Any Advice on Financing an RV Purchase?

[liquidspaceman]

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

[mlts22]

I'd go see a CU, or perhaps USAA. I've found banks are not worth the time of day, while a CU will happily loan you a good amount, although they likely will max out at 5-7 years for the loan's term.

My other tip is to put enough down so the rig isn't just not upside down, but can be sold at 80% of NADA low. That way, should some financial disaster happen, it can be unloaded quickly. Yes, it is taking a bath, but better a fire sale than a repo.

[stickdog]

I couldn't get a loan with 780 CS from the bank I'd been with for 20 years. Got a mailer from a credit union opening a new branch in our neighborhood and had no problem, they now have all my business.

[deleted-2]

Hmmm that is weird you aren't getting approved with your stated history.
You seem like a solid buyer that would be low risk.

For borrowing purposes it's always best to keep some credit balances.
Any vehicle dealer will love the buyer with a substantial down.

I'd probably go far outside the LA area to buy if it were me.
IMO the prices will be much better and most large RV dealers will work harder for you.

Just head North on CA99 and start hitting the valley dealers.
I'll bet you come home with a really nice unit of your choice.

[stew47]

They live in Cali. It all goes to the tax man. Probably the rest goes to food and gas. Inflation being what it is.

[Bumpyroad]

with all due respect, you have 100 grand a year income, no housing expense, and can't buy a $19K RV? something is wrong here.
bumpy

[beckid]

I'm for the Credit Union approach as well...they seem to be more personal.

[ddndoug]

Like others have said... talk to a credit union, or establish a realtionship with a small local bank they are much more likely to see the person behind the loan than just the loan.


Doug

[Campfire_Time]

I think its your lack of credit history that's hurting more than anything else. Keep in mind too that you tried to finance a high mileage vehicle with less than 20% down. That was fine before 2008 but lenders want to see something up front now. Especially the big lenders who are under far more government scrutiny to not take on bad loans. With more than 50% down I think you should have no problem going through a credit union or a smaller locally owned institution.

[boatms03]

most people would dream of being in your situation. sounds like you make have a
"lack" of credit for your purchase. like fla-gypsy said try joining a credit union and getting a loan there.

[fla-gypsy]

Join a local credit union and finance through them. I would think with that income and credit score financing should not be an issue

[kevinbti]

bank of america Call Dana Triplett 727-543-0700
She was extremely efficient and good