Excellent credit score doesn’t guarantee RV financing

[Jireh Financial]

Thank you both for the kind words. Let me say, we have a great group of people in our business. We really do work each deal the best we can. Most of the work is done ahead of time before sending to a lender.
Let us know how we can help.
Ken

 

[Jireh Financial]

One of the things we do is a "SOFT PULL" to check buyers credit bureaus. The soft pull does not reflect on the bureau so no history. The credit pull we do is so we can match up with a lender that has the taste for that bureau.
Let us know how we can help.
Thank you,
Ken

 

[bpaikman]

This is why we keep and use two credit cards for all of our purchases. We have no other debt; no mortgage, no car or RV payments or other installment loans, etc. and still manage to maintain a good credit score. I think the monthly credit card activity (we pay the balance off each month) may be the reason.

It is a sad commentary on our fiscal world that people who pay their bills on time and stay debt-free are frequently considered poor credit risks.

TJ

Yes we do same. 2 cards, pay off monthly. Good score.

 

[High Desert]

Interesting problem here that is being dealt with. We just went through this process end of September where we traded in a 2019 gasser on a 2017 DP. Our credit score is excellent (can’t get much higher), had the trade equity and additional cash down payment and it took almost 2 weeks to finalize. The other thing I found interesting is that the “FICO” score we all know so well, is not what is used on theses loans as the lender uses two other sources. Also, above a certain dollar amount, you get into a whole other level if documentation and informational requirements. We almost walked from the deal, but ended up with the unit, good financing at 3.25%. This was the most complex rv buying process we have experienced and this is our 3rd motorhome purchase. Maybe just a sign of the times??

 

[Jireh Financial]

Each lender has a system. FICO is most common but certainly can't say ALWAYS. Some lenders use a combination of FICO and an internal scoring system. Those type could give extra weight to things like time on the job, time in the home (both show stability), size of prior loans. With most lenders, going from very limited loan size to very large is difficult in most cases.
This is why shopping up and down the street for a loan can be frustrating. Applying and getting declines for simple things can cause an issue when a good lender is found. We have one major lender we use that will flat decline just for number of inquires. They don't care if you are a 820 and have half down. Too many inquires = auto decline.
That is not all that common but its a real thing.
Let us know how we can help.
Ken