Banks and fulltimers?

Any advise on this topic. We have great credit and low debt. The bank told us they dont finance full timers even though our credit scores are both very high. Any way around this.

Try a credit union. Right now, they seem to have better loan rates than most banks. They have different membership criteria, depending on the CU, like where you live or groups you belong to, but it's worth a shot. We joined one for $100 because we lived in the county they served. One week after joining, I walked out with a loan check for $40K to finance the new truck. Our bank actually recommended them for the vehicle loan, instead of trying to sell us theirs.

Same thing here. I am not a full timer but I joined a Credit Union to take advantage of their lower interest rates. I had an approval in five minutes and the check was FedEx'd the next day. The Credit Union even called the RV Dealer to take care of the particulars.

Nowadays most larger companies, states, counties, and larger cities have credit unions for their employees. We have belonged to a credit union for many many years. The credit union will generally offer competitive loan rates, higher rates for CD's, and in some cases their criteria for loans is not as strict as many banks. You may be able to join a credit union online.

One thing to think about.
If you are still living in a sticks and bricks you may have enough equity in it to make a second loan. This can give you a good interest rate. Car type loans are not tax deductable but equity loans are. A credit union is a great place and they in many cases have a lower interest rate than a bank. This suggestion is better if you have very little principal left on the original loan or your house is paid off.

Due to the economy loans might be hard to get even with a good credit rating. So be patient and persistent.

What I would really suggest is save up and pay cash. Then pay your self back. You save the interest paid to the loan company.
I know !!! Not everyone has the cash. But if your tight and have a lot of loans now you don’t need to get another, especially if your using the RV for just camping.

If anyone is interested in getting out of debt you might look into the philosophy of being debt free. There are many ways to do this. One is called Crown Ministries that is associated with many churches. Another is Dave Ramsey. He is on the radio, TV and he was asked to give his opinion on some of the National TV channels. Check here.. http://www.daveramsey.com/ I like his method and I am Debt Free.

FWIW
BC

Well, we got the financing worked out and will pick it up on Mon the 16th. The only thing we make payments on will be the rv which is our home. I know of Dave Ramsey and we have been blessed enough to implement the debt free lifestyle.

Drew
We are having a Heartland rally the first weekend of April in Spring, if you are able try to attend. We always have a good time visiting with a great bunch of folks.
Bill

If you don't already have a home equity line of credit, getting one now may be next to impossible, Stimulus Bill or not. 5 years ago, our home was appraised at $275K, last month it got appraised for $227K, even with almost $40K in upgrades since the last appraisal. That drop made it impossible to refinance. Fortunately, we took out the HELOC several years ago and still have most of it available. As for the interest on the RV loan, it is usually tax deductible since it qualifies as a second home (or primary if you' re a full-timer).

TXBobCat speaks words of wisdom, credit and debt are a trap to be avoided at all cost!

jmgratz said:

Nowadays most larger companies, states, counties, and larger cities have credit unions for their employees. We have belonged to a credit union for many many years. The credit union will generally offer competitive loan rates, higher rates for CD's, and in some cases their criteria for loans is not as strict as many banks. You may be able to join a credit union online.

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Navy Federal on both coasts. My daughter got me an account there several years before they became an All-Service financial institution. They do a lot of stuff by phone..and you can access them via the internet. As long as you are a veteran, or have a member in your family that is on active duty, you are set.

When I was last in El Paso, I tried to find the old Air Defense Center Credit Union..it had gotten REALLY big by buying a large number of other credit unions. Somehow, they had gone civilian (how they could do that with umpteen zillion military guys as members, I dunno.

Credit Unions are always going to be your best bet. It's a more family oriented.