et cetera
South-East
Senior Member
Joined: 12/26/2002
View Profile
 Offline
|
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?
|
Lwiddis
Near Bishop, California
Senior Member
Joined: 08/12/2016
View Profile
Good Sam RV Club Member
Offline
|
Start with your local credit union. Try your bank if you have dealt with them for a while. If buying from a dealer, have them carry the ball on this issue.
Winnebago 2101DS TT & 2020 Chevy Silverado 1500 LTZ Z71, WindyNation 300 watt solar-Lossigy 200 AMP Lithium battery. Prefer boondocking, USFS, COE, BLM, NPS, TVA, state camps. Bicyclist. 14 yr. Army -11B40 then 11A - (MOS 1542 & 1560) IOBC & IOAC grad
|
gemsworld
Arizona West Coast
Senior Member
Joined: 03/08/2009
View Profile
Good Sam RV Club Member
|
Based on the amount you want to borrow, it appears you'll be buying used. Lenders will typically lend on newer RVs and charge a higher interest rate, compared to new. Your best bet will be to check with your credit union.
|
wanderingaimlessly
Buggs Island lake
Senior Member
Joined: 08/23/2017
View Profile
Offline
|
I would try your credit union first,
But understand, each time a creditor runs your credit, your score will drop.
Another option may be USAA since you mention a military credit union.
|
toedtoes
California
Senior Member
Joined: 05/17/2014
View Profile
Good Sam RV Club Member
Offline
|
Credit unions will usually have the best rates. New RVs are pretty easy to finance, but used ones can be much harder to finance (RV loans usually have an age restriction). If buying used, you may have to get a personal loan or equity loan.
With all that, really think about financing an RV. It's rarely a good move as the RV depreciates and you'll be underwater for most of the loan life.
1975 American Clipper RV with Dodge 360 (photo in profile)
1998 American Clipper Fold n Roll Folding Trailer
Both born in Morgan Hill, CA to Irv Perch (Daddy of the Aristocrat trailers)
|
|
|
mich800
Pontiac, MI
Senior Member
Joined: 05/30/2004
View Profile
|
et cetera wrote: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?
Do yourself a favor and get your real fico scores so you have a general idea what tier you would be in for a loan. Credit Karma scores are worthless for anything other than entertainment.
Then it generally comes down to debt to income ratios the lender uses.
|
Lwiddis
Near Bishop, California
Senior Member
Joined: 08/12/2016
View Profile
Good Sam RV Club Member
Offline
|
Wise words, mich.
|
spoon059
Just north of D.C.
Senior Member
Joined: 10/03/2010
View Profile
Good Sam RV Club Member
Offline
|
Do you own a house? We took out a HELOC at a very low rate and used that to buy our trailer. Paid it off in less than 3 years. Rates are so stinking low right now for mortgages it's even more beneficial than it was 6 years ago when we did it.
2015 Ram CTD
2015 Jayco 29QBS
|
azdryheat
Tucson, AZ
Senior Member
Joined: 03/02/2012
View Profile
Good Sam RV Club Member
Offline
|
You don't have a high enuf credit rating to buy where I work, which is pretty much how it is industry wide.
2013 Chevy 3500HD CC dually
2014 Voltage 3600 toy hauler
2019 RZR 1000XP TRE
|
pconroy328
Colorado
Senior Member
Joined: 01/30/2015
View Profile
Offline
|
we bought ours about three years ago. I shopped around and Good Sam had the best rates.
They required one of their licensed inspectors inspect the RV before they'd write the loan.
Once we knew the loan was approved, we went ahead and pulled from our HELOC to essentially pay cash for the RV. Then used Good Sam to repay most of the HELOC.
|
|
|
