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Old 05-17-2019, 05:06 PM   #1
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Financing difficulties

We sold our house, paid all debt down and have between 767-800 credit score and no one will loan to us!
We are trying to do a 20 percent down on a 2008 country coach. So very frustrated!
They have now pulled our credit 5 times as we have been trying to find someone to work with us. Any advice would be so much appreciated! Thank you!
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Old 05-17-2019, 05:09 PM   #2
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Try my friend At voyager credit
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Old 05-17-2019, 05:09 PM   #3
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Have you tried South East Financial? The only issue is that you have no home base, but there are a lot of full timers.
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Old 05-17-2019, 07:25 PM   #4
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Try Alliante CU. Part of the problem may be the age of the rig and loan to down payment ratio.
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Old 05-17-2019, 10:06 PM   #5
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The difficulty is probably the age of the coach. 11 years old where 10 is usually the cutoff. Best of luck!
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Old 05-17-2019, 10:11 PM   #6
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No home address. Should have gotten the financing in place before selling and the age of the rig isn't helping.
The banks like to have a home address to go to to repossess the rig.
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Old 05-17-2019, 10:25 PM   #7
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No home and 20% down on a depreciating asset without sufficient capital in the bank is a tough sale for most lenders. Were the home sale proceeds enough to put down a larger down payment?
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Old 05-18-2019, 12:22 AM   #8
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My dealer told me recently that the 10 year rule for loans is more like 7 years now.

I think your only solution will be a larger down payment. Ask the bank what it would take for them to do the deal. The other issue though....you start getting into higher interest rates when you barely qualify.
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Old 05-18-2019, 05:21 AM   #9
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Quote:
Originally Posted by Adisgeeju View Post
We sold our house, paid all debt down and have between 767-800 credit score and no one will loan to us!
We are trying to do a 20 percent down on a 2008 country coach. So very frustrated!
They have now pulled our credit 5 times as we have been trying to find someone to work with us. Any advice would be so much appreciated! Thank you!
Try Excel Credit 1-800-337-7774.
Ask for Tom. I used them for a boat loan and they were excellent.
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Old 05-18-2019, 05:42 AM   #10
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If you sold your home Just Pay Cash and have no payments. Living Debt Free on a Fixed income is the only way to go
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Old 05-18-2019, 07:09 AM   #11
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As others said, age of unit and no address is a likely cause. As Mr D noted, Banks like addresses to secure the collateral, but also of note, Banks have requirements under the US Patriot Act to verify their customers and a address discrepancy can cause a dead stop in the financing process until cleared.

That being said, your Lenders should be telling you why they can’t move forward with the financing, have they given you the reasons aside from the “no”? If not, I’d press whomever you are dealing with for the actual reasons behind the decline to see what can be changed (if any) to get an approval.
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Old 05-18-2019, 07:27 AM   #12
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I know that south east will finance older units (did it for me). No home address, donít know. Maybe use a family members home as an address. They need to have their paper work in order.
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Old 05-18-2019, 11:23 AM   #13
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Quote:
Originally Posted by Adisgeeju View Post
We sold our house, paid all debt down and have between 767-800 credit score and no one will loan to us!
We are trying to do a 20 percent down on a 2008 country coach. So very frustrated!
They have now pulled our credit 5 times as we have been trying to find someone to work with us. Any advice would be so much appreciated! Thank you!
Pretty sure Good Sam will go an '08, no idea how they are to work with but I received an email notice from them recently about their financing. I know, I know they are affiliated with CW, but I do remember it said they would go back to '08.
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Old 05-18-2019, 11:47 AM   #14
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This is why high end older motorhomes are great values .... Hit 10 years and values drop. Financing becomes much more difficult even if you do have a house ! Higher interest rates are normal, when you can find someone who will loan on a older model. The 20 model year is just around the corner so a 08 is now 12 years old.
One thing ... Before anyone else runs your credit Make sure they can finance on the terms you want. No more we can run it and "see" The no permanent residence is worth a point worse interest also. The most effective way of course is to buy before you sell ( I Know , too late) Perhaps you can establish a new "rental" with a relative ? That might help
Its seems backwards but having a house and debit that you pay on consistently is better to get a
RV loan than having sold the house and paid off all the debits. Your now a higher "disappear" risk.
I assume you tried all the magazine we can finance you like Essex etc. Can you do a 7 year loan ? many credit unions can handle short payback terms more like a car loan.
Mine was 10 years old when we bought it and I wanted financing until I retired. I could have bought a new one on the spot with up to 20 year financing!!! It was much harder to find someone who would finance a 10 year old rig for 12 year terms to keep the payments low till I paid it off. I couldn't .. The dealer did.
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