Want auto loan AND an rv loan. How do I time applications to maximize odds of approval?

[Anonymous]

Hello all. As the title states, I wish to get a truck camper and a truck to pull it. I make enough money to afford both payments, however I have mediocre credit (660 at present) and an insane student loan bill that is income-based. For the aforementioned reasons I am worried about getting approved via debt-to-income ratio concerns ( I am relatively confident in my ability to raise credit score).

I do not need either the truck or the camper until February of 2020. In what order should I apply for these loans? How long should I space out the applications, if at all?

Thank you.

[Anonymous]

Since the RV/travel trailer is considered a luxury item those loans have a little more scrutiny. When we purchased our travel trailer the Rv dealer said they run into problems with buyers trying for both loans at the same time and the travel trailer loan falling through when they see the truck loan, so they recommended finalizing on the Rv before even applying for a truck loan.

We went through our credit union and had a preapproval for both before purchasing anything. It also cuts out the headache of dealing with the car dealer and Rv dealer finance department and risking them sending your info to multiple banks resulting in multiple credit pulls. It was one credit pull at our credit union for both loans. I’d recommend going that route with your bank or credit union. Then you won’t end up with one and not the other.

[Anonymous]

Thank you very much. This is exactly the type of information I was looking for.