How to get a loan for RV

Lwiddis wrote:
Start with your local credit union. Try your bank if you have dealt with them for a while. If buying from a dealer, have them carry the ball on this issue.

Dealer loans cost more. The dealer gets a percentage of that rate then the lender gets the rest, that's what I was told.

Go get yourself a credit card with a small limit. Then go buy some stuff and pay it off in a couple of payments. Then do it again. This will start to establish your credit. Banks love borrowers. You will pay some interest and your rate may be higher than someone who has established credit but it will be a starting point.

I'd suggest not polling the RVnet crowd here, but rather go visit a credit union, a big bank, a local bank and a big RV dealer. Pose your financing question(s) to them, not us.

While it is difficult to get credit without credit, it is not impossible and it's very possible if you have a stable job, long term, fair credit rating (which you claim you do) and no overarching issues (which it appears you don't).

However, again, don't take our advice. Ask the people who are loaning money.

I vaguely remember your story about buying some land or something around the DC to put an RV.

Lots of RV dealers near the DC metro area. I have purchased RV's from Leos' and Chesaco is pretty large. There's a CW in Fredericksburg. Google is your friend here.

Loan qualifications are pretty pragmatic. Find an RV you think you can afford based on your income and approach a bank. All they can do is say no. Dealers probably have the best access to lenders to suit a variety circumstances. Go to a dealership, find something you like and run a credit check - ask for a soft pull. Pretty easy. Seems like there is a lot of swirl around this that is unnecessary. Go to a dealership and find out. very easy to get the answers you are looking for.

"I can deal with an Airstream again if I have to, the newer wide body. It's kind of amazing they haven't introduced anything new and seem to be stuck in the 90's. I need to look at all the new options."

When you are selling every unit you manufacture, there is little incentive to improve.

et cetera wrote:

time2roll wrote:

Nothing wrong with just getting out there and kicking a few tires.

I want to be ready with some intelligent questions about financing.
I want to hear stories about people in the same situation as me and how they dealt with it, where they got the funding from, the dealership or the bank or credit union, or what.

I had asked my CU about rates and terms but made no application.
Dealer offered a lower rate, longer term, no down payment and roll the price of the hitch into the loan.
The 20 year term gave flexibility if needed, paid off in 5 years.

If it is a Class C you can always look at the Rental Market Companies like Cruise America offer financing thru them or as understand it they will help in finding the best deal.

et cetera wrote:
I am doing the best I can. Got a credit card a few months ago. I have been living debt-free and financially solvent (paying myself instead of banks) and now am reaping the consequences of it. The system rewards debt. If you make banks money, they rate you higher than someone like me, banks worst nightmare, a customer who largely doesn't need them throughout his life. I am proof you can make it to late 40's without a single credit card.

I got caught in a nasty divorce and custody fight that drained my savings, ended up being an unscheduled emergency and wrecked my entire plan. Attorney fees were considerable, on top of considerable child support. I had a long emergency that lasted almost a decade. I won and got full custody and both stopped. And my son is almost an adult. I have no idea how much I spent. Maybe over 100K over the years on a series of non-stop custody trials. So that did a lot of damage, mostly beyond my control. I am not sure I can ever fully recover from it, not when 50 is rapidly approaching.
If that hasn't happened, I could have afforded the very best coach there is, bought or financed.

So now I have a high income, poor credit and no debt load and no credit history. If the banks will give me a 10K loan, I will take that. Maybe I can buy a compact TT. 40K would be better however. I have spent 100K on rent in the last 5 years so it can't be worse than that. My 1980's Airstream was a money pit but not even in the same dimension.
Even buying an 80K RV at a dealership will put me in a better financial situation that renting for the next 4 years. At least I will have an RV at the end of it.

I don't get it why the real estate has gone insane in major metro areas like DC, with rental prices in the same stratosphere. Given all the economic turbulence we have right now. I think it's a bubble that should burst sooner or later. I don't want to buy for a number of reasons. Rents are equally insane and all you are doing is buying someone a house.

Ex-banker here. You are not going to get a loan at any conventional bank or financial institution. Your credit scores are too low and your credit history too limited, you have no residential stability and are looking at purchasing an item with very limited collateral value. If you are capable of making a large down payment, a dealership might have a lender that would make an exception. If you have very strong employment stability, maybe, just maybe, a credit union affiliated with your line of work would take a chance. While your story is sad and sadly familiar to many, it makes you a very poor credit risk. Lenders have no way of knowing, and you have no way of proving, that your ten years of bad luck and problems has or will end.
My suggestion is make an application at a couple of dealerships and see for yourself what is going to happen. The dealership has every incentive to get you approved. If they can't make it happen, and you don't have an inside track at a credit union or a relative who is a bank executive you will need to pivot to another plan, and that is not the end of the world.
One other note. You say you are a high income earner with no debt, if that is the case why couldn't you buckle down and save up enough for an inexpensive rV in a matter of a few months.

time2roll wrote:

Nothing wrong with just getting out there and kicking a few tires.

I want to be ready with some intelligent questions about financing.
I want to hear stories about people in the same situation as me and how they dealt with it, where they got the funding from, the dealership or the bank or credit union, or what.

I got the specifics of what I want, and I have some flexibility. After all, it's just me. Any kind you chose has pros/cons. I was a fan of TT at one point in my life, then thought hard about the Fifth then realized a class C might be just ideal, with class B always an enticing option. But I can live with any of the above.

I am aware of the "total cost of ownership" perspective.

I am doing the best I can. Got a credit card a few months ago. I have been living debt-free and financially solvent (paying myself instead of banks) and now am reaping the consequences of it. The system rewards debt. If you make banks money, they rate you higher than someone like me, banks worst nightmare, a customer who largely doesn't need them throughout his life. I am proof you can make it to late 40's without a single credit card.

I got caught in a nasty divorce and custody fight that drained my savings, ended up being an unscheduled emergency and wrecked my entire plan. Attorney fees were considerable, on top of considerable child support. I had a long emergency that lasted almost a decade. I won and got full custody and both stopped. And my son is almost an adult. I have no idea how much I spent. Maybe over 100K over the years on a series of non-stop custody trials. So that did a lot of damage, mostly beyond my control. I am not sure I can ever fully recover from it, not when 50 is rapidly approaching.
If that hasn't happened, I could have afforded the very best coach there is, bought or financed.

So now I have a high income, poor credit and no debt load and no credit history. If the banks will give me a 10K loan, I will take that. Maybe I can buy a compact TT. 40K would be better however. I have spent 100K on rent in the last 5 years so it can't be worse than that. My 1980's Airstream was a money pit but not even in the same dimension.
Even buying an 80K RV at a dealership will put me in a better financial situation that renting for the next 4 years. At least I will have an RV at the end of it.

I don't get it why the real estate has gone insane in major metro areas like DC, with rental prices in the same stratosphere. Given all the economic turbulence we have right now. I think it's a bubble that should burst sooner or later. I don't want to buy for a number of reasons. Rents are equally insane and all you are doing is buying someone a house.