RV.Net Open Roads Forum: Anyone else having trouble getting financing for new RV???

Topic: Anyone else having trouble getting financing for new RV???

Posted By: PFM
on 02/18/09 06:29pm

Was wondering if it is just our area or is it nationwide. We have been trying to make a new 5th wheel purchase. Our credit is over 700 and we are willing to put 15k down on a 40k purchase. The RV dealers (we have tried to purchase from 2 different ones) have sent the inquires to 12-15 banks and NOBODY will touch the loan. We just recieved a call today from a dealer we saw over the weekend and they posted 60 deals over the weekend! The finance manager said she has not been able to finance at least 80% of them. How is the RV buisness going to survive if the banks will not loan??? does anyone have any suggestions on what we could possibly do? No we don’t and probably couldn’t get a home equity loan in these times.
Thank you everyone for comments or feel free to add any frustration that you may be experiencing also!

2009 F350 Triton V10
2009 Siverback G2 36WQB
16K Reese Slider

F350 Camper

Posted By: targaboat
on 02/18/09 06:35pm

Yes, that is our national problem. The money system is broke.

You might try a small local credit union. They are really looking for good loads.

* This post was

edited 02/19/09 08:19pm by an administrator/moderator *

Fly Boy

Posted By: YoBubba
on 02/18/09 06:45pm

If you can’t get a deal like that financed, the industry is in bigger trouble than we thought.

Many manufacturers started their own finance companies a couple of years ago. Monaco, Thor, Coachmen, Forest River all HAD their own finance company.

Obviously Monaco doesn’t have the capital, but certainly Thor and Forest River/Coachmen can afford to Finance their own products. Did the rest go away when GE pulled out of the RV market ?

Can anyone in the industry enlighten us ?

* This post was

edited 02/18/09 07:09pm by YoBubba *

Posted By: woodburner
on 02/18/09 06:46pm

Cat don’t sit on a nóng stove twice…chances are the banks are also looking at your/our potential job security now as well.
Even though they caused this mess by letting anyone borrow before; I’m sure it’s going to be a while before we see things loosen up anywhere near like before……A LOT of people are defaulting on a lot of loans: RVs included.

TIFFIN ALLEGRO 34TGA

XXX

Posted By: mwebber78
on 02/18/09 06:47pm

Good thing the banks getting TARP funds are remodeling their bathrooms and sending the upper staff to retreats. It would be a real shame if they used that $$$ to help the general shmucks (tax payers) out.

2013 Jayco Eagle 334RBTS
Disclaimer for the daft: Don’t confuse my opinion with facts.

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Posted By: FlatBroke
on 02/18/09 06:50pm

BHO will make sure you can get that RV. I think there are some tax credits out there now. I always pay cash so I don’t get no stimulus.

Hitch Hiker
“08” 29.5 FKTG LS

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Posted By: The Weekenders
on 02/18/09 06:51pm

As someone mentioned, try a Community Credit Union. In North Dakota they are really pushing personal loans via TV/Radio commercials. JMO

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Posted By: mwebber78
on 02/18/09 06:53pm

woodburner wrote:

Cat don’t sit on a nóng stove twice…chances are the banks are also looking at your/our potential job security now as well.
Even though they caused this mess by letting anyone borrow before; I’m sure it’s going to be a while before we see things loosen up anywhere near like before……A LOT of people are defaulting on a lot of loans: RVs included.

Cat don’t sit on a nóng stove twice…chances are the banks are also looking at your/our potential job security now as well.Even though they caused this mess by letting anyone borrow before; I’m sure it’s going to be a while before we see things loosen up anywhere near like before……A LOT of people are defaulting on a lot of loans: RVs included.

FYI – Recreational loans have the lowest default rate of nearly ALL loan products offered. Do a Google search, there were several articles in December that showed the percentage, it was ridicously low.

Banks made risky loans to mortgage consumer’s with terms that were unreasonable which underminded their assets when consumer’s defaulted on them. They could no longer unload the bad loans and the market for homes was saturated. This affected all their loan products in a negative way. For example, GMAC was not brought down by bad auto loans or lease products, they were greedy and jumped head over heels into the mortgage business.

Becuase of that poor choice I will likely never be able to lease a GM product again or qualify for a favorable GMAC based loan product on my next GM vehicle.

That’s not just sad but pathetic!

Posted By: Fishinghat
on 02/18/09 07:02pm

Try a local Credit Union. With a 30% down and FICO score over 700, you shouldn’t have a problem. Good luck.

Holiday Rambler Navigator DP, Hummer, and Honda VT1100C Shadow

Posted By: BuckBarker
on 02/18/09 07:14pm

You are wise not to tap a home equity loan. If you want to classify the RV as a second home for tax purposes, the loan must directly be on the RV.

Best of luck and wish I had an answer.

Posted By: hrcincdonald
on 02/18/09 07:33pm

I would try Credit Union , I did my there and got 100% of the money the same day , walk out with the check

Posted By: azjeffh
on 02/18/09 07:42pm

BuckBarker wrote:

You are wise not to tap a home equity loan. If you want to classify the RV as a second home for tax purposes, the loan must directly be on the RV.

You are wise not to tap a home equity loan. If you want to classify the RV as a second home for tax purposes, the loan must directly be on the RV.

Since home equity loans are deductible (up to $100K), why do you believe you can’t use it to purchase an RV?

Jeff
Wonderful wife Robin
2016 F350 PSD Dually
2016 DRV 38RSSA

Posted By: steelpony5555
on 02/18/09 07:50pm

Not just RV’s but vehicles in general–had a rough time getting a loan for a TV my Dodge 2500—they want most of it paid for or will only let the loan out for a short period —had to go thru a credit union also—my RV dealer claims loans for RV’s arent a problem and he can get them—course I didnt find out if it was for 12 months or 24 lol—

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Posted By: KSadler1
on 02/18/09 07:55pm

To be fair here, we are not looking at the big picture or the information the creditor probably has. Without getting too personal, we don’t know how much other debt the OP has or his/her earning to debt ratio. That also plays a big role on whether or not he/she is a “lending risk.” Bad or risky loans are what got us in to this mess so the creditors are now doing what they should have been doing all along. Regardless of your credit score, there’s still some things you just can’t get around…..

Ken

2008 Ford F250 XLT Super Duty SB Crew Cab 6.8L V-10 4×4 4:10
(former 5er owner)

Posted By: DB_Engineer
on 02/18/09 08:08pm

Try Merrick Bank in Utah. They just wrote me (through my dealer) a loan with a lower credit score than yours, but with $24k down (cash + trade) on a $49k purchase.

Jan (me) “>
Polly (DW) “>
FW: 2009 Montana 3465SA 10th Anniversary Edition
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Posted By: mfoster711
on 02/18/09 07:57pm

I just purchased a new Jayco with 100% financing at 7.75% interest rate. No issues what so ever.

What is your debt to income ratio? Do you have too much in current monthly obligations? Even if you are putting 50% down and have a good credit score if your debt to income ratio is too high you won’t be able to get financing.

2015 Ford F150 King Ranch
2014 Outback Terrain 250TRS

Previously:
2007 Ford F250 Diesel
2009 Jayco Eagle 30.5 BHS Super Lite 5th Wheel

Posted By: mfoster711
on 02/18/09 07:59pm

One more thought…if you got denied a loan aren’t you supposed to get something in the mail from the company explained exactly why you were denied a loan?

Posted By: billben1
on 02/18/09 09:38pm

We bought a Montana last month. $48000 with $8000 down at 6.9% through Bank of America. Did not have any issues. You may want to try a RV loan company like Essex Credit.

2009 Montana 3400RL
PullRite 18K Superglide Hitch
2007 Dodge 3500 6.7 MegaCab

Posted By: paulshaunaalan
on 02/18/09 09:46pm

PFM wrote:

Was wondering if it is just our area or is it nationwide. We have been trying to make a new 5th wheel purchase. Our credit is over 700 and we are willing to put 15k down on a 40k purchase. The RV dealers (we have tried to purchase from 2 different ones) have sent the inquires to 12-15 banks and NOBODY will touch the loan. We just recieved a call today from a dealer we saw over the weekend and they posted 60 deals over the weekend! The finance manager said she has not been able to finance at least 80% of them. How is the RV buisness going to survive if the banks will not loan??? does anyone have any suggestions on what we could possibly do? No we don’t and probably couldn’t get a home equity loan in these times.
Thank you everyone for comments or feel free to add any frustration that you may be experiencing also!

Was wondering if it is just our area or is it nationwide. We have been trying to make a new 5th wheel purchase. Our credit is over 700 and we are willing to put 15k down on a 40k purchase. The RV dealers (we have tried to purchase from 2 different ones) have sent the inquires to 12-15 banks and NOBODY will touch the loan. We just recieved a call today from a dealer we saw over the weekend and they posted 60 deals over the weekend! The finance manager said she has not been able to finance at least 80% of them. How is the RV buisness going to survive if the banks will not loan??? does anyone have any suggestions on what we could possibly do? No we don’t and probably couldn’t get a home equity loan in these times.Thank you everyone for comments or feel free to add any frustration that you may be experiencing also!

You should be aware that every time you submitt a request for a loan it lowers your credit score by 2 points. So if they have shopped you to 12-15 firms then it will have lowered your score for a period of time by almost 30 points. You need to be aware of this as the more time they submit you, the less likely you are to get it.

Paul

Newmar Cypress 39CKDB
Tow Vehicle: Peterbilt 387 w Cat C15 and 3.55 rear end, Tandem Axels, Custom ET Air Hitch.
Custom Pace American Shadow Car Trailer
Little Tow Vehicle: Yukon XL 2500 4WD 8.1L Engine

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Posted By: hotpepperkid
on 02/19/09 06:41am

We had no trouble in Oct. Our credit rating was over 800.

hpk

2019 Ford F-350 long bed SRW 4X4 6.4 PSD Grand Designs Reflection 295RL 5th wheel

Posted By: Terri travel
on 02/19/09 01:04am

We’ve been shopping for a new, larger TT for a few months. The more we looked the bigger and pricier they became. After having the same type problems with finance we decided to go with a local credit union and today put a deposit down on a used, smaller, less expensive TT.

I would recommend using a credit union. Have them pre-approve an amount and go from there. Good luck!

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Posted By: Idahoan
on 02/19/09 01:13am

We baught our new trailer in June and had issues getting loan back then. We also have 700 credit, but were unable to get a loan. We qualified thru one bank, but with co-signer only. Another bank wanted some outrageous intrest rate and would only go 6 years. We walked into our local credit union that we have been banking with for 11 years and they wrote us a check and we were out in less than 30 min.

2017 RAM 3500 CTD
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2008 Yamaha Grizzly 450
2017 YZ250FX
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Posted By: bob975
on 02/19/09 03:45am

Fishinghat wrote:

Try a local Credit Union. With a 30% down and FICO score over 700, you shouldn’t have a problem. Good luck.

Try a local Credit Union. With a 30% down and FICO score over 700, you shouldn’t have a problem. Good luck.

2009 31.5BHDS Jayco Eagle Super lite
2011 Ford Super Duty F350 SRW
B&W companion hitch
DW 44 for 22 years
DS 12″>
the best camp dog lucy”>
ME 43

Posted By: 5wildcat
on 02/19/09 05:02am

I spoke with my dealer about 2 months ago and he said that he only had two banks that were willing to do RV loans. He said that with each bank you had to have a credit score of 750! And the intrest rates for 750 was still high. He also said that if someone had a credit score of over 750 it would only lower your intrest rate by .25%! I agree with the previous post, how do they expect the RV industry to survive! Good Luck.

2004 F-250 FX4 CC PSD, P3 Brake Controller, Valley Hitch w/ slide
2007 Wildcat 32QBBS, 1 1/2 bath

Posted By: dfrost
on 02/19/09 05:07am

We just bought our Laredo with $1K down and 7.25% financing no problem.

Bruce & Terry
2003 F250 Lariet CC w/7.3 PSD Fx4 Full gauge pack
2009 Laredo 245RL 5th wheel
1990 27′ HiLo (TT with a Vertical Slide)
2 Chi’s, Spencer and Lexi

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Posted By: cKarlGo
on 02/19/09 05:43am

Was wondering if it is just our area or is it nationwide. We have been trying to make a new 5th wheel purchase. Our credit is over 700 and we are willing to put 15k down on a 40k purchase. The RV dealers (we have tried to purchase from 2 different ones) have sent the inquires to 12-15 banks and NOBODY will touch the loan. We just recieved a call today from a dealer we saw over the weekend and they posted 60 deals over the weekend! The finance manager said she has not been able to finance at least 80% of them. How is the RV buisness going to survive if the banks will not loan??? does anyone have any suggestions on what we could possibly do? No we don’t and probably couldn’t get a home equity loan in these times.Thank you everyone for comments or feel free to add any frustration that you may be experiencing also!

This is why you pick a bank and do business with that bank over the long term. I have been a customer at my credit union for almost 15 years. I just bought a new 5er last month and they approved the financing online in about 60 seconds. My F250 purchase was the same. So were my previous 3 campers. So was my house (relatively speaking).

Jumping hither, there and yon may save you a few dollars, but less than you might really think and it costs you more than money in the long run, as you now seem to be finding out. When you establish a business relationship with your bank, they want to keep your business.

———
k.
2014 Itasca Suncruiser 38Q
2014 Honda CR-V
2007 Black Lab/Pitt Bull mix named Harley

Posted By: cKarlGo
on 02/19/09 06:25am

azjeffh wrote:

BuckBarker wrote:

You are wise not to tap a home equity loan. If you want to classify the RV as a second home for tax purposes, the loan must directly be on the RV.

You are wise not to tap a home equity loan. If you want to classify the RV as a second home for tax purposes, the loan must directly be on the RV.

Since home equity loans are deductible (up to $100K), why do you believe you can’t use it to purchase an RV?

That’s not what he said. He said that you cannot deduct the RV as a 2nd home if the loan is not guaranteed with the RV itself. He would be 100% correct.

Posted By: BLDMAN
on 02/19/09 07:01am

Big write up in the Kansas City Star today about one of the big RV dealers in the area suffering thrugh the bad times. The owner was quoted as saying that is exactly what is hurting his business (banks are not making loans on expensive RV’s). He said he was still moving smaller units but few MH’s.

Jeff and Barb two sons Jeremy and Jared one daughter Heidi one grandson Gabe
Two Labrador Retrievers Shadow and Otis and her majesty, Miki the Boston Terrier
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Posted By: goin2themountains
on 02/19/09 09:15am

Don’t know if it might be possible for you, but we locked in a CD with our local bank to use as collateral on our Montana. CD earns 2.3, and loan is 4.3, so we essentially pay 2% interest. First time we have done this ourselves, but it was DW’s choice over a higher interest loan using the Montana as collateral.
Good luck, everything is tough in this economy.

On edit, yeah, it’s proving I don’t need the loan to get the loan.

Puller: ’08 HD3500 4×4 dually,CC Duramax/Allison.
Pullee: 2008 Montana 3605RL 10th Anniversary Package, Reese 16k w/ slider (holdover from old shortbed)

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Posted By: Delaine and Lindy
on 02/19/09 02:02pm

Talking to a dealer yesterday who sells Drv’s Elite suites and Mobile Suites. We are thinking about a 2010 Mobile Suites and we were told that most RV’s are now requiring a score of 750+ and 20% to 30% down. Banks are sitting on the money. They have been burned bad by people who couldn’t afford the loans, and loan officers making bad decisions, or being forced to loan money to people who shouldn’t have the loans. Don’t know if it will every get back to the past. Credit unions is a good option or home equity loans. GBY……

2012 Chevy Silverado 3500HD DRW’s LTZ

******Traded******

Trailer Saver Air Ride (SOLD)

(Sold)

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Posted By: mighty aphrodite
on 02/19/09 02:16pm

Neighbor had a 719 FICO, no foreclosures, repo’s etc. Benk told him his debt ratio was too high. – (I didn’t think it was any of my business what that ratio was) Got financed at one of the larger credit unions without any problem.

Posted By: mighty aphrodite
on 02/19/09 02:21pm

Delaine and Lindy wrote:

Talking to a dealer yesterday who sells Drv’s Elite suites and Mobile Suites. We are thinking about a 2010 Mobile Suites and we were told that most RV’s are now requiring a score of 750+ and 20% to 30% down. Banks are sitting on the money. They have been burned bad by people who couldn’t afford the loans, and loan officers making bad decisions, or being forced to loan money to people who shouldn’t have the loans. Don’t know if it will every get back to the past. Credit unions is a good option or home equity loans. GBY……

I’m all for high standards but I forgot to add in previous post that our dealer in San Diego told us that RV loans have the lowest rate of default in the credit market….so maybe the banks should loosen up with the $$$ WE THE PEOPLE have loaned THEM.

Posted By: rpa91
on 02/19/09 02:38pm

Had no problem here. walked into my local savings and loan and got 100% financing on signature and a great rate. Timing may be an issue for you as well, Textron and GE left the RV financing market and that has hurt sellers and buyers of RV’s. Give it some time, Obama has the plan and the cure of all ills….We are all being Stimulated… Feel the love?

Posted By: PFM
on 02/19/09 05:06pm

just for the record, yes we have been getting replys for the credit denials……it says “insufficient collatoral”. our debt to income is fine. Another thing about credit….if the bank pulls your beacon numurous times it does NOT hurt your score as long as it is for the same purchase. Ask any banker and they will confirm that. I actually went today to our local bank where we bank at and they said it should not be a problem. The rate is going to be 8.25%. It may seem a point or two hight but the RV places just cannot seem to get it done. I truly appreciate everyones comments and advice!!

Posted By: dezolen
on 02/19/09 06:23pm

I wonder whatever happened to the day when people actually saved up their money to purchase a luxury item when they had the cash. Sure glad my parents taught us to do this. Owe no one and all is paid for.

Posted By: sailor53
on 02/19/09 07:24pm

dezolen wrote:

I wonder whatever happened to the day when people actually saved up their money to purchase a luxury item when they had the cash. Sure glad my parents taught us to do this. Owe no one and all is paid for.

I was taught to use your credit as long as you use it intelligently and only after careful planning. Some feel that it is important to enjoy life to its fullest before aging too much.

My hat is off to you for having the wherewithal to purchase these luxuries without credit. I have enough “safe” income to cover my credit demands with something left over for the rainy day. That way I can acquire these things before I am too old to enjoy them to the fullest. JMHO

09 Montana 3000RK, Mor/Ryde suspension/pinbox, Spendide 2100XC W/D “>

forum

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DW Barbara for 15 yrs

Posted By: azjeffh
on 02/19/09 08:06pm

cKarlGo wrote:

azjeffh wrote:

BuckBarker wrote:

You are wise not to tap a home equity loan. If you want to classify the RV as a second home for tax purposes, the loan must directly be on the RV.

You are wise not to tap a home equity loan. If you want to classify the RV as a second home for tax purposes, the loan must directly be on the RV.

Since home equity loans are deductible (up to $100K), why do you believe you can’t use it to purchase an RV?

That’s not what he said. He said that you cannot deduct the RV as a 2nd home if the loan is not guaranteed with the RV itself. He would be 100% correct.

Ok my bad for the way I presented my question.

Someone takes out an RV loan using the RV as collateral. They are able to right the RV interest off as a second home.

Someone else purchases an RV using a home equity loan. They also are able to write of the interest.

I guess I was trying to find out the tax implications of an RV loan vs a home equity loan. What’s the difference?

Thanks,
Jeff

Posted By: sirdrakejr
on 02/19/09 08:24pm

I have deleted many posts for going political. If I have to do many more, this thread is history.
Frank

2011 Palomino Maverick 1000SLLB on a 2004 Dodge Quadcab CTD Ram3500 SRW long bed equipped with Timbren springs, Stable Load bump stops, Rickson 19.5″ wheels/”G” range tires and a Helwig “Big Wig” rear anti sway bar.

Dodge%20&%20Palomino%20tiny

Posted By: Tom5thWheel
on 02/19/09 08:37pm

Spoke with the sales lady we bought our 2008 Carriage Cameo from the end of August 2008. She said that the banks are asking for 20% of the purchase price down + a trade-in!!!

1997 F-250 S/C S/D 7.3L Diesel
2008 Carriage Cameo F35SB3
Hensley-McKesh Mirrors
Tekensha Prodigy Brake Control
3-Min. Schnauzers (2-Salt & Pepper)(1-Black)
1-Horse (Buckskin)
2-Antique Auto’s (’54 Ford & ’69 GTO)
1-Wonderful Wife

Posted By: mfoster711
on 02/19/09 08:59pm

I am still surprised how many of you said that dealers are claiming it is hard to get financing or they are requiring large down payments.

One reason I am surprised is because I got 100% financing with no trouble at all just 1 month ago.

The other reason is because RV loans have one of the lowest default rates of all loan types. You would expect banks to be begging for you RV loans. If I ran an bank, I would.

It would be nice to here from somebody that works at a bank and does RV or Car financing so we could here why this is the case.

Posted By: cKarlGo
on 02/19/09 09:05pm

Did you pay cash for your house?

Posted By: cKarlGo
on 02/19/09 09:08pm

azjeffh wrote:

cKarlGo wrote:

azjeffh wrote:

BuckBarker wrote:

You are wise not to tap a home equity loan. If you want to classify the RV as a second home for tax purposes, the loan must directly be on the RV.

You are wise not to tap a home equity loan. If you want to classify the RV as a second home for tax purposes, the loan must directly be on the RV.

Since home equity loans are deductible (up to $100K), why do you believe you can’t use it to purchase an RV?

That’s not what he said. He said that you cannot deduct the RV as a 2nd home if the loan is not guaranteed with the RV itself. He would be 100% correct.

Ok my bad for the way I presented my question.

Someone takes out an RV loan using the RV as collateral. They are able to right the RV interest off as a second home.

Someone else purchases an RV using a home equity loan. They also are able to write of the interest.

I guess I was trying to find out the tax implications of an RV loan vs a home equity loan. What’s the difference?

Thanks,
Jeff

Ok my bad for the way I presented my question.Someone takes out an RV loan using the RV as collateral. They are able to right the RV interest off as a second home.Someone else purchases an RV using a home equity loan. They also are able to write of the interest.I guess I was trying to find out the tax implications of an RV loan vs a home equity loan. What’s the difference?Thanks,Jeff

That would require doing more math than I’m willing to put into the answer. I will say this: all deductions are not created equally.

Posted By: wlock162951
on 02/19/09 09:52pm

The wife and I wondered the same thing, if our credit score would be high enough in today’s market, we arrived at the dealership the day after we called and had given them our credit card number to hold the Durango we had decided on. They called the company for authorization, but never charged anything against the card. We showed up at 9:00 am after delivering our truck to their service department for the brake control and hitch installation. The finance manager called several of the local banks and credit unions and literally started a bidding war for our business, in the end the bank we have been doing business with for the last thirty years won out with a 6.4% loan for 12 years and they would have gone 15 years without any issues. Deal couldn’t have gone smoother, more than happy with the price and the dealership treated us like royalty, the salesman even came in on his day off to do the walk through with us, even lent us his truck to go for lunch because the hitch took longer than they expected. In at 9:00 home by 3:00 with the new fifth wheel on the slab. I was shocked beyond belief to say the least. Hang in there it will work out!

Posted By: KSadler1
on 02/20/09 09:03am

wlock162951 wrote:

the dealership treated us like royalty, the salesman even came in on his day off to do the walk through with us, even lent us his truck to go for lunch because the hitch took longer than they expected.

the dealership treated us like royalty, the salesman even came in on his day off to do the walk through with us, even lent us his truck to go for lunch because the hitch took longer than they expected.

Let us know how they treat you when you go back for service, or if they remember your name in 2 months. That’s the true test.

Congrats on your new 5er and glad everyting went smooth. You obviously didnt buy from Aloha RV, in Albuquerque, NM…..

Ken

Posted By: tabraha
on 02/20/09 11:34am

Didn’t have any probs finding lenders when we bought in August. Just re-fi’d our house 2 weeks ago, again no probs and uber low rates. Both my wife and I are well into the 700’s. However, I own a small business and that usually scares lenders to death being self-employed so I don’t see the lending market being bad at all.

It’s not all about the credit score too though as there are tons of other factors. You could have a decent score and clean history but if you’ve got too much revolving credit you are not gonna get financed. Having credit cards with zero balances is better than ones that are maxxed out but having the ability to easily dip into that debt counts against your ability to borrow more for example.

2016 Montana 3160RL 37′ 11.7k dry
2015 GMC 2500 Denali HD, Duramax 6.6 w/ Allison 6sp auto
2009 Bristol Bay by SunnyBrook 3420BH 39’L, 11.1k dry (sold)

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Posted By: Aahhyes68
on 02/20/09 04:28pm

I wonder if I should be calling around for a better rate than the 7% the dealer is quoting. Our rig is 44K OTD, we offered 25K down and have a 760+ credit rating. The finance mgr. said we would get the best rate (7%) if we borrow at least 25K, and reduced our downpayment.

[emoticon]

“>

Posted By: dezolen
on 02/20/09 04:49pm

cKarlGo wrote:

dezolen wrote:

I wonder whatever happened to the day when people actually saved up their money to purchase a luxury item when they had the cash. Sure glad my parents taught us to do this. Owe no one and all is paid for.

Did you pay cash for your house?

No but we paid it off before making any other major purchases.Initially we did without many frills but now we are very secure. In Canada we do not get to write off payments so there is more of an incentive to get it paid for. Now we buy nothing unless we can pay cash but we are in the minority I am sure.

Posted By: dubdub07
on 02/22/09 08:43am

dezolen wrote:

cKarlGo wrote:

dezolen wrote:

I wonder whatever happened to the day when people actually saved up their money to purchase a luxury item when they had the cash. Sure glad my parents taught us to do this. Owe no one and all is paid for.

Did you pay cash for your house?

IMHO, I believe this is a life lesson, not RV advice. I respect you for how you live life, wish I could do it. Sounds like boasting to me. Someone who is turned down time after time wanting to RV is very, very discouraging. Last thing needed is “Just save 35K this year and go pay cash for it” advice. Not realistic.

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Posted By: TajMahallin
on 02/22/09 10:43am

This seems kind of interesting to me considering I’m reading on the internet that RV sales are high right now. Here’s a story that I read.

Good luck to those of you who are trying to purchase an RV. I would think that this would be the time to be buying with prices so low and the economy needing a boost.

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Posted By: Kejsj30
on 02/22/09 11:24am

Banks are doing more research before loaning money right now. I recently relocated from Oregon to Wisconsin and purchased a home in WI. This was in September and I had to provide all sorts of information that I had not had to provide on my other home purchases.

I even had a signed contract (gauranteed buyout) with my employer to purchase my home if I couldn’t sell it in 60 days. That type of contract is often used to show the banks that you will not have two mortgages to pay for. I could not move forward with the WI home purchase untill I could show the contract fully executed on the home in OR.

Contract was not fully executed (but I did have a gaurantee buyout for more than what was owed) on the OR house because I didn’t have an offer yet. I finally got an offer and the company then bought my house fully executing the gaurantee buyout allowing me to move forward on the WI house.

In past times the banks recognized the gaurantee buyout. The banks are very careful with who they are lending money too.

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Posted By: sirdrakejr
on 02/22/09 02:39pm

This has become a more general RVing question now. Moved to Gen’l RVing Issues.
Frank

Posted By: Ted D
on 02/22/09 05:05pm

I just purchased my new 5th wheel and we went through our credit union had the money in my hand in around 20 min.we now have a cruiser CF32BL by Cross Roads

Posted By: 7th Cav
on 02/22/09 05:39pm

If you have to borrow money for a hobby, maybe it is the wrong hobby for you.

Banks around here have actually loaned more money lately. Maybe you should save for a few years to afford your purchase.

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Posted By: Deen
on 02/22/09 05:56pm

BuckBarker wrote:

You are wise not to tap a home equity loan. If you want to classify the RV as a second home for tax purposes, the loan must directly be on the RV.

Best of luck and wish I had an answer.

You are wise not to tap a home equity loan. If you want to classify the RV as a second home for tax purposes, the loan must directly be on the RV.Best of luck and wish I had an answer.

Posted By: Deen
on 02/22/09 06:03pm

720 is an “average” score. Right now being average just might not be good enough. When we got our DSDP both ours were over 820. Mine has slipped a little since I went from $80,000/yr to $18,000 earned income. Wife’s is still 820 though.

Posted By: mike77leprechaun
on 02/22/09 09:35pm

well I’m 24 with an 80k a year job a house and kids. I’m not going to be driving a junk vehicle or deprive my family from camping for a few years so we can pay cash when we can make low payments and own our stuff within 8 years and enjoy them now.

it’s sad that with these TARP funds they can’t give out loans to people who are good risks. You have repos or a bad score they shouldn’t finance you period. these second chance loans are killing us too.there would be more monies available for people like the OP.

Current Rig: 2018 Forest River Salem 32BHI Towed with a 2017 Ram 1500 Big Horn 4×4-5.7 Hemi/4×4/3.92/8 Speed Auto

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Posted By: rdrector
on 02/23/09 01:01am

My wife and I just purchased a new TT, same problem with financing. One said no, one said yes with outrageous rate (11.9), two said yes but for a shorter term and almost 50% down. Finally found one said ok full amount and term with 7.9%.

Our scores are high 700’s, two credit cards, one mortgage, and 40% down. We were very surprised about the responses.

It’s the CEO’s some of these banks need to be more worried about! lol

2013 Jayco Eagle 324 BTS
2010 KZ Spree 318BHS
2006 KZ Frontier 2405
2007 Dodge Quad 4×4 CTD 4.10

Posted By: Dick A
on 02/23/09 01:26am

A little late to be moving to a new forum.

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