Question on using RV Loan
I have a quick question I needed to ask, and wasn't sure where to ask it. I just got a loan in order to go full-time and leave the mortgages behind. Obviously I wanted to get solar panels, maintena...
Forum Discussion
Actually it could depend on your individual credit rating, plus the value-to-loan amount of the trailer you are purchasing.
For example if your credit score is 800 and the bank determines you want to borrow $50,000 for a unit that is valued at $50,000 with all the options, you will probably be okay.
If your credit score is in the 600 range, they may not go along with loaning much more than 80% of the total including added options.
I wouldn't worry about it, figure out what you want and apply. You are the customer and banks/credit unions are in the business of loaning money.
For example if your credit score is 800 and the bank determines you want to borrow $50,000 for a unit that is valued at $50,000 with all the options, you will probably be okay.
If your credit score is in the 600 range, they may not go along with loaning much more than 80% of the total including added options.
I wouldn't worry about it, figure out what you want and apply. You are the customer and banks/credit unions are in the business of loaning money.
