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Old 12-31-2014, 11:19 PM   #1
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Financing

I'm an rv wanna be, but I need to finance. The problem is, I have good credit, the down payment and could pay a year upfront on a small loan, but don't have an income. I took my retirement lump sum. My bank will do the loan and place a hold on my funds, but that amounts to paying cash upfront. Does anybody do loans on unverified income anymore?

Right now I'm looking at the Forest River 231rbxl with a slide, but would go with the 221rbxl if I need to. The 241rbxl has a sofa with a divider wall, but I like the open floor plans.

thanks
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Old 12-31-2014, 11:49 PM   #2
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Why not skip the interest and pay cash?
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Old 01-01-2015, 12:09 AM   #3
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If your credit is good, lots of banks will except retirement income. Put down the amount you get every month including any disbursements you may take from savings, ira, social security, stock dividends or whatever else you have in one lump some. Whatever they total, put that down as your income. In the employer section simply put retired. Again, if your credit is good, that will suffice.
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Old 01-01-2015, 12:21 AM   #4
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If your credit is good, lots of banks will accept retirement income. Put down the amount you get every month including any disbursements you may take from savings, ira, social security, stock dividends or whatever else you have in one lump some. Whatever they total, put that down as your income. In the employer section simply put retired. Again, if your credit is good, that will suffice.
And I hope so because all we have is several annuities, two retirements and two SS's coming in. Still need to get one IRA moved but can't do that while the DW is on long term disability.
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Old 01-01-2015, 04:09 AM   #5
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Banks are in the business of holding peoples' monies and not giving back any interest. They're no longer in the loan business since the FDIC makes them substantiate any loan with ridiculous rules. Banks are handcuffed into not doing business.

I suggest you inquire at a good credit union. They're more apt to support their customer/members. After all, your assets are an indication that you do have the capacity to pay for the RV.
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Old 01-01-2015, 11:27 AM   #6
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Banks are handcuffed into not doing business.
Can't say that I've noticed that. Have obtained two loans in the past 14 months, and receive unsolicited loan offers a couple times a week. And yes, I am retired and have only pension. IRA and SS income.
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Old 01-01-2015, 11:33 AM   #7
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My bank will do the loan and place a hold on my funds, but that amounts to paying cash upfront.
Not if you are still receiving interest on the held funds (and you should be).

Set up an automatic monthly disbursement from your retirement savings and show that as monthly income on your loan app. If your bank won't buy into that, find another bank because it is a fairly common situation.

Another way banks accept "proof of income" is to review the previous 2-3 years of federal tax returns, which should be showing that you are indeed receiving "income" from your investments.
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Old 01-01-2015, 12:40 PM   #8
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Alliant Credit Union. They used our retirement income from the company retirement plan and IRAs. Great rate and seemed to really want our business.

PM me if you want their contact info.

Good Luck
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Old 01-01-2015, 03:45 PM   #9
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Why not skip the interest and pay cash?
If I pay $15,000 cash, that money is gone. If I pay down $2,000 and finance $13,000, that would be approximately $1,300 for the first year and I could save almost $12,000 upfront to live on. Even at 4.99% I could save over $4,000 over the life of the loan, but my life expectancy isn't that long.
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Old 01-01-2015, 03:56 PM   #10
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I suggest you inquire at a good credit union. They're more apt to support their customer/members. After all, your assets are an indication that you do have the capacity to pay for the RV.
I thought you had to be a member of a credit union to get a loan.
I feel the same way about assets. I have a mortgage that is paid and to me it doesn't matter how much income somebody has, that's not proof that they will pay.
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Old 01-01-2015, 04:01 PM   #11
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Not if you are still receiving interest on the held funds (and you should be).

Set up an automatic monthly disbursement from your retirement savings and show that as monthly income on your loan app. If your bank won't buy into that, find another bank because it is a fairly common situation.

Another way banks accept "proof of income" is to review the previous 2-3 years of federal tax returns, which should be showing that you are indeed receiving "income" from your investments.
My funds aren't large enough that the interest would make a difference. I did set up a business account where I put the income from the sale of property and transferred an amount each month to pay my bills, but my bank didn't consider that as "income." I did get a loan a couple months ago to pay off my bank visa and it's an unsecured loan. I just don't understand why they wouldn't do a secured loan. Makes no sense to me.
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Old 01-01-2015, 04:10 PM   #12
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" I could save over $4,000 over the life of the loan, but my life expectancy isn't that long."

Maybe lenders consider life expectancy and other loans?
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Old 01-01-2015, 04:17 PM   #13
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Alliant Credit Union. They used our retirement income from the company retirement plan and IRAs. Great rate and seemed to really want our business.

PM me if you want their contact info.

Good Luck
I checked and they didn't go 10-12 years with a low rate. They did have a low rate for a short term loan though.
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Old 01-01-2015, 05:15 PM   #14
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"Maybe lenders consider life expectancy and other loans?
I would think that would have a negative impact because they would think they wouldn't get their money. I'd never tell them that, but my banker said if I can get disability, then I could get a loan because I'd have an income.
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