Gipsea
Pensacola, FL.
New Member
Joined: 08/12/2008
View Profile
Good Sam RV Club Member
 Offline
|
I applied for a loan to refinance at the current rate 4.56% at the rv advertizment from GoodSam. I was told by Rick Aubrey credit agent that I had excellent and above credit rating. However my loan was disapproved because I owed more than my RV was worth. I saw no place in goodsams promotion for a rv loan that requires my rv for collateral. The loan company would have made money and I would have saved money What am I missing? Or is goodsam using the wrong agent. Well I do feel better that I got that off my chest. BYE GIPSEA.
|
Moderator
Bowling Green, KY
Moderator
Joined: 01/19/2004
View Profile
|
moved from ATC
|
MTPockets1
Florida
Senior Member
Joined: 09/19/2011
View Profile
Good Sam RV Club Member
 Online
|
I don't think any loan company would loan more than what it's worth.. Cars, house, Rv....
2012 3055RL Big Horn - Dexter 7000 lb axles - G rated LT Tires
MorRyde, Genset, Dual Panes, 2 A/C, Yeti Package
2013 F350 DRW 4x4 Crew King Ranch
|
Jim Shoe
Amelia, OH
Senior Member
Joined: 02/06/2004
View Profile
Good Sam RV Club Member
|
Gipsea wrote:I applied for a loan to refinance at the current rate 4.56% at the rv advertizment from GoodSam. I was told by Rick Aubrey credit agent that I had excellent and above credit rating. However my loan was disapproved because I owed more than my RV was worth. I saw no place in goodsams promotion for a rv loan that requires my rv for collateral. The loan company would have made money and I would have saved money What am I missing? Or is goodsam using the wrong agent. Well I do feel better that I got that off my chest. BYE GIPSEA.
I've never known anyone that got a car, home, rv, etc. loan without collateral of some type. Good credit means you CAN pay. Collateral means you WILL pay.
Retired and visiting as much of this beautiful country as I can.
|
SCVJeff
Santa Clarita, CA.
Senior Member
Joined: 07/28/2006
View Profile
Offline
|
The only way to do that is a personal unsecured loan, and they aren't cheap
Jeff - WA6EQU
'06 Itasca Meridian 34H, CAT C7/350
|
|
|
rockportrocket
on hyway 77
Senior Member
Joined: 11/15/2011
View Profile
Offline
|
However my loan was disapproved because I owed more than my RV was worth. I saw no place in goodsams promotion for a rv loan that requires my rv for collateral. The loan company would have made money and I would have saved money What am I missing?
Yea, I agree, I own some swamp land in Lower La that is wroth 10million an acre , would you send me 20 milliion an acre so I can buy Hollywood?
|
mike4947
N. Syracuse, NY
Senior Member
Joined: 08/26/2002
View Profile
Good Sam RV Club Member
Offline
|
JMHO but you asked for a loan from a company that specilizes in loaning money on RV's. They use the RV as collateral on their loans. Being upside down means that they won't get their money back if you default on the loan.
You need to apply for either a home equity loan on your primary residence (again povided the residence has enough equity built up to cover the loan amount) or a peronal loan which as was posted won't get you a favorable interest rate.
blog.rv.net Your daily guide to the Open Road
Subscribe to the daily digest
They say you learn by your mistakes, in that case I must be a genius.
|
nickthehunter
Southgate, MI
Senior Member
Joined: 07/18/2005
View Profile
Offline
|
"What am I missing?" Nothing!
Your expectations and their expectations didn't align. Nobody missed anything. Normal business transaction: when you have a meeting of expectations, a deal is consumated; if not, No Deal transpires.
|
pnichols
Santa Cruz Mountains
Senior Member
Joined: 04/26/2005
View Profile
Good Sam RV Club Member
|
Quote:However my loan was disapproved because I owed more than my RV was worth.
Hmmmm .... sounds about like the personal residence situation throughout the U.S.. Folks with the "ability to pay" in these situations seem to be able to refinance at lower rates these days.
Gipsea (the original poster) might want to shop around a bit more until they find a hungry enough credit union.
Phil, 2005 E450 Itasca 324V Spirit
|
mvcpt267
Churchville, MD
Senior Member
Joined: 02/16/2005
View Profile
|
I refinanced with Essex Credit last year...I paid about $3,000 in cash during closing because I was upside down on my previous loan.
Smitty
2008 Itasca Navion H
2008 Jeep Wrangler X
Churchville, MD
|
|
|
