Getting pre-approved for coach financing
Two dealers are telling me there is no process for getting pre-approved for a loan. Seems like it would make some sense so as not to waste my time or a salesman's time looking at coaches I can't buy....
Forum Discussion
Good timing!
We're in the market for our first Class A Diesel pusher motorhome and also thought that the logical route was to get pre-approval. We started with SE Financial, who says on the website that they usually provide 24 hour responses.
I sent in the information over 8 days ago and noted the make, model, and details for the rig we're most interested in, but also noted that we're looking for pre-approval and rates/limits/terms as part of our rig selection process. They even have a direction in the instructions to enter a representative motorhome if you don't have a specific one picked out yet.
I got an email from them yesterday asking me if I could provide a VIN. I said that I *could* get a VIN, but that we are still in the selection process and just wanted a pre-approval as part of our decision making. The VIN likely wouldn't be for the coach we actually end up purchasing. I haven't heard back.
I get that they need to make sure the coach isn't a losing financial proposition before sending you any money or approving the final contract, but it's really no different than a mortgage company pre-approving the terms and limits, but still requiring a appraisal to verify the inherent collateral in a home before the final paperwork is executed.
It's very frustrating that they make it so hard to get an estimate prior to making a purchase decision...
We're in the market for our first Class A Diesel pusher motorhome and also thought that the logical route was to get pre-approval. We started with SE Financial, who says on the website that they usually provide 24 hour responses.
I sent in the information over 8 days ago and noted the make, model, and details for the rig we're most interested in, but also noted that we're looking for pre-approval and rates/limits/terms as part of our rig selection process. They even have a direction in the instructions to enter a representative motorhome if you don't have a specific one picked out yet.
I got an email from them yesterday asking me if I could provide a VIN. I said that I *could* get a VIN, but that we are still in the selection process and just wanted a pre-approval as part of our decision making. The VIN likely wouldn't be for the coach we actually end up purchasing. I haven't heard back.
I get that they need to make sure the coach isn't a losing financial proposition before sending you any money or approving the final contract, but it's really no different than a mortgage company pre-approving the terms and limits, but still requiring a appraisal to verify the inherent collateral in a home before the final paperwork is executed.
It's very frustrating that they make it so hard to get an estimate prior to making a purchase decision...
