Good Sam Club Open Roads Forum: How to get a loan for RV
Open Roads Forum Already a member? Login here.   If not, Register Today!  |  Help

Newest  |  Active  |  Popular  |  RVing FAQ Forum Rules  |  Forum Posting Help and Support  |  Contact  

Search:   Advanced Search

Search only in Beginning RVing

Open Roads Forum  >  Beginning RVing

 > How to get a loan for RV

Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 7  
Prev  |  Next
way2roll

Wilmington NC

Senior Member

Joined: 10/05/2018

View Profile


Offline
Posted: 04/09/21 06:37am Link  |  Quote  |  Print  |  Notify Moderator

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.


2020 F350 STX 6.7L Turbo Diesel
2020 FR Cedar Creek Silverback 29rw

Kavoom

Kansas

Senior Member

Joined: 07/10/2005

View Profile


Offline
Posted: 04/09/21 07:41am Link  |  Quote  |  Print  |  Notify Moderator

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.

wapiticountry

Mountain West

Senior Member

Joined: 10/02/2011

View Profile



Good Sam RV Club Member

Offline
Posted: 04/09/21 08:46am Link  |  Quote  |  Print  |  Notify Moderator

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.

Grit dog

Black Diamond, WA

Senior Member

Joined: 05/06/2013

View Profile


Offline
Posted: 04/09/21 09:47am Link  |  Quote  |  Print  |  Notify Moderator

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...


2016 Ram 2500, MotorOps.ca EFIlive tuned, 5” turbo back, 6" lift on 37s
2017 Heartland Torque T29

Rick Jay

Greater Springfield area, MA

Senior Member

Joined: 02/02/2003

View Profile


Offline
Posted: 04/09/21 04:08pm Link  |  Quote  |  Print  |  Notify Moderator

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

* This post was edited 04/10/21 01:27pm by Rick Jay *


2005 Georgie Boy Cruise Master 3625 DS on a Workhorse W-22
Rick, Gail, 1 girl (24-Angel since 2008), 1 girl (19), 2 boys (20 & 17).
2001 Honda Odyssey, Demco Aluminator tow bar & tow plate, SMI Silent Partner brake controller.


toedtoes

California

Senior Member

Joined: 05/17/2014

View Profile



Good Sam RV Club Member

Offline
Posted: 04/09/21 05:06pm Link  |  Quote  |  Print  |  Notify Moderator

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.


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)

Rick Jay

Greater Springfield area, MA

Senior Member

Joined: 02/02/2003

View Profile


Offline
Posted: 04/09/21 05:19pm Link  |  Quote  |  Print  |  Notify Moderator

toedtoes,

EXCELLENT POST!!!

This forum really needs a "Like" button!!! [emoticon]

~Rick

way2roll

Wilmington NC

Senior Member

Joined: 10/05/2018

View Profile


Offline
Posted: 04/10/21 11:35am Link  |  Quote  |  Print  |  Notify Moderator

Seems Et Cetera has left the building.

SpeakEasy

Western New York

Senior Member

Joined: 04/22/2016

View Profile


Offline
Posted: 04/11/21 05:30am Link  |  Quote  |  Print  |  Notify Moderator

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


It's just Mrs. SpeakEasy and me now (empty-nesters). But we can choose from among 7 grandchildren to drag along with us!



2014 F-150 Super Crew Short Bed 3.5L Ecoboost
2014 Flagstaff Micro Lite 23LB


GDS-3950BH

DC

Senior Member

Joined: 12/08/2019

View Profile


Offline
Posted: 04/11/21 05:37am Link  |  Quote  |  Print  |  Notify Moderator

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.

Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 7  
Prev  |  Next

Open Roads Forum  >  Beginning RVing

 > How to get a loan for RV
Search:   Advanced Search

Search only in Beginning RVing


New posts No new posts
Closed, new posts Closed, no new posts
Moved, new posts Moved, no new posts

Adjust text size:




© 2021 CWI, Inc. © 2021 Good Sam Enterprises, LLC. All Rights Reserved.