RV Loan Joint Application

[Anonymous]

Hello,

My wife and I are wanting to purchase a new RV.  The RV in question is $58,000.  We can put up to $15K down on the RV, if needed.

My myFICO credit scores are TU626 /EQ627 /EX632.

My doesn't use myFICO, but her Chase credit card gives her a monthly score and it says 683.

My question is--to optimize our approval odds:

1. should we apply jointly--her first, me first, doesn't matter?
2. Should she apply solo?

Some more details--her income is $50K a year, my income is $130K a year.  She has the mortgage for our house in her name only.  We have three open auto loans--for $8K in my name only, for $10K in her name only, and a joint auto loan together for $59K.

Any advice would be greatly appreciated!  Thank you!

[Anonymous]

Anyone have any ideas?

[sccredit]

Her first on app, you second. Look into credit unions - when we bought ours we used Logix and it was, at the time, like 4.9% with scores in the 680s. That was about 8 years ago though. 

[disdreamin]

I have no advice, but your question made me ponder whether RV loans were more difficult to acquire than auto loans and a little google-ing says they are.

As far as applying, where does the mortgage put DTI for your spouse? I'm wondering if the potential FICO advantage might be offset by DTI not being where you might like it to be. Hopefully someone chimes in with more information, but if it was me I'd contact the dealership (assuming it's at one) and inquire about general likelihood without allowing them to pull scores. Just provide them your info and see where you'd be approval and interest rate-wise.

[Anonymous]

Before the RV loan, her DTI is sitting around 33% including the mortgage.  Research online says for this type of loan, DTI should be under 40%.  That doesn't leave a lot of room for the RV payment before going over 40% (like $300).

Definitely will talk to the dealer and see what options are out there without a hard credit pull.

By the way--a lender did approve us for $50K and a 12-year term but the interest rate was 12%.  Would love to get that interest rate lower, if we could, as well as increase the term to 15-years.  

[sironman]

which lender did you end up going with, and what rate? I'm curious as we are looking at something about the same cost and similar credit scores.