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Old 01-28-2013, 09:27 AM   #1
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Rv Financing

We are considering buying our first RV. Does anyone know what the financing requirements are?
Our credit score is 650 due to a couple of years on disability without very minimal income. Our income has greatly increased since I started receiving my VA Disability income. Any suggestions or advice as where to look for financing.
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Old 01-28-2013, 09:34 AM   #2
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Bank of America financed ours last year.
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Old 01-28-2013, 09:34 AM   #3
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Check at the bank that your disability check is direct deposited in.
They may require you to put 20% down on the RV.
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Old 01-28-2013, 01:56 PM   #4
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I think alot depends on the age of the MH also. We have a very good credit score but due to the age of the MH we were required to put down 30%. The dealer found the finance company (credit union). I would look at credit unions.

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Old 01-28-2013, 03:36 PM   #5
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We have had one financed at a local bank that we had our mortage for our S&B. The second one we got when the dealer hooked us up with M&T. Gave us the best rate. It is not as easy as a few years back with the lending requirements but if you have the income to afford it, you should be able to find someone to finance you. If you are buying from a dealer, the will get you the best rate because of the kick backs for high volume use of the banks. Just my humble opinion.
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Old 01-28-2013, 03:40 PM   #6
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Seems you are a vet, so do you belong to USAA? I applied for a rv loan on-line and it seemed as so as I hit the submit button I was approved. You may want to call them since your credit score is 650, most lenders want it at about 720. If you show your increased income they may help you out. Have you found a MH yet? That would probably help, so you can have an amount ready. Good Luck

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Old 01-28-2013, 04:11 PM   #7
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We bought through a consignment dealer and they arranged financing with M&T. We bought a 2001 class A and put no money down.
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