pay because if you don't they break your kneecaps, which is a very strong incentive for you to come up with the weekly payment.
In the eyes of the lender, a person losing their recreational vehicle is a decision they will make over losing their car or their home or having their kneecaps broken. I seriously doubt you are going to find any financial institution that is going to go far out on a bad credit limb for you.
