Need Travel Trailer Loan Advice/ Lender Ideas

[kberly69]

BF and I are looking to buy a travel trailer. He has around 730s across the FICO 8 board but mainly because I made him an authorized user on some of my cards. About three weeks ago he applied (and received) an AMEX card with a very low limit (1K). From what I understand that won't be showing up on his credit report for a couple months. He really doesn't have any history and has paid cash for things his whole life.

We went to an RV show and found the one we want. They ran his credit and he was denied by four different lenders because he has no history. The finance person said he qualifies for the "top tier rates" and his income isn't a problem. They wanted me to cosign but my goal is to get a mortgage by the end of the year and I don't want it on my report. They wanted to see a car loan or similar on his report, which I get in the sense that they'd like to see payment history, but when he has no bad marks, has a good enough score, and makes money I figured he'd be like fresh meat to them. Guess not

Any thoughts on this- ideas for lenders who might do the deal? My thought right now is that he's already taken the hard inquiry and clustering some more around it isn't going to hurt his score if we go out and try on our own. 

[Chad3304]

I’d recommend him going to a credit union.

[kberly69]

Thanks. We'll try a couple local ones

[sccredit]

Take a look at Logix for a TT loan.  

[Anonymous]

Given his short and lack of credit history, especially in regard's to past isntallment loan history, he will have a hard time obtaining financing on an RV.

Underwriting for an RV is much more strict than an auto loan because they are luxury items that aren't a necessity. They depreciate very quickly, and are often financed for longer period's of time which poses much more risk to the lender.

A credit union, would be the only chance of getting an approval but it will be hard.

Be prepared to put a down payment down, typically recreational financing requires 10% down.

Good luck

[bondsandloan]

The 730 score from your AU accounts won't count for approvals. I had a 790 score from my wife's 3 AU cards & coudnt get approved for anything substantial. Only once I had my own cards, did the pre-approvals & approvals start.

Once his own care ages to 6 month, he will have his own Fico score, it'll be a 50/60 point drop from 730. Mine dropped from 790 to 735 @ 6 months. You can start to see some of his approvals come around 6 month mark.

And get him another card - even if secured--to start off his credit better.

[kberly69]

Thanks everyone for the great advice. We're going to try a couple more places while we're in the 14 day zone, then hang it up for a bit while he develops his own profile. Ours is a weird situation I guess!

[CCrew]

Try Connexus Credit Union. We own an RV, and several of our friends that had decent but not stellar credit were able to get financed by them. Worth a shot at least. 

[Anonymous]

If you co-sign and the relationship ends then what?

[kberly69]

Ccrew, Connexus did indeed finance him! Rates were great and they've been wonderful to work with.