No RV loan without loan history.

[AZ Kid]

Howdy folks. My wife and I are in our 60’s and want to buy a class c motorhome so we can travel to Maine from Florida ( were we live now) and spend the summer with our son but we are having an issue with lenders. We are in the 700’s as a credit score. We pay no rent, electricity, or internet and our DTI is 14%. We are retired so our income is secured and we have a 10% downpayment on hand. According to the lenders ( banks, credit unions) without a resent long term loan they say there is no way to secure a loan for a motorhome! I feel very strongly that there is a trusted lender out there for the class c motorhome we are hoping to buy. This is our first rv loan, so anyone with information on this subject would be greatly appreciated. Thank you.

 

[Russellvh]

If you are a veteran try USAA

 

[Scotttkd2]

Bank of the West is also RV friendly.

 

[AZ Kid]

I am not a veteran but thank you. I will look into Bank of the West, thank you.

 

[LMHS]

An alternative is to buy used and pay cash. That's my favourite way to buy things. My 1995 Jeep was 2yo when I paid for it in cash (it was a bank repo). It's my current daily driver and it runs 5 to 6 days per week. My first camper (1976 Apache Solid State popup) was paid for with cash. It was about 10yo when we bought it in 1987. Sold it in 2005 for what we paid for it. Bought an old 1986 Class C for $2k in 2005. Used it fulltime until 2010 when we gave it to one of my daughters. She lived in it for over 5 years. I currently live in a self converted bus (I don't recommend going that route) that cost $1400 cash plus the $10K conversion was done as we got the money over the course of 3 years. My daughter bought a used 2006 Ford F-250 and then a used 1994 Lance slide in truck camper (both in 2021 during the Covid madness when pickup trucks and campers were all over priced). Paid cash for both combined she has under $6K invested in them. Yes, work is often needed or wanted on used but then you can say the same for new. The nice thing is that what I got may not be the shiniest and newest but I also don't co-own with the bank either. If you want an RV, you don't have to have a loan.

 

[Buc]

Are you a member of a credit union? We’ve considered that for auto loans, though we paid cash for the trailer.

 

[Jireh Financial]

Howdy folks. My wife and I are in our 60’s and want to buy a class c motorhome so we can travel to Maine from Florida ( were we live now) and spend the summer with our son but we are having an issue with lenders. We are in the 700’s as a credit score. We pay no rent, electricity, or internet and our DTI is 14%. We are retired so our income is secured and we have a 10% downpayment on hand. According to the lenders ( banks, credit unions) without a resent long term loan they say there is no way to secure a loan for a motorhome! I feel very strongly that there is a trusted lender out there for the class c motorhome we are hoping to buy. This is our first rv loan, so anyone with information on this subject would be greatly appreciated. Thank you.

Good morning,
RV loans is our business. We start everyone with a SOFT CREDIT PULL. We see the whole bureau and there is no point ding or trace on your bureau. From there, we target the lender that has the apatite for your deal. Be careful knocking on bank doors for a loan. Most often you end up with several credit pulls with very little usable results.
We do this every day and understand credit and the RV world.
Let me know how we can help.
Thank you,
Ken

 

[AbdRahim]

Try several sources. I was refused by one bank for the same reason. Cars, house, prev MH all paid off years ago. Bank said - no recent loan history. So I guess we need to be regularly paying on something for banks to feel comfortable or profitable. Counter intuitive to us. I think they view one as a risk (less profitable to them) if one habitually pays everything off. Look around. You may have to establish credit again. They want to see that you can make regular payments over time.

 

[Jireh Financial]

It is also important to only work with lenders that actually want the RV business. Many lenders don't do RV and boat loans (really do them). You can look all day and just get frustrated. Also remember, every time you "look" its a ding.
When we do our SOFT PULL, we review with the buyer before sending anything to a bank. If we can't help, we will tell you. If we can , we should be able to talk about options BEFORE anything goes to a lender. Just sending deals to lenders that will get rejected does not help anyone.
We are here to help.
Thank you,
Ken

 

[tdkkart]

But......Dave Ramsey says you don't need a credit score?