Question Anyone With An RV Loan Considering A Refinance?

[AbdRahim]

They did not even inquire about other assets in my case. Nor were they impressed that I paid for the last one in cash. Their loss. The winner is being duels rewarded. The irony is they want recent credit history. Everything all paid off for years today does not seem to cut it.

 

[sheridany]

The truth is banks don’t have a great way to value the RV in cases where they have to repossess
for the purposes of selling it to recoup the loan. Unlike real estate which has very good data to estimate valuation that doesn’t really exist elsewhere that takes into account the depreciation curve. The more assets the borrower has, the better chance they have at getting funded for a loan of course depending on the price the buyer will pay.

 

[FL-JOE]

That all makes sense I guess. I just wish they would have disclosed all of the additional requirements prior to letting us apply. It seems a little shady to dangle a favorable refi rate out there, let you make an initial inquiry with some personal information and then at the end toss in several added on requirements that no one has ever heard of. Why not just state up front "hey, we see you have a 800 plus credit rating and earn more than enough to make the payments, but do you have $500,000 laying around?"

 

[sheridany]

Why not just state up front "hey, we see you have a 800 plus credit rating and earn more than enough to make the payments, but do you have $500,000 laying around?"

I completely agree and they are supposed to be 100% transparent on terms qualifications etc right from the start.

 

[FL-JOE]

Like I said, we can accomplish about what we wanted by tossing extra on the current loan payments. I guess the lesson here is for anyone selling their home and going full time. They might as well go right to Allient Credit Union and apply if seeking a large coach loan rather than waste their time with Bank Of The West right now IMHO.

 

[rv4travlin]

To purchase our RV, we refinance our house and took out 50k. Dropped the home mortgage interest from 4% to 2.5%. Our mortgage payment went up $35.00. It did add 7 years to the length of the mortgage, but hey, I'm 65 and never was going to pay it off before I'm dead anyway.
But on the bright side, I see it as getting an RV for $35 a month.....

 

[Jireh Financial]

We are new members here on RVForums. This looks like an older thread but it was a good one. My company is a service provider doing RV and Marine loans. With buyers and sellers further apart, things can get interesting. Even though we work in the loan business every day, we are always learning. Trying to make sense of banking is a moving target. As the $$ get higher, the risk is higher for the lender. They sleep better with lower risk or at least evenly shared risk. Things like PROVABLE INCOME and DEBT TO INCOME RATIO have gained in importance in the covid world.
If we can help with anything, let us know. We don't have a corner on the loan knowledge market but we work in it every day.
Thank you,
Ken

[email protected]