Loan got declined, what gives?

[vsheetz]

My credit union has good rates on everything, except RVs. It's their way of messaging they don't want to write the business segment. That's ok, it's their choice.

[bluepill]

I am 790 FICO and just got a 1.9% loan on a used car through Bank of America. They also wrote a good rate loan on a used MH a few years ago. Both were through dealers. You might try them if they have a branch near you.


Good luck shopping.

[vsheetz]

First things first, IMHO, you really need to know scores and debt ratios reporting on all three bureaus. There could be something on one and not the others that is impacting negatively. The lender could be pulling just that one, or doing a triple check. And you get denied...

I use a credit monitoring service so to know all three of our scores, be aware of debt to reported available credit percentages, and to be aware of any activity soonest it occurs.

Credit rating is a valuable resource. It requires careful cultivation and continual monitoring. IMHO.

[bulldogs101]

odds are strong its the full time, traveling nurse deal, no they wont tel you that, but most lenders are not in good standing with fulltime travelers... go figure, rv, travel,hmmm. there is no reason you should tell them that. you plan to use it about 2 weeks a year.period!

[ralphie]

Reason might be the age of the RV and lender's opinion of the selling price.

[Nana25K]

Contact Alliant Credit Union and work with Stacey or JJ. They specialize in fulltime RV buyers. They understand the market, will get it all pretty much done on line and in just a couple days.
Most places will not handle loans for full-time people
.

[dsbike]

Jimmy12, my DW is a traveling nurse also. Does the loan application have a place to show you will be paid housing & per diems? Your claimed income does not include this so the banks & lending institutions don't see the full pay package you receive. You should talk with a loan officer in person if you are serious about traveling in an rv. My Dw has been in the rv for 6+ years of her 8 traveling, we will never move into another apartment every 3 months again. The rv is sooooo much nicer, not always as convenient but works for us.

[DancinCampers]

FWIW,
Essex advertises fulltimer rates. Alliante also, but their loan limit amounts will be lower.

Essex denied us, stated we had no history of having loans as hi as we were looking for, which was true.

Our dealer got us a loan thru Citizens Bank, now First Merit. We still had our house in NV at the time, sold it the next month.

Many institutions will not write loans for fulltime rv'rs. We were approved by Bank Of America, but required signing an affidavit that we would not fulltime in it.

[hammer55]

I too got a better rate at bank of the west

[336muffin]

Age of Coach might be a factor.

[Dr4Film]

You have to have one ADDRESS to get a loan of any kind. Stating that you are a traveling nurse and will have multiple address will kick you out every time.

Banks, credit unions or any agency that is loaning you money on an RV wants to know where they can possibly find the RV in case they have to repossess it for loan default especially if it is a high end coach like the Dynasty. They want to reduce their risk and exposure as much as possible.

When I first bought my coach I financed it through my credit union back when I had lived and worked in California. I now have an Alaskan address & fully retired. When the credit union found out about my residence in Alaska and the fact that I am a Full-Time RV'er they started to balk and wanted to call in the loan BUT because I have such a great financial history and have never missed one payment on my RV loan they reconsidered.

Dr4Film ----- Richard

[jimmy12]

Originally Posted by vsheetz

First things first, IMHO, you really need to know scores and debt ratios reporting on all three bureaus. There could be something on one and not the others that is impacting negatively. The lender could be pulling just that one, or doing a triple check. And you get denied...

I use a credit monitoring service so to know all three of our scores, be aware of debt to reported available credit percentages, and to be aware of any activity soonest it occurs.

Credit rating is a valuable resource. It requires careful cultivation and continual monitoring. IMHO.

This is true. I use credit karma and it monitors transunion and equfax for free, and I get an updated score every week totally free. The outlyer might be experian and I will have to request a report from them. Had some things in the past cleared and they arent showing anymore on the first two. Stay tuned....

[jimmy12]

Originally Posted by dsbike

Jimmy12, my DW is a traveling nurse also. Does the loan application have a place to show you will be paid housing & per diems? Your claimed income does not include this so the banks & lending institutions don't see the full pay package you receive. You should talk with a loan officer in person if you are serious about traveling in an rv. My Dw has been in the rv for 6+ years of her 8 traveling, we will never move into another apartment every 3 months again. The rv is sooooo much nicer, not always as convenient but works for us.

I included my stipends on the gross monthly income section. I think you are right that I should go and speak to someone in person. I am getting a lot of great feedback! Thank you guys!

[jimmy12]

Originally Posted by Nana25K

Contact Alliant Credit Union and work with Stacey or JJ. They specialize in fulltime RV buyers. They understand the market, will get it all pretty much done on line and in just a couple days.
Most places will not handle loans for full-time people
.

Thank you! I will call them on Monday!