|
|
05-13-2014, 11:01 AM
|
#1
|
Senior Member
Join Date: Nov 2013
Posts: 297
|
Good Sam Insanity??
We are purchasing a 214 Entegra Aspire. When we applied for financing thru Good Sam, we were turned down. WTH? We have no debt other than our S&B. Both cars paid for, no other debt or loans, excellent credit rating, etc. When we called them for clarification, we were told that our annual income must match the amount of the loan we applied for. So, if someone were to purchase and finance a 300k motorhome, then they must make 300k/yr? How in the world does Good Sam stay in business? Has anyone else encountered this issue?
__________________
Michael & Debbie Kennedy,fur babies Smokey & The Bandit
2014 Aspire 44B 2018 Aspire 44W
2012 Grand Cherokee Hemi , Air Force One
|
|
|
|
Join the #1 RV Forum Today - It's Totally Free!
iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!
|
05-13-2014, 11:29 AM
|
#2
|
Community Administrator
Fleetwood Owners Club Workhorse Chassis Owner
Join Date: Sep 2010
Location: Marquette, Michigan "Da UP" & Lehigh Acres Florida
Posts: 21,827
|
Nice to see you here.
__________________
John & Cathy R.
06 Pace Arrow 38L Workhorse W24
|
|
|
05-13-2014, 11:55 AM
|
#3
|
Senior Member
Join Date: Nov 2013
Location: FullTime, North America
Posts: 555
|
Greetings:
#1 Good Sam is not a loan originator only a middle man so it is the bank that declined your loan request.
#2 All lenders use their own formulations as to the amount of debt to income ratio that they will lend on. Many hover around 25-35% for you S/B house to get a preferred interest rate. Since you are adding a second home/RV to that equation many do not want to see it go above 40% total. What this means is if your home payment (P/I/T/I) is $2500 per month and your RV loan will be $ 1600 per month than you total debt obligation is $4100 per month. Lenders who use the 40% obligation want to see that you make a combined net income (take home pay) of about $10,250 a month to sustain both loans. NOTE: Different lenders use different formulations and some lend as hight as 60% but at hight interest rates.
Hope this helps.
__________________
Steven and Stephanie
2007 Winnebago Adventurer 38J
2008 Hyundai Elantra
|
|
|
05-13-2014, 01:08 PM
|
#4
|
Registered User
Join Date: Jan 2004
Location: Canyon, TX
Posts: 525
|
Google "F.U.N. loans.
|
|
|
05-13-2014, 01:15 PM
|
#5
|
Senior Member
Join Date: Nov 2013
Posts: 297
|
Thanks for the info but even so, the combined amount of our home mortgage payment and the projected RV payment still total less than 40% of our monthly income. That's why we're so frustrated - excellent credit and income and they still turned us down. And based on other IRV2 member comments that it's more difficult to arrange RV financing if you don't own a home, we aren't sharing with them that we have a contract on the S&B so the only mortgage we will have is the RV. We will continue the search for a finance option with reasonable interest rates. BIG SIGH....
__________________
Michael & Debbie Kennedy,fur babies Smokey & The Bandit
2014 Aspire 44B 2018 Aspire 44W
2012 Grand Cherokee Hemi , Air Force One
|
|
|
05-13-2014, 01:56 PM
|
#6
|
Senior Member
Join Date: Jul 2012
Location: Fulltime, USA
Posts: 16,706
|
I would check out a Federal Credit Union. It may be a great resource for you. Usually better rates, etc.
Unlike banks, they are non-profit.
No good sam to take a cut off the top.
|
|
|
05-13-2014, 02:18 PM
|
#7
|
Senior Member/RVM #90
Monaco Owners Club
Join Date: Nov 2002
Location: Columbus, MS
Posts: 54,780
|
You might want to check out PenFed credit union!
__________________
Joe & Annette
Sometimes I sits and thinks, sometimes I just sits.....
2002 Monaco Windsor 40PBT, 2013 Honda CRV AWD
|
|
|
05-13-2014, 02:29 PM
|
#8
|
Senior Member
Newmar Owners Club
Join Date: Jul 2006
Location: Wellington, Florida
Posts: 13,599
|
Sun Trust Bank and Bank of the West are advertising for motor coach loans. The dealer selling you the coach should always be able to get you financing. Usually at a competitive rate.
__________________
Gary
2005 Newmar KSDP 3910 + GMC ENVOY XUV 37K lbs Moving Down The Road
The Avatar Is Many Times Around The USA
Nobody Knows Your Coach Like Somebody Who Owns One Just Like Yours
|
|
|
05-13-2014, 02:32 PM
|
#9
|
Senior Member
Tiffin Owners Club Workhorse Chassis Owner
Join Date: Oct 2009
Location: Warner Robins, GA
Posts: 2,613
|
When we financed our RV we went straight to Essex Credit. Bypassing the dealer got us a better rate.
https://www.essexcredit.com/home/rv/
Good Luck,
Jon
__________________
Jon & Sue Francis (Retired U.S.A.F.)
Lil Girl-Rescued, Abby Rescued, Peaches Rescued
06 Allegro 35TSA Workhorse Chassis
2013 Chevy Spark Dinghy
|
|
|
05-13-2014, 02:51 PM
|
#10
|
Senior Member
Join Date: Jan 2000
Location: Castle Rock Co USA
Posts: 578
|
As stated above-Bank of the West is a good try.
__________________
2011 Montana-3400RL
Towed by[B]'99 F-350 SD PSD DRW Lariat
|
|
|
05-13-2014, 06:04 PM
|
#11
|
Junior Member
Forest River Owners Club
Join Date: Jul 2013
Location: Southern California
Posts: 8
|
Second Bank of the West
We tried our local credit union - they were ridiculous - would only lend for 10 years, at higher interest rate, etc. etc.
This credit union unfortunately has always been a PITA (pain in the you-know-what) every time Bob has tried to get a loan through them. I guess not every credit union has the best rates, etc. etc.
We did the financing through the dealership but the loan got placed with, and accepted by, Bank of the West on the terms we wanted.
So far, so good!
__________________
2014 Georgetown 328 - 34'4", Toad Vehicle - 2002 Honda Accord; Bob, Laura, always happy Izzy the wonder pup and the grumpy Milhouse the cat
|
|
|
05-13-2014, 06:12 PM
|
#12
|
Senior Member
Join Date: Aug 2008
Location: Georgia
Posts: 8,638
|
I'd say try bank of America but I would bet they all use the same formula.
__________________
2007 Fleetwood Revolution LE 40V
|
|
|
05-13-2014, 06:15 PM
|
#13
|
Senior Member
Fleetwood Owners Club
Join Date: Jan 2013
Location: Milton, NY
Posts: 923
|
Quote:
Originally Posted by jfran304
|
Good Sam's primary lender is Essex Credit, so I doubt that would help any.
__________________
Steve & Beth - Milton, New York
2009 Monaco Diplomat 41 SKQ
2016 Ram 1500 Quad Cab 4x4
|
|
|
05-13-2014, 06:17 PM
|
#14
|
Senior Member
Winnebago Owners Club
Join Date: Mar 2014
Posts: 14,891
|
Quote:
Originally Posted by Diesel Diva
Thanks for the info but even so, the combined amount of our home mortgage payment and the projected RV payment still total less than 40% of our monthly income. That's why we're so frustrated - excellent credit and income and they still turned us down. And based on other IRV2 member comments that it's more difficult to arrange RV financing if you don't own a home, we aren't sharing with them that we have a contract on the S&B so the only mortgage we will have is the RV. We will continue the search for a finance option with reasonable interest rates. BIG SIGH....
|
Don't give up. Persistence and patience will save the day. There are many avenues to obtain a loan but it has to be within your comfort level.
If you really want a MH you might want to consider a used one. There are some great buys out there. Lots of folks are keeping their old motorhomes saying the quality is far superior.
__________________
Gordon and Janet
Tour 42QD/InTech Stacker
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Discussions |
|
|
|
|
|
|
|
|
|
|
|
|
|