topic Re: RV Loan Approval With Data Points in Auto Loans

RV Loan Approval With Data Points

moto4man — Sat, 09 Apr 2022 13:00:43 GMT

Good morning all! I've asked a couple of times for some RV loan input, but the interaction has been less then stellar. I'm assuming that is because the greater base of this board is built off of a rebuild platform, or the necessities. Never the less, this is the reason that led me here. I make fairly good money, enough to comfortably live anyways. But my credit responsibility has been horrible... until the last couple of years. Longer with auto loans. So, with that being said I figured I'd post some info and DP that applied to me. With the lack of these types of threads, I hope it helps someone else that is on the fence and concerned about the "denied" word, or quite frankly interest rates that reflect an unaffordable result.

I had been playing around with pre approval pages for months, but their wasn't much input provided here or anywhere for that matter on soft pull options for RV lenders. So, I decided to dive a little deeper and just reach out to a local lender and physically ask them for their own DP's. They gave me several different scenarios and rates based off of credit scores I provided them with. I was told they used a TU FICO 9.

A little background... I came here a few months ago with a starting score in the low 500's. I asked, pestered, re-asked in a different way, then asked some more. Those questions and several valuable members providing their knowledge bumped me about 90ish points across the board. I followed ALL of their guidance, and at this day and time, I'm sitting on FICO8's in the high 680's, and rising... temporarily. This loan is going to take a bite out of that. (EX - 686/EQ - 687/TU - 687)

Current Accounts:

Auto Installment - 35k balance/Ally Financial (Also recently refi'd, and has not hit my CRA's. Now CAP1) Perfect payment history
Revolving LOC - Huntington Bank $1k (Standby Cash). Zero bal, never used.
Revolving CAP1 QS - $1600 limit - Under 3% util perfect payment history

Note: I have 2 new revolving accounts 18k NFCU, and $500 CAP1 QS. These accounts HAVE NOT hit the CRA's yet. So these were not viewable to the lender. Both the Auto Installment, and the Revolvers not hitting yet are KEY to this. That's my personal slightly educated thought on this. Probably the difference in huge rate differences or getting approved at all.

Data

FICO8's - EX - 686/EQ - 687/TU - 687
FICO9's - EX - 716/EQ - 708/TU - 715
Lending Agengy - Genisys CU
Annual Income - 85k
1 HP - Experian (Was told TU FICO 9)
Baddie - Last 30 late (3 total) 2016/2 - 2015/1 (Still showing on EX/EQ)
Baddie - CO/Paid in full in Feb. 2022 CoSigner on account. (Still showing on all reports, but updating as paid or not at all)

Rates Provided by lender during app process over the phone -

730+ 3.39% (I already knew this wan't an option, and advised rep)
715+ 4.49% - <<< my rate
680+ 5.59%

Term - 180 months

Amount Financed - $35k

Down Payment required - 10%

Documents required - Recent Pay Stub/Utility Bill proof of residency/Photo Copy of DL

Turn around time - The whole process took about 4 days from phone call to approval email. Probably could have been less.

Communication was flawless. Emails were promply responded to. When it came time to get the nuts and bolts of things and advise we found our unit, I placed a call, left a VM, and call was returned within 2 hours and process was explained for the P.O. needed, and info for insurance company was emailed over on the spot.

We are going to sign the paperwork today!

I hope someone finds this useful, if there are any missing items that should be here... let me know and will be more than happy to provided. I can't thank the community enough! If it wasn't for the help of many, our family would still be wondering if our old pop up is going to make it for another season.

Re: RV Loan Approval With Data Points

Adkins — Sun, 10 Apr 2022 04:27:50 GMT

Congratulations! And thank you for sharing your data points!

Re: RV Loan Approval With Data Points

moto4man — Sun, 10 Apr 2022 11:30:07 GMT

@Adkins wrote:
Congratulations! And thank you for sharing your data points!

Thanks! Our family is super excited, and is it safe to say... we are happy campers!

Re: RV Loan Approval With Data Points

babygirl1256 — Sun, 10 Apr 2022 15:59:48 GMT

Congrats on your RV loan approval . . . Enjoy the ride!!!

Re: RV Loan Approval With Data Points

Cracka — Mon, 01 Aug 2022 17:16:14 GMT

Well done and then for the info.

May I ask which lenders you reached out to and which one you selected? I'm also looking and didn't see much info in these forums based on this "want."

Thank you

Re: RV Loan Approval With Data Points

Mdowning30 — Mon, 01 Aug 2022 17:40:55 GMT

Thats nice but 180 months really ? That's a LONG time making payments.

Re: RV Loan Approval With Data Points

bigseegar — Mon, 01 Aug 2022 18:20:40 GMT

@Mdowning30 wrote:
Thats nice but 180 months really ? That's a LONG time making payments.

A. I've noticed several post in here here in the Auto Loans Sections where you sure are very judgmental about how people spend THEIR money and how they structure THEIR loans.

B. 180 Months is the Industry Standard for financing RV's. Just like 30 years is for homes.

C. To the OP CONGRATS!! You do you and don't worry about what others think. Some forget they're rebuilding themselves and still in the baby step stages.

Re: RV Loan Approval With Data Points

disdreamin — Mon, 01 Aug 2022 21:11:33 GMT

@Mdowning30 wrote:
Thats nice but 180 months really ? That's a LONG time making payments.

One could say the same thing about paying for 30 years on a house or 7+ year on a car. The term determines the minimum payments you are locked into, not what the maximum payment can be. Just because the term of OP's loan is 180 months, or whatever, doesn't mean they have to take that amount of time to pay off the loan. My 36-month auto loan that turned one year old today is 75+% paid off and will be gone in a few months (could be gone now, but it's 0% so I'm not in any hurry).

Bottom line, why judge?

Re: RV Loan Approval With Data Points

Mdowning30 — Wed, 03 Aug 2022 16:37:37 GMT

My comment is based off the amount financed stated. 15 years to pay off $35K is a long stretch. We are also here to help lend advice.

Re: RV Loan Approval With Data Points

moto4man — Wed, 03 Aug 2022 18:06:33 GMT

Genisys CU

Honor CU

There we're several others, but the rates weren't worth the time.

Re: RV Loan Approval With Data Points

moto4man — Wed, 03 Aug 2022 23:02:04 GMT

@Mdowning30 wrote:
My comment is based off the amount financed stated. 15 years to pay off $35K is a long stretch. We are also here to help lend advice.

Industry standard. And I was also offered a couple of different ways that the terms could be structured. However, since purchase date the fed has raised the interest rate 1.5%. I rolled the dice on the rate at the time versus my payment comfort level. I'm at 85k, not 185k.... I think I rolled a yatzee in that regard. I probably could have waited a few more months and shaved a point or two TOPS. (doubtful with the rate increases) And structured the load for a 10 year, which would have made it unaffordable for me.

Re: RV Loan Approval With Data Points

teekay629 — Sat, 27 Aug 2022 23:04:40 GMT

I think it is always important to remember that you can always pay more, but you can not pay less! You did what you had to to make it comfortable and doable.

But at the end of the day, I am appalled that you did not share what type of RV you ended up with! 😂

Re: RV Loan Approval With Data Points

2b2rich — Sun, 11 Sep 2022 02:41:03 GMT

@Mdowning30 wrote:
Thats nice but 180 months really ? That's a LONG time making payments.

That doesn't mean the OP will actually take that long to pay it off. I know a lot of people who would opt for the longest length they could take a loan out, myself included if there is no repayment penalty. Have lower monthly payments in case of an emergency, but double them up when ever you can. I don't know the normal terms of an RV loan, but sounds like the OP has really done his homework on them.🤷‍♀️

Re: RV Loan Approval With Data Points

IrishPM — Sat, 25 Feb 2023 22:21:41 GMT

And you always have the option to pay a little extra each month applied to the principal which cuts down on interest and the life of the loan. Congratulations on the loan.