We have excellent credit...in the mid 800s. RV dealers have said that they could get financing for us, but we are now interested in a private party rig and have called a few online lenders who have all said that we need to have a comparable purchase in the past 4 years.We don't have that history, as we buy our cars and keep them as long as they keep running well and are comfortable for us. We don't like to get in debt as a rule. Our house is paid for and both cars as well, so we don't have any debt to speak of.It seems that being debt-free is a liability when it comes to getting a loan for an RV.Does anyone know of lenders who are flexible with this sort of thing and will lend for private party purchases?Thanks for any help you can give.

First, you don't have a credit score in the mid 800s. The absolute maximum FICO score is 850, and that is unobtainable. Second, if you have no debt and no recent credit references your score will reflect that fact and will be lower than people who have a recent history of paying their credit obligations. Have no history for a long time and you will become what lenders call a "ghost". They have no way to determine if you have no credit history because you are extremely conservative or if it is because you have been in prison for the last 25 years. While it may be financially prudent for you to avoid debt it is not necessarily a good sign to a lender. Your best options will be to either make a substantial down payment, thus lowering the risk for the lender or obtaining a loan where you have some financial history such as your local bank or credit union. Be aware lenders have additional criteria they consider besides credit score. Things like job stability, income and residency stability are also factors in getting a loan approved. Good Luck.

westernrvparkowner wrote:First, you don't have a credit score in the mid 800s. The absolute maximum FICO score is 850, and that is unobtainable. Second, if you have no debt and no recent credit references your score will reflect that fact and will be lower than people who have a recent history of paying their credit obligations. Have no history for a long time and you will become what lenders call a "ghost". They have no way to determine if you have no credit history because you are extremely conservative or if it is because you have been in prison for the last 25 years. While it may be financially prudent for you to avoid debt it is not necessarily a good sign to a lender. Your best options will be to either make a substantial down payment, thus lowering the risk for the lender or obtaining a loan where you have some financial history such as your local bank or credit union. Be aware lenders have additional criteria they consider besides credit score. Things like job stability, income and residency stability are also factors in getting a loan approved. Good Luck.Our credit score is 841 to be exact. I was told by a lender that the highest score that one can have is 900. We do have a credit history in that we use credit cards for our grocery purchases, etc., which we pay in full every month, so we do have a credit history, but no comparable purchases.

huntdooly wrote:westernrvparkowner wrote:First, you don't have a credit score in the mid 800s. The absolute maximum FICO score is 850, and that is unobtainable. Second, if you have no debt and no recent credit references your score will reflect that fact and will be lower than people who have a recent history of paying their credit obligations. Have no history for a long time and you will become what lenders call a "ghost". They have no way to determine if you have no credit history because you are extremely conservative or if it is because you have been in prison for the last 25 years. While it may be financially prudent for you to avoid debt it is not necessarily a good sign to a lender. Your best options will be to either make a substantial down payment, thus lowering the risk for the lender or obtaining a loan where you have some financial history such as your local bank or credit union. Be aware lenders have additional criteria they consider besides credit score. Things like job stability, income and residency stability are also factors in getting a loan approved. Good Luck.Our credit score is 841 to be exact. I was told by a lender that the highest score that one can have is 900. We do have a credit history in that we use credit cards for our grocery purchases, etc., which we pay in full every month, so we do have a credit history, but no comparable purchases.I would bet the ranch the max credit score is 850 - try Bank of the West - they jumped all over us - we have about the same credit score and financial picture that your have

westernrvparkowner wrote:First, you don't have a credit score in the mid 800s. The absolute maximum FICO score is 850, and that is unobtainable.A standard base FICO score only goes to 850, but since the subject is vehicle loans, that FICO score (FICO 9 Auto) goes to 900. I think here are now about 15 different FICO scores used by different industry's that rate your credit based on different factors. What they use to give you a store credit is not the same score as used by a mortgage lender and isn't the same as used by a credit card company which is different from what a auto loan is based on.An RV can be a standard FICO 8 or 9, and can be one of the many specialty scores from auto to mortgage depending on the lenders requirement.

huntdooly wrote:westernrvparkowner wrote:First, you don't have a credit score in the mid 800s. The absolute maximum FICO score is 850, and that is unobtainable. Second, if you have no debt and no recent credit references your score will reflect that fact and will be lower than people who have a recent history of paying their credit obligations. Have no history for a long time and you will become what lenders call a "ghost". They have no way to determine if you have no credit history because you are extremely conservative or if it is because you have been in prison for the last 25 years. While it may be financially prudent for you to avoid debt it is not necessarily a good sign to a lender. Your best options will be to either make a substantial down payment, thus lowering the risk for the lender or obtaining a loan where you have some financial history such as your local bank or credit union. Be aware lenders have additional criteria they consider besides credit score. Things like job stability, income and residency stability are also factors in getting a loan approved. Good Luck.Our credit score is 841 to be exact. I was told by a lender that the highest score that one can have is 900. We do have a credit history in that we use credit cards for our grocery purchases, etc., which we pay in full every month, so we do have a credit history, but no comparable purchases.Your lender was mistaken. You can check the websites of all three major credit bureaus TransUnion, Experian and Equifax. They will all confirm the highest possible score is 850. I am not sure who or what your 841 score is referencing, but it is not a score from the industry's accepted credit scores. My background before RV parks was banking. Going beyond simple credit scoring, the fact you suddenly want to borrow a large sum of money for a recreational item will raise a red flag. It is going against your personal history. That alone may be enough for a lender to decline your application.

Lenders that don't require recent comparable purchase?

56 Replies

jorbill2or
Explorer II
Nov 10, 2018
huntdooly wrote:
Yes, some dealers have said that they give a discount if we finance with them. We have not decided for certain on that private party sale, so have not applied for a loan yet. But, I'm sure that if it's meant to be, a way will be made available to us.

I thought that with credit unions, you had to have been a member for a while. I will inquire into that as well. And the home equity loan. But I was told that an RV loan interest could be tax deductible as a second home, so I felt it might be an advantage.

Rough crowd here today I guess huntdooly
I think if you need to be a member of a cu some time before they lend is dependent on the CU, but I seriously doubt that’s a issue It certainly wouldn’t hurt to have a face to face with a loan officer.
Deductiblity of the RV loan interest as a second home may have changed with the new rules this year so it would be wise to check .. However,in the past I believe it doesn’t matter where you get the money if your paying interest and can document it , you can deduct it. I have always done that in the past and my taxes were CPA prepared. As always due diligence and checking with a pro is a good idea.
There’s money out there but the pvt sale makes it harder ... good luck in your search.
Executive45
Explorer III
Nov 10, 2018
huntdooly. Two things: First, when you post on this forum, up at the top, you'll see 'subscribe'. Click that button and you'll be prompted to allow notifications or not. Either way when you sign on you'll see any responses in the upper right corner of your screen. If you click the notification button, you'll get email notices of responses. Second, an RV loan interest is only tax deductible if you meet certain criteria depending on your States tax laws. Not every RV loan is tax deductible. If that's a big deal to you, I would offer that you check with a local accountant for advice.....best of luck....Dennis
huntdooly
Explorer II
Nov 10, 2018
Yes, some dealers have said that they give a discount if we finance with them. We have not decided for certain on that private party sale, so have not applied for a loan yet. But, I'm sure that if it's meant to be, a way will be made available to us.

I thought that with credit unions, you had to have been a member for a while. I will inquire into that as well. And the home equity loan. But I was told that an RV loan interest could be tax deductible as a second home, so I felt it might be an advantage.
2012Coleman
Explorer II
Nov 09, 2018
2012Coleman wrote:
Wow - talk about reading comprehension - Not sure how you twist what was in the original post to the OP having issues getting credit. He stated that the few online lenders they contacted needed to have a comparable purchase in the past 4 years. I doubt their credit had even been checked at that point. So in your ultimate wisdom, attacked him regarding his credit score.

huntdooly wrote:
Hi, everyone! I haven't posted, because I was not notified of the replies, so I wasn't aware that I had any! My apologies! Thank you for your replies!

To clear up any confusion, we have NOT been turned down by anyone, as we have not applied for a loan as of yet. I obtained the info that I shared when I inquired of their requirements up front, prior to applying for a loan.

Our local bank does not give out RV loans, and the credit union...we have to be a member of, and we are not. So, yes, it is much simpler to go through a dealer, but every rig that we liked happened to be by private party, so I called around, trying to find one that will lend to those without recent comparable purchase.

I will inquire with the lenders suggested, thank you, for your help!
So go to the credit union, open up a savings account, deposit 500 bucks, and apply for a loan. With your credit scorein the mid 800's like mine and a few other posters on this thread, you will have no problem getting a loan. Or as stated multiple times, use a home equity loan

Hope that shoe leather tastes good WRVPO...
magicbus
Explorer II
Nov 09, 2018
huntdooly wrote:

Our local bank does not give out RV loans, and the credit union...we have to be a member of, and we are not.
So why on earth don't you use a home equity loan? It will be a much better rate than any loan on a used RV (unless you buy from a dealer where "points" will be built into the price). You can pay it off at any time and, since I guess your home is worth much more than the RVs you are looking at, you could put down as little or as much as you want.

Dave
huntdooly
Explorer II
Nov 09, 2018
Hi, everyone! I haven't posted, because I was not notified of the replies, so I wasn't aware that I had any! My apologies! Thank you for your replies!

To clear up any confusion, we have NOT been turned down by anyone, as we have not applied for a loan as of yet. I obtained the info that I shared when I inquired of their requirements up front, prior to applying for a loan.

Our local bank does not give out RV loans, and the credit union...we have to be a member of, and we are not. So, yes, it is much simpler to go through a dealer, but every rig that we liked happened to be by private party, so I called around, trying to find one that will lend to those without recent comparable purchase.

I will inquire with the lenders suggested, thank you, for your help!
vjstangelo
Explorer
Nov 09, 2018
Have you looked at USAA? That is how we financed our used Class A. 100% financed for 15 year term.

For USAA, either you or a close relative must be military. For us it was my DW's father who was in the Army Reserve.
2012Coleman
Explorer II
Nov 09, 2018
westernrvparkowner wrote:
2012Coleman wrote:
magicbus wrote:
4x4ord wrote:
Why not purchase the thing using a HELOC?
Makes the most sense and has been suggested 3 time before but the OP doesn't seem interested.

Dave
Either that or maybe just insensitive to the warm welcome WRVPO gave him - imagine being told you were full of baloney regarding your personal financial information by some internet poster claiming to be a banker 10 years ago.
The guy had been turned down for a loan by multiple lenders. Apparently there is an issue with the buyer's credit worthiness since the OP wasn't saying the lenders they contacted simply did not finance RVs, but rather was saying that they had a problem with some aspect of qualifying for credit approval.
Wow - talk about reading comprehension - Not sure how you twist what was in the original post to the OP having issues getting credit. He stated that the few online lenders they contacted needed to have a comparable purchase in the past 4 years. I doubt their credit had even been checked at that point. So in your ultimate wisdom, attacked him regarding his credit score.

No one needs this kind of treatment and I don't blame the guy for not coming back. He said Thanks for any help you can give. You delivered a lecture about credit scores. Another new member bites the dust thanks to you.
Ralph_Cramden
Explorer II
Nov 09, 2018
Wire Man wrote:
Hondavalk wrote:
Ralph Cramden wrote:
Executive wrote:
....I believe the best answers are Bank of the West for an RV loan

It might be the best answer except the OP resides in SC and Bank of the West will only consider lending for RVs in 19 states, which are all in the west.
.

I'm in Ohio and they financed me.

I’m in Ohio and they financed our last coach also.

That's great but since the OP is in South Carolina I'm not sure how Bank of the West financing you guys in Ohio amounts to useful info to the OP, unless he moves to Ohio, nor is South Carolina. Again, this is what Bank of the West has to say about RV financing on their website. Ohio is not one of the 19 states mentioned.

When you attempt to apply for an RV loan online at Bank of the West this is the first page you find.

I'd bet you both are financed through Wesbanco, West Bank, or some other bank with west in the name and not the Bank of the West mentioned in this thread.
Wills6_4_Hemi
Explorer
Nov 08, 2018
You did and you were wrong, swallow your pride and move on, no problem. some Credit scores do go to 900 and it's not a hidden secret that insider bank employees take an oath to keep quiet about. Lol ??