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.
Starting Score: 547EX
Congratulations! And thank you for sharing your data points!
@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! 
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
Thats nice but 180 months really ? That's a LONG time making payments.
@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.
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.
Genisys CU
Honor CU
There we're several others, but the rates weren't worth the time.