We are heart broken!!!

[AS7074]

We just found out today after putting a deposit that the banks that the dealer uses would not buy the loan. We have what I believe is good credit. we both have around a 700 beacon. We got a great rate on my F-350 just a few months ago. We don't understand this is the last problem we thought we were going to have. Can anybody recommend our next course of action? Nobody could even begin to believe how heart broken we are. Please help!!!!!!!!! so on and so on..

 

[Delaine and Lindy]

AS7074, your not the only one's, its happening all over the RV industry. There is a turn down rate around 65% due to the the housing industry problems. You could go with a Credit Union or Google RV loans there are many out there. We had above 770 score but we also had $53,000 down. Good Luck.. GBY....

 

[mrcomer]

Sorry to hear that. We too had a small clitch, we actually had to put about $7,000 down before the bank would take the loan. The weird thing was that our lender is Thor. Yes, the other manufacturer of RV's is loaning us the money to buy a Heartland product. We knew this going in as we asked to be pre-qualified before we placed our order. If it were me, I would ask your dealer to shop around some more.

Good luck,
Mark

 

[JimandSina]

Sorry to here of your situation, hopefully you can get it resolved satisfactorily. My wife and I have scores in the mid 750's and we went to our credit union as well as the good sam club finance center and got pre-approved by both and then the day of the sale we went with the best interest rate at the moment and financed with them, but we had planned all along to put down a few thousand dollars to bring the amount to finance to a lower level, have your dealership look around for you, but also do some online searches on your own just to hedge your bet, the dealerships usually have a relationship with several lenders but they will also try to get you for a higher interst rate so that they camn realize a profit from your financing so just don't let them drive into a bad deal. best of luck to you
Jim

 

[AS7074]

we just found out that as of yesterday morning Bank of America is no longer providing rv loans. Our dealer used them almost exclusive. So we will look around to see what's avail. Thanks for the help.

 

[mike3fan]

we just found out that as of yesterday morning Bank of America is no longer providing rv loans. Our dealer used them almost exclusive. So we will look around to see what's avail. Thanks for the help.

I just got mine last month and the dealer set it up through a Credit Union I think 6 1/4%.Good Luck

 

[jmgratz]

Check out Good Sam Club and Affinity Group both do RV loans.

 

[AS7074]

Mike,

congrats on your recent purchase. Funny you mentioned that we just applied through out credit union.

 

[pmmjarrett]

Sallie Mae also does RV financing, besides school loans.

Gave me a chance to rebuild my credit after having to file Ch7 bankruptcy a few years ago when my score was about 620 and my wifes was around 720. Our rate is about 10% on my fifth wheel and put only $1800 down on with a $32,000 loan, not great but not too bad either considering it's in my name with the wife co signing...... and I'm self employed too... that's always a fun hurdle because I don't have a regular Just Over Broke and have to prove my income.

I sincerly wish you the best.

 

[AS7074]

pmmjarrett

Could you tell me a little bit about the process and the qualifications required of you. I did a bit of surfing on the sallie site but did not find nothing but schooling info. I like this angle on financing.

 

[pmmjarrett]

Got this number for Sallie Mae from my wife.... 856-642-8200. Hope it helps because I can't find out squat online about their RV financing either.


Was pretty quick actually. Bear in mind we both have had student loans with them in good standing, even through my bankruptcy (and my wifes when she had one a few years before we were married) and this is also our 2nd RV loan through them.

Filled out ap in the late afternoon & had reply by noon the next day.

My pay is in 2 chunks, I get a 50% advance on the load and then get the remaining 50% settlement when I turn in the paperwork to the company.

One benefit I have is I am a contractor that is permanently leased to a company so I can list an "employer" besides myself when I have too.

My only proof until I get a 1099 at the end of the year is an email each time from Comdata showing the advance or settlement amount that is loaded onto my comdata card.

They wanted to see 1 month (last months) worth of statements(emails) showing I grossed what I said I did.

That almost bit me in the behind when I stated 100k annual gross for the business + my VA disability as the last few months have been slow and I've taken several weeks off to go camping, goof off etc while it's slow.

Barely pulled that one off having to come up with $8400 in email statements + the bank statement showing my VA funds direct deposited into my account in the last 30 days....... and a few of those emails were accidently deleted OOPS but I did pull it off.




Guess I should confess my sins and say I did this last month when I bought my '07 Fleetwood Wilderness 295TSRL fifth wheel and traded my '06 Fleetwood Wilderness 270 FQS travel trailer.....

Sorry Jim.... Had nothing to do with brand and everything to do with the dealer who's just a few miles from my house vs 100 miles for any Heartland dealer (hopefully this will be remedied someday).

I know the owner and have had great service from them. I deal always deal directly with the owner there and when he asked me if I wanted to buy it when I had mine there for service I told him he better make me an offer I couldn't refuse.... He did. Now if I can only get him to carry Heartland products too.

 

[AS7074]

we have a current paid up aviation loan through sallie may.I did'nt even know they did other loans.... thx will call tomorrow

 

[pmmjarrett]

You're quite welcome. Wish ya luck.

There are loans for everybody out there, just getting tougher to find right now with the housing crisis. Don't throw in the towel.

When we bought the '07 the dealer told us several lenders they used to use no longer do RV loans and the ones they still use are harder to process these days which is making it harder for the dealers to close a deal too.

When I bought my '06 Wilderness I had several big internet wholesale dealers tell me they couldn't get me financed without even trying because my Bankruptcy was roughly 2 years old at the time and lo and behold a mom and pop local dealer with a small inventory got it done by trying to help us get what we wanted, not killing me on price and burying me in negative equity and selling me more than I could afford at the time.

 

[Dougstdig]

I was in the banking industry for 6 years. The best advice I can give anyone is to maintain relationships with your local banks! Yes shop around for some of your banking needs, but it pays to have a relationship with your smaller hometown banks.

My loan is as follows Purchase price $42,000 10% down @ 7% with an amortization of 10 years and a baloon of 5 years.

Your small town banks typically will not carry the long 180 to 240 month notes. You can however amortize it over a longer time and cap the baloon.

You may not receive the best rates with your hometown bank because they don't deal in the volume that the bigger national brands do. This being said, your home town bank is less likely to treat you like a number and more like a customer!

...just food for thought...

 

[wshamby01]

I just got mine at a fixed 6.9% thru Bank of America in July. I think they told me anything over 700 was auto approved. Anyway I hope it works out for you I really enjoy my 3300RLB.

 

[AS7074]

well it's morning after a tough yesterday. I thought when I woke up it would all be better. Well it still stings. However I will me making calls at 9:01 a.m to get what I want. I will try sallie may first then our smaller bank then not sure but will keep everyone posted. Thank you everyone for your input. If anyone has anymore ideas please let me know ASAPNone

 

[snuffy]

well it's morning after a tough yesterday. I thought when I woke up it would all be better. Well it still stings. However I will me making calls at 9:01 a.m to get what I want. I will try sallie may first then our smaller bank then not sure but will keep everyone posted. Thank you everyone for your input. If anyone has anymore ideas please let me know ASAPNone

Try georgiasown credit union, formerly Ga. Telco.

 

[AS7074]

Try georgiasown credit union, formerly Ga. Telco.

actually we applied there this morning and they accepted as long as I could prove income.. Here is the strange part. Could not get a loan anywhere at all and applied there and not only approved provided income verification but the intrest rate is 6.18%. You guys are fantastic. Thanks to each and every one of you.

 

[cdbMidland]

That's great news and a very good rate. Congratulations. Sure glad things worked out for you.

 

[blackfin]

FYI: KOA has a loaner broker program and if you complete the loan they were offering $300.00 in free camping. Wachovia bank took my loan on my 2009 3950 with a great rate, they were actually lower than my credit union. good luck