Securing RV financing was never easy, particularly for used RVs. With the current credit crunch, lenders are very reluctant to finance any risky transactions.
And with the great majority of RVs being seen as purely consumer goods, with no income making potential to the owner, it became very hard for your loan application to be approved.
You've far greater chances if you're buying a new RV, and your credit score is 720+. But, even then you'll pay an interest on your loan, lease or hire purchase, about 2% above the prevalent market rate.
If your bank is your only credit source, be prepared to provide them with all details about the RV you intend to buy, and if possible, offer some additional security.
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And with the great majority of RVs being seen as purely consumer goods, with no income making potential to the owner, it became very hard for your loan application to be approved.
You've far greater chances if you're buying a new RV, and your credit score is 720+. But, even then you'll pay an interest on your loan, lease or hire purchase, about 2% above the prevalent market rate.
If your bank is your only credit source, be prepared to provide them with all details about the RV you intend to buy, and if possible, offer some additional security.
Discuss
Tell a friend
Bury
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