@Anonymous wrote:We are at retirement age and are looking at upgrading our current pickup and travel trailer to a larger 1 ton dually truck and 5th wheel. At a recent travel show one of the salesmen said we should buy the RV first as credit on RV loans was more strict or required a higher rating than for a compareable auto loan. I have 750+ on all three agencies currently. The dually payment would be roughly the same as the current pickup, so that is pretty much a wash. The RV payment will likely be higher than the current loan, perhaps $300 a month. We are looking at doing the dually right now to take advantage of model year-end pricing, and the RV after the first of the year for tax purposes. Any suggestions?
Assuming that they're similarly sized amounts (and discounting whatever else is in your report which unfortunately matters as does what algorithm the lender uses as they handle installment loans very differently) the impact on your credit for the new loan is going to be the same regardless of which one you do first.
RV financing may or may not be secured, if it's not secured it's absolutely more difficult and in your shoes I'd probably go socialize the idea with my lenders anyway to see what's what. You may be surprised like I was on one of my lender's HELOC rates and even with my 700 I qualify for their top tier (admittedly secured by the house) so you might be worried over nothing.
End of the day I'll give you the same advice that I give pretty much every situation: money > credit, so do what's financially smart and don't worry about the credit score impacts; little different here as you've got two big purchases coming up, but when we're talking tax breaks, that likely covers any difference in financing if it even exists for your case.
Have a really nice 2011 39ft Keystone Avalanche 5th wheel with 4 slides I would LOVE to sell!! 