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Discussion Starter · #1 ·
I'm trying to get an RV loan for $70,000 on a new unit. No big deal. Right? :)sphss

Holy shit. I mean come on. Jeez you think we were trying to rob the bank. :)sphss

We got good credit, plenty of provable income. Debt to income is acceptable. House is in good shape :)sphss :)devil

First of all most banks won't even talk about an RV loan. The very few remaining have rediculous terms and conditions. The dealer did tell me up front that it was going to be a challenge getting financing.

I can walk in a get a $65,000 jag in ten minutes but can't get an RV to save my life? WTF? I even called my local credit union and no dice. LOL

Is it me or anyone else having trouble.
 

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R U or U R?
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Good Luck getting a loan for anything. Good Credit or Not. Just wait for the stimulus money to roll in so the banks will start lending.:D
 

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My buddy tried to get a boat loan last week. He has a great paying job with great credit. They refused him the loan citing a late credit payment when he was 16 yrs old.
 

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I'm trying to get an RV loan for $70,000 on a new unit. No big deal. Right? :)sphss

Holy shit. I mean come on. Jeez you think we were trying to rob the bank. :)sphss

We got good credit, plenty of provable income. Debt to income is acceptable. House is in good shape :)sphss :)devil

First of all most banks won't even talk about an RV loan. The very few remaining have rediculous terms and conditions. The dealer did tell me up front that it was going to be a challenge getting financing.

I can walk in a get a $65,000 jag in ten minutes but can't get an RV to save my life? WTF? I even called my local credit union and no dice. LOL

Is it me or anyone else having trouble.
From what I'm told is min. 25% down and I believe a min 725 credit score. In process of refinancing my house now and they almost wont even talk to you about that if you have more than a 43% debt to income ratio, I am currently just below 50% with a credit scores in the top 1% so I had to rearrange some stuff to make things work out correctly.

Banks are a joke right now.
 

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Discussion Starter · #5 ·
That's what I figured. If they want more money down why don't they say so?it's not like we are mind readers ;)
 

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The problem is banks have an abundance of repo RV's that they can't get half of what they should be worth.


RV's and boats are the first to go when things go south and banks know it.
 

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That's what I figured. If they want more money down why don't they say so?it's not like we are mind readers ;)
Yeah, you know the best thing to do is go to an auction and see what you can pick up. You can probably buy that same 70K coach for probably 40K maybe even less. Only thing with auction is you have to come with cash or alternate financing.
 

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Discussion Starter · #8 ·
I though about that.

But I gotta get some financing first lol my down is not that big

plus it will be hard to find what I want it's only been made a year.

If I could get a smaller loan I could offer this salesman I know a commission if he could find on at auction


Yeah, you know the best thing to do is go to an auction and see what you can pick up. You can probably buy that same 70K coach for probably 40K maybe even less. Only thing with auction is you have to come with cash or alternate financing.
 

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:mad::mad: PEOPLE, ITS GONNA GET WORSE !!! The whole deal with banks, money, credit, credit cards, loans, your infamous credit scores, we are all just seeing the tip of the ice berg !!!

You may find a 2nd tier loan outfit to get your loan thur, but then your gonna be paying interest up the ass !!!!!!

The major banks took thier losses from folks defaulting this last year and a 1/2, they started charging the higest interest rates they can get away with to make up those losses, how do you think they all paid thier federal loans off with !!!!!!!!!!!, now if you look thier all making profits, BUT, thier not letting those profits go, ie LOAN MONEY !!!!!!!!!!!!!!!

Its a friggin game that we as consumers are gonna get hammered hard on, yeah they'll loan auto cash, just to keep the big three from having more issues, anything else, doubtful.

We'll see if I'm wrong based on what I see and have been told.
 
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I've been doing loans with OCTFCU & LBS Financials for 15+ years, never an issue and almost no cap. Not anymore. OCTFCU (Schools First now) doesn't do RV loans anymore and LBS Financial is capped at $25K. They apologized up and down, but said they can't do anything about it. :)sphss

Pretty sad that banks, who I thought were in business to make loans, don't make loans anymore.

Soon enough the plumber won't be able to fix your pipes anymore. :)sphss
 

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Is your LTV good? The bank is going to use wholesale value. If it is a bk manufacturer they are at 80% on invoice for advance. Also, alot of items on an rv or standard even though you can book them in addition on nada. If the manufacturer lists an item as standard then they wont use the add.

If your debt to income is below 45% and credit is good with low revolving, the ltv is the only other thing I can think of. US bank will still do 10% down if the ltv is in line. Have you tried them? They are going to be one of the best for rates.

Goodluck!

You say new unit, what model year is it? Is it a brand new manufacturer?



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Discussion Starter · #13 · (Edited)
Been denied by big 3 in Rv loans. Not for LTV

About 38% Di with rental income/debt (lower without)

new unit and price is in line with book

trying 90% LTV. May have to do more down???

So far each bank has their own excuse. Most of it involves increasing our DI. One won't count our rental income. Next took our actual mortgages payments and added about a third more than we pay. Another is taking net income after itemized deductions (I'm w-2 employee) They are doing more but I have enough income to cover it lol

one friggen bank added $3500 in mortgage payments I don't have

WTF if they don't wanna make loans just say so




Is your LTV good? The bank is going to use wholesale value. If it is a bk manufacturer they are at 80% on invoice for advance. Also, alot of items on an rv or standard even though you can book them in addition on nada. If the manufacturer lists an item as standard then they wont use the add.

If your debt to income is below 45% and credit is good with low revolving, the ltv is the only other thing I can think of. US bank will still do 10% down if the ltv is in line. Have you tried them? They are going to be one of the best for rates.

Goodluck!

You say new unit, what model year is it? Is it a brand new manufacturer?
 

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Been denied by big 3 in Rv loans

About 38% Di with rental income/debt (lower without)

new unit and price is in line with book

trying 90% LTV. May have to do more down???

So far each bank has their own excuse. Most of it involves increasing our DI. One won't count our rental income. Next took our actual mortgages payments and added about a third more than we pay. Another is taking net income after itemized deductions (I'm w-2 employee)

WTF if they don't wanna make loans just say so
It isn't just you.

Crazy in reality. They gave away so much easy money that now the ideal customer doesn't qualify.

Here is what they are doing. Anyone on an interest only or adjustable they are marking up the payment to what it will be using todays fixed rate.

On rental you are pretty much screwed. You have to get back to the 40-45% debt ratio. Your income needs to cover the rental times 2 in addition to all your other debt.
They will not wash out with a lease or proof of rental checks. They will only add back in the depreciation from your SE. This is killing people with rentals and 800 scores with no debt! ( 05-07 you could wash the payment out of your ratio with a lease agreement)

The other thing many are doing is only using base salary. They dont care if you get overtime or bonuses.

It is ultra conservative and frustrating in hind sight.



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I agree 100% with LV R SCHIADA - we ain't seen the worst of this economic crisis yet.

We are sinking to a new norm, the only way I would buy an RV is for cash.

And buying an RV might not be such a bad idea, you never know when you might need emergency housing.

I have been watching the inventory at Richardson's RV (Inland Empire) for a while, and their inventory seems to be moving. In fact, Richardson's has been very sticky with pricing and I have not noticed any real or significant reductions.

I suspect RV Dealer's like banks have shadow inventory they are trying to hold back to maintain pricing.
 

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Discussion Starter · #16 · (Edited)
If they were doing what u described no problem 44% DI

my actual DI is 33%

but they are doing more than what u described.

They count my income cuz it's on my w-2, I think. Haven't got that answer yet. Except the one that is using the net on my tax return

but their markup of the loans is ridiculous.

If I adjust all my loans to fully amortized at todays rates it's still no problem cuz all my rates were high anyway. They are going much higher than that

we tried asking them their rationale for the loan markup and they won't tell us


I believe it was arbitrary just to deny

It isn't just you.

Crazy in reality. They gave away so much easy money that now the ideal customer doesn't qualify.

Here is what they are doing. Anyone on an interest only or adjustable they are marking up the payment to what it will be using todays fixed rate.

On rental you are pretty much screwed. You have to get back to the 40-45% debt ratio. Your income needs to cover the rental times 2 in addition to all your other debt.
They will not wash out with a lease or proof of rental checks. They will only add back in the depreciation from your SE. This is killing people with rentals and 800 scores with no debt! ( 05-07 you could wash the payment out of your ratio with a lease agreement)

The other thing many are doing is only using base salary. They dont care if you get overtime or bonuses.

It is ultra conservative and frustrating in hind sight.
 

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We have EXCELLENT credit scores; Never had a problem, EVER. Good income! We had to jump through HOOPS to finance a Ford Expedition. WTH?????
Previously could walk in, sign and drive away with anything our heart desires..
WTH????:)sphss
 

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Maybe the real problem is the pricing on the RV and cars (which impacts LTV). I think it's safe to say that there is plenty of room for pricing to come down particularly in the RV market.

I think many RV dealers still think or wish it was still 2005.
 
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