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
In your case you have no credit history which is nearly the same as a bad credit history. My brother worked for years as a carpenter and was paid in cash and paid all his bills in cash and found himself in his 40's with no credit.
I can see where finance companies would not want to lend on a used RV. With a new one and 20% down they might be able to reposses the vehicle and get their money back but super risky with an old RV, much less a high mileage RV.
Financing an RV is a great way to pay nearly double with the finance charges and depreciation while you own the vehicle. If you are short of money, financing an RV is not the way to go.
The country is also in the middle of a credit crunch as the super banks have free income thanks to the Federal Reserve and they are sitting on the money they have. I know of three manufacturers who have been in business for decades but who cannot get bank loans for new equipment to expand their businesses. We are truly operating like a banana republic in every regard.
I can see where finance companies would not want to lend on a used RV. With a new one and 20% down they might be able to reposses the vehicle and get their money back but super risky with an old RV, much less a high mileage RV.
Financing an RV is a great way to pay nearly double with the finance charges and depreciation while you own the vehicle. If you are short of money, financing an RV is not the way to go.
The country is also in the middle of a credit crunch as the super banks have free income thanks to the Federal Reserve and they are sitting on the money they have. I know of three manufacturers who have been in business for decades but who cannot get bank loans for new equipment to expand their businesses. We are truly operating like a banana republic in every regard.
