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 purchase a 2006 Majestic 23A from Cruise America with super high mileage for 18,995. At the time I only had $3000 to put down with a 713 FICO. They sent to two banks - Medallion and US Bank. I was not approved for either (or at least I don't think I was, the dealer was kind of a putz).
Several months later I now have a 720 FICO and $11,000 dollars. I was thinking about buying an RV cash but saw a few models at a local dealer like a 2001 Dutchmen for $18,000 that seemed pretty nice.
My question is, can you think of any finance company that would approve me with $11,000 down? I'm really worried about applying again and getting another hard pull or two if my chances of being denied are slim.
I think part of the reason I'm denied is that I'm not a homeowner (live with my elderly mother and care for her so I pay no rent). I don't have a need for a house as when my mother dies, I am her only heir. So I pay zero rent (basically we are my moms caregivers as she is handicapped).
Here are my stats: 38 years old, been at my current job 15 years. I make 55 grand a year, wife makes 45 grand a year. Both cars are paid for. I don't have an auto loan on my credit because my wife bought the truck and I paid it off in 2 years. 713 fico with no baddies at all on my credit report. I have a bunch of high limit cards (5000 plus) on my report with zero balances because I always pay them in full. I have NO auto loan on my report.
Basically, I feel like due to my situation (non home owner, no car loan on report), I will not be approved. Or am I wrong about that? Should I save some more money and go for a newer RV? Is it easier to get approved with 15k down on a 30k RV that's newer as opposed to a 2001 model?
I recently was given a cheapie 1980 RV that has LOTS of problems with it and frankly I want something newer. What would you try if you were me? Do you think with the bigger down I might be approved?
Thanks
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 purchase a 2006 Majestic 23A from Cruise America with super high mileage for 18,995. At the time I only had $3000 to put down with a 713 FICO. They sent to two banks - Medallion and US Bank. I was not approved for either (or at least I don't think I was, the dealer was kind of a putz).
Several months later I now have a 720 FICO and $11,000 dollars. I was thinking about buying an RV cash but saw a few models at a local dealer like a 2001 Dutchmen for $18,000 that seemed pretty nice.
My question is, can you think of any finance company that would approve me with $11,000 down? I'm really worried about applying again and getting another hard pull or two if my chances of being denied are slim.
I think part of the reason I'm denied is that I'm not a homeowner (live with my elderly mother and care for her so I pay no rent). I don't have a need for a house as when my mother dies, I am her only heir. So I pay zero rent (basically we are my moms caregivers as she is handicapped).
Here are my stats: 38 years old, been at my current job 15 years. I make 55 grand a year, wife makes 45 grand a year. Both cars are paid for. I don't have an auto loan on my credit because my wife bought the truck and I paid it off in 2 years. 713 fico with no baddies at all on my credit report. I have a bunch of high limit cards (5000 plus) on my report with zero balances because I always pay them in full. I have NO auto loan on my report.
Basically, I feel like due to my situation (non home owner, no car loan on report), I will not be approved. Or am I wrong about that? Should I save some more money and go for a newer RV? Is it easier to get approved with 15k down on a 30k RV that's newer as opposed to a 2001 model?
I recently was given a cheapie 1980 RV that has LOTS of problems with it and frankly I want something newer. What would you try if you were me? Do you think with the bigger down I might be approved?
Thanks
