Essex loan issues?
Hi. I was looking around for financing, and Essex seemed to have the best rates and terms. However, I saw some bad reviews on Essex. Has anyone financed through them? Would love to get some feedba...
Forum Discussion
The world is curious, what issues have you heard about? Money is the ultimate commodity, so all that matters is the rate. One lender's money isn't better than another's. From what I have seen, Bank of the West/Essex have terms that are very competitive. Now there will always be someone who will chime in they got a lower rate for a longer term even if you say you got zero percent forever. But that is nothing but hearsay and I wouldn't put too much stock in it.
I have never heard any collection issues with Bank of the West/Essex, so I doubt that is the problem. Most things I have heard in the negative revolve around people not being approved. That is more an issue of what the people are trying to do, rather than a bad lender.
Like it or not, certain things that are common to RVers work against borrowing money. Having a PO box or Mail forwarding service as your only address is one. Looking to borrow a relatively small amount over a very long time is another. Having no provable income is yet another. The world of lending and borrowing changed dramatically with the Patriot Act and the financial crisis. Some people mistakenly blame individual lenders for the increased scrutiny loan applications now receive. Is that pretty close to what you are concerned about?
I have never heard any collection issues with Bank of the West/Essex, so I doubt that is the problem. Most things I have heard in the negative revolve around people not being approved. That is more an issue of what the people are trying to do, rather than a bad lender.
Like it or not, certain things that are common to RVers work against borrowing money. Having a PO box or Mail forwarding service as your only address is one. Looking to borrow a relatively small amount over a very long time is another. Having no provable income is yet another. The world of lending and borrowing changed dramatically with the Patriot Act and the financial crisis. Some people mistakenly blame individual lenders for the increased scrutiny loan applications now receive. Is that pretty close to what you are concerned about?
