RV Loans For People With Poor Credit
RV’s are quite popular with many people who enjoy roaming across the country and stopping at various locations to check out the various tourist locations. Many people also view RV’s as a less expensive way to travel as well since they can bring many of their personal items with them as well as cook many of their own meals. Ultimately it is a lifestyle that many people seek and our current applicant is one of those people who have recently retired and want to travel the US and Canada to visit many of the tourists sites while getting away from the cold winter at the same time.
This client has a home that is almost paid for with a very small mortgage and no other debts. They are both receiving pensions from their employers as well as their government pension. While they do not make a lot of money they have more than enough for their needs and feel that they can afford the added cost of the RV, which they wish to buy. They have applied for an RV loans for people with a bad credit rating and hope to purchase a used RV that has been well taken care.
Based on their income, many lenders are viewing this as a bit of a stretch. With the mortgage they have on their home, living expenses and the additional cost of an RV it may be too much for them. They did not indicate how much their monthly mortgage payment was, nor did they indicate if they had a down payment for the RV. In addition we are not aware of any savings they may have for retirement. Based on the information we have at the moment, they would not be able to qualify for an RV loan with or without bad credit. Once they provide the added information that is needed, this application can be reviewed once again and perhaps something can be done.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
RV Loan Amount :: $75,000
Home Loan Application and Processing Speed (when do you need the funds):: in the next week or so
Do you currently have a mortgage? :: yes
Bank Name and Branch :: Bank of America, Montgomery Street
What City/Town, State and County do you live in? :: San Francisco
What is your employment field? :: retired
Employment Position :: retired
When are you paid? (monthly/weekly/biweekly):: monthly
Your credit rating to be – excellent, fair, or bad? :: fair to poor
How did you find us? :: looking for online loans
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $4,800
Do you agree to have this information published online, without your PRIVATE information of course? :: I do not see any problem with having this information published online
Extra information here please (some detail):: my wife and I are recently retired and we are planning to go on several trips around the country. We decided that we want to travel the country in an RV so that we could see more of the country at less cost and stay in overnight at campsites, Walmart parking lots, or casino parking lots. We have heard that these are the best places to stay when you’re on route between locations while traveling between sites. We are going to winter somewhere in the south.
We have a small mortgage left on our house, approximately $15,000. We managed to pay off our car loan and all of our other debts. The only debt that we have is on our home as previously mentioned. We plan to be gone about four months and visit almost every state in the nation.
We will be spending the winter crossing the southern states and then as it warms up we will head up towards the northern states and Canada. If this works out we will have crossed into Canada by next spring and will be crossing Canada to see all of their country as well.
Note to Lender :: regarding our financial situation, we both receive a government pension, and an employee pension from our previous employers. The total income amounts to approximately $40,000 a year which is more than enough for our living expenses as well as to carry a small loan for the RV. The RV will cost approximately $75,000 and will require another couple thousand to maintain it while we’re on the road in addition to the daily operating costs.
I’m pretty handy at completing repairs and we do not expect to have to spend any major amounts of money doing repairs on this particular RV. It only has 20,000 miles on it and has been taken excellent care of by the previous owner. This is a used RV and we would like to make the purchase within the next week.
Our credit rating is poor due to the fact that some lenders feel that our income to be insufficient, and that we have a couple too many credit cards. The credit cards are there for emergencies and only used if needed. We have not carried a balance at the end of the month on the credit cards for many years. Please review our situation and let us know if you can find a lender who will approve the $75,000 loan for our RV.
|Category: Home Mortgage Loan||APR 4.12%||APR 4.34%||APR 4.49%|
|Length of Term||10||15||20|
|Amount to be paid||$90,577.22||$99,5546.45||$108,813.52|
|Total interest paid||$15,577.22||$24,546.45||$33,813.52|
|Paid per installment||$744.47||$545.46||$447.18|