Any Advice on Financing an RV Purchase?
Hello All, Sorry for this long email, I am a little depressed as I got denied for a loan recently and trying to get approved. Please give me feedback if you have any? I recently attempted to pur...
Forum Discussion
Javi1 wrote:
I suspect that the OP's credit rating nor his income have anything to do with the refusal to finance... Most banks are not going to loan money on vehicle that is more than 6 or 7 years old, nor on a diesel with more than 100K or a gasser with more than 50K... just isn't going to happen... you can check the loan eligibility page of BoA and other banks and they will flat tell you up front .... No
X2
The lender has to have an asset with value that should reasonably get them a return if the borrower defaults.
Lets face it, much as we all love our RVs, they are depreciating assets that are sometimes hard to sell. The bank doesn't want to deal with selling an older used one or take a bath by paying a dealer to sell it.
