16
Oct
Have you ever heard of it taking a week or 2 to get an RV loan?
Author: admin // Category: Wise FinanceWe are trying to finance an RV. The finance guy told my hubby give it a week and he’d see what he can find finance wise for us. Shouldn’t it be a yes or no thing? Sounds odd to me. Anyone?
It seems that financing an RV is more difficult than a passenger car. The lender has to consider what he would do if he would repossess the RV. It’s obviously more difficult to sell it than a car, so the risk is more.
In today’s difficult credit crunch, not many lenders are willing to risk loans on an RV because it’s easy to walk away from it. Be prepared to pay a higher than normal interest rate.
I know of someone who got a HELOC (Home Equity Line Of Credit) to buy his RV, rather than financing it directly, but this was over two years ago.
October 9th, 2008 at 8:32 pm
It does sound weird but he could be using banks or credit unions that are not big and well-known so it could take longer. They like to shop around for loans to see what terms they can offer. We’ve purchased two RVs but it never took longer than 2 days to get the financial part figured out. If you belong to a credit union, it may be beneficial for you to get your own financing. Your own bank will sometimes get you better rates
References :
October 9th, 2008 at 8:37 pm
It seems that financing an RV is more difficult than a passenger car. The lender has to consider what he would do if he would repossess the RV. It’s obviously more difficult to sell it than a car, so the risk is more.
In today’s difficult credit crunch, not many lenders are willing to risk loans on an RV because it’s easy to walk away from it. Be prepared to pay a higher than normal interest rate.
I know of someone who got a HELOC (Home Equity Line Of Credit) to buy his RV, rather than financing it directly, but this was over two years ago.
References :
October 9th, 2008 at 8:53 pm
The money market has tightend up so much that loans are very hard to get. I would imagine that the lender is trying to figure out what to do
with so much confusion in the economy.
You may be best to apply with another lender.
References :