How to get a loan for RV

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

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.

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

Seems Et Cetera has left the building.

toedtoes,

EXCELLENT POST!!!

This forum really needs a "Like" button!!! :)

~Rick

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.

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

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...

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.

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.