How to get a loan for RV

[et_cetera]

Looking at all the forums, none are a perfect fit so will ask here, my apologies if not the best sub-forum.

Trying to figure out how much I can get in a loan. I need some help with loan basics as I've never gotten one before.
And how much I get will drive my purchase decision, alternating between B-class and C-class. I full-timed in a 32' TT before but it was bought with cash. Anyway, that's immaterial.


I have no debt, no bankruptcies, my credit history is this: TransUnion is 705, Equifax is 630 via CreditKarma. I don't have the FICO score. I am hoping to get at least 40K but where do I go, my bank or maybe Navy Federal Credit Union, or what?

[Rick_Jay]

et cetera,

If you are still tuning into this thread, and I do know you're investigating other options based upon other threads, but, I did have one other thought.

With the income you said you are making, I'm assuming you should have some sizable amount in savings. I know you said you had a lot of "charity contributions", but I'm assuming you're taking care of your own financial needs as well and setting aside a comfortable portion.

So, if that's the case, have you considered getting a secured personal loan on say $20,000 worth of savings? My wife's niece needed a personal loan several years ago to help pay some legal fees as a result of her divorce. The loan rates were unbelievably high for a personal loan. I contacted my credit union, and we ended up transferring $10k to an account, and she borrowed against that for about 3% interest.

Just wondering if that would be an option for you to consider? Obviously, you need to have some money available that you don't need access to. But as you pay off the loan, you have access to the principal that you've paid off.

Good Luck,

~Rick

[GDS-3950BH]

Our credit union charges 8.99% on RV loans, new or used. Too much risk. And they would deny anyone with a legit score below 720.

[SpeakEasy]

way2roll wrote:
Seems Et Cetera has left the building.

I have to wonder if he was just pulling a few peoples' chains here; having a bit of fun with us.

-Speak

[way2roll]

Seems Et Cetera has left the building.

[Rick_Jay]

toedtoes,

EXCELLENT POST!!!

This forum really needs a "Like" button!!! 🙂

~Rick

[toedtoes]

How long until your son is 18?

You indicated that once he is an adult, you'll move away from the DC area. Will you still have the same income? Or will that potentially change?

If it's only 1-5 years left until your son is 18, why not just continue to rent for that time. While waiting, continue to build your credit. Look to get a second card and use both each month - paying them off in full each month. That will establish a history of on-time payments (which is the major factor in credit scores).

After the first year or two, find the tow vehicle you want and buy it. Finance it for 2-3 years and that will build up your credit even more.

When you pay off the tow vehicle, find the RV you want and either buy it outright (if you can), or finance part or all. By that time, you will have enough credit history to do so.

That puts you in a position to fulltime in the RV within 3-5 years. Your son will be an adult and you won't need to worry about the ex starting another custody fight. You can move out of the area, roam the country, move near your son's choice of college, or just reinvent yourself.

[Rick_Jay]

et cetera,

My apologies for this comment. I know you've been a long-time member here on the forums and I have to agree with the others that things don't seem to be adding up.

One thing that came to mind is that you wanted to find a piece of property (5 acres?) and park your RV on it. It's my understanding that many towns won't allow that, and I can only imagine that being close to D.C. the likely hood is pretty good that it would not be allowed. But who knows?

And I mean no disrespect, but perhaps you should consider changing the Topic of this thread to "How NOT to get a loan for an RV", because it seems like you've done a number of things which have prevented you from getting the loan you seek.

Good Luck, I hope you are able to arrive at a solution that works best for you. Perhaps getting/keeping an apartment for a year to give you time to sort things out isn't such a bad thing? Just a suggestion.

~Rick

[Grit_dog]

wapiticountry wrote:

et cetera wrote:
Never mind net vs gross income..

I don't have any other debt but I do spend a significant amount on charity.

And the train has officially left the tracks.

Agree, gettin weirder by the day...

[wapiticountry]

doxiemom11 wrote:
We had great luck with our credit union. Banks didn't want to loan the smaller amount we needed. Most were 50,000+ on motorhomes.

A Credit Union flat rejected his application a page or two back. He isn't getting a loan anywhere except from Three Fingers Brown at two points of vig a week. And that is assuming the mob doesn't learn of his plan to become mobile and disappear from society.

[Kavoom]

See what the dealer will do and what lenders they use. THEN go check your local credit unions. They seem to often be the most aggressive on rates and more lenient on used vs new types of issues. This approach saved me .5 on my interest rate.

[way2roll]

I don't want to judge or pile on but I agree that something about all this doesn't add up. You can go through life figuring out ways how not do things, or figure out ways how to do them. This isn't that difficult given the facts provided. But maybe not all the facts have been provided. You control your credit. And while I applaud you for all your charitable donations, sounds like you've left yourself charitable. You've been talking about variations of this plan since last year. In that time you could have saved enough to buy a TT and executed your plan. Although I still don't see how Buying a TT, and either buying land or staying in campgrounds is an easier or cheaper life than an apartment. And while it sounds romantic, is that the right environment for you and your son? Maybe the trauma of divorce has left you with a bit of a mid life crisis and you are searching for something..Perhaps the reason your plan has eluded you to this point, is that it's not a well thought out plan.

[doxiemom11]

We had great luck with our credit union. Banks didn't want to loan the smaller amount we needed. Most were 50,000+ on motorhomes.

[mich800]

et cetera wrote:

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.

You don't have poor credit unless there is something in your file you are not disclosing. A thin credit profile does not equal poor credit. If you are a high income individual you should be working with your current bank, they know your spending and income habits.

As far as your credit score you say you cannot get. It should have been provided in the disclosures for all the loans you were declined. Each declined app should be accompanied by a letter stating exactly why they declined your request.

There is something that is not adding up that all the financial institutions can see but is eluding your analysis. You need to get a copy of your free credit report from all three reporting agencies. You may need to request it in writing if your challenge questions are messed up. They are free to obtain here

[capacitor]

This is strange! Buy your 5 acres, set up utilities, and get a single wide or double wide delivered and put money into YOUR equity. You don't need an engine to park it and a B is a van while a C is a bigger van. Neither of those would be a good place to raise a 10 year old.