In house financing rv dealers near me

The RV Loan Approval Process

Motorhome and  RV loans are considered to be "Recreational Financing". This basically means that they are for "Luxury" items. Things you could live without if best, for some unexpected reason or event, came to worst.

Most people have applied for various types of loans in their lifetime. Student loans when you were younger. Auto loans may also be among the first types of loans that you have become familiar with.

Later in life, you may have encountered home loans, or even business financing, equipment, inventory and other types of credit lines. This list is seemingly endless, all with different criteria in qualifying and underwriting guidelines.

RV Loans vs. Other Types of Financing

Most of these types of loans are considered necessary expenses, such as your home and auto loan. If times become tough, or if you have unexpected medical bills or become unemployed, these "necessary" expenses are usually bills you would find a way to pay.

After all, everyone needs a roof over their head, as well as a means of transportation to get to work, the doctor - or even the unemployment office. You also have other fundamental expenses such as utilities and food. All of these things are considered necessary expenses.

Now, you may be considering purchasing an RV, and are possibly finding it much more difficult to qualify for this type of financing. It doesn't seem to make sense, since in many cases, your home, or even your car cost more than the RV or boat you are trying to finance, yet you easily qualified for these loans.

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Why is it Harder to Buy an RV Than a House?

Once again, lenders have to look at the difference between loans for necessary items and "Recreational Financing". The first being things like home and auto loans. The latter, being recreational items like motorhomes, boats or even other power sport related items such as motorcycles or personal watercraft.

Before the financial crisis and banking system "Bailout", recreational financing was much easier to obtain, just like the sub-prime home loans that led to the financial meltdown in the first place. Loans with zero down payment and "No Doc" loans were readily available - even in the field of recreational lending. Those days are long gone. And, if the banks are giving any indications, likely to never return.

Now, RV lenders are much more critical of things like:

1. Credit Score. (Above 700 normally required.)
2. Debt-to-Income Ratio. (Usually no greater than 42% - 45%.)
3. Liquid Assets. (How much money you have in accounts or investments.)
4. Employment & Residence History. (Over 2-years each is preferred.)

Lenders are even looking at a factor called "Payment to Income Ratio". This means that the payment for your new RV cannot exceed roughly 15% of your total monthly income. This is usually not a problem for individuals with higher incomes, but more likely to affect retirees or those on fixed incomes.

So, even though recreational financing is more difficult to obtain, it is not impossible by any means. An RV loan pre-approval can be helpful in determining if you qualify, and what price of RV you can afford - or - at least what the bank says you can afford.

To obtain pre-approval, you will first need to select a particular year, make and model, and establish an approximate selling price. This information is necessary, since part of the approval is based on the "NADA Loan Value" of that particular year, make and model of RV.

Once you have been pre-approved, you can switch to another similar unit and be relatively sure you will qualify, if it is relatively similar to the unit on which you were approved.

If you choose an RV Loan Pre-Approval, just enter the information for your "Subject Unit". We can normally receive a decision from the lender in as little as one day, so you're ready to close your loan as soon as you find the RV that's just right for you.

Internet vs Dealer Financing: No credit check RV dealers

Internet RV Loans vs. Dealer Financing

You've just signed a purchase agreement with your local (or not-so-local) RV dealer. You know the drill... Your next stop will be the Finance & Insurance Office, (a.k.a. F&I) for your RV loan, financing rates, warranty, insurance, etc.

Your salesman does the "hand-off", and suddenly you are faced with a decision that seems simple, but can cost you many times the profit made on the "front end" of your transaction; the "back end", or Finance and Insurance office.

As I always try to convey to my clients: "The dealer is NOT the enemy." In fact, he can be your best friend when your RV is in need of service or repair. He has laid out literally MILLIONS of dollars to allow you the opportunity to browse a good selection of units. He has paid his dues and continues to pay them on a daily basis. Keep his - and your best interests at heart when deciding on your source of any potential RV or motorhome financing.

There is one hard and fast rule that applies to RV Dealer provided financing. He must "pack" (inflate) the "buy rate" (interest rate) on the financing he provides to his customers to earn a profit on the transaction. Once again, he uses this profit to pay overhead, commissions, etc.

1. Should you consider the benefits of financing through your RV dealer? Yes.
2. Are you stuck with the financing and interest rate he quotes? NO.
3. Should you consider alternative sources of financing? Definitely!
4. Should I check Internet RV Loan Rates First? You MUST know the current rates!

Most RV buyers are so frazzled by the time they finish the negotiation to finalize the purchase of a new RV that they fold under the pressure of the F&I office. This can be a costly mistake.

Shopping for your best interest rate and terms can be just as important as shopping for the right RV, and negotiating your best price. In fact, you stand to save literally THOUSANDS of dollars by simply lowering your interest rate by a quarter to a half of a percent.

Information is the Key to Financing RVs Online or Offline

Online RV finance companies normally use many of the same lenders that RV dealers use. It's simply a matter of overhead and the cost of doing business. Since the Internet-based companies generally have lower operating costs, they are able to pass the savings on to you.

Most Internet RV finance sources have online rate quote forms and loan applications which can be completed in a matter of minutes. Normally, credit approval can be obtained the same day you apply.

When you submit your online application, you should also be prepared to send some additional documentation, which is necessary for your approval.

Required RV Loan Approval Documents

If you are EMPLOYED (work for someone else), you will normally be required to fax or email proof of income. This is usually a recent pay stub and your last 2 year's W-2 forms. (For each applicant)

If you are SELF-EMPLOYED, you will normally be required to send your last 2 years tax returns and any attached schedules.

If you are RETIRED, you will need to provide documentation of social security benefits, pensions, dividends or other sources of income.

Once your loan is approved, your loan processor will help you in obtaining additional documentation, such as:

A copy of your purchase agreement with the seller.
A copy of the title. (MSO on new units).
Proof of insurance with the lender listed as "Loss Payee".
Copies of all the applicant(s) driver's licenses.

Most online RV loans take from 4 to 6 business days to complete. Information must be collected, and documents must be sent by overnight mail for your signatures, and then sent overnight mail back to the lender.

When arranging the purchase of an RV, you should typically allow a week or so for your scheduled delivery date. This should allow plenty of time for rate shopping, loan approval, and closing. When your loan closing is completed, funds can be sent to the seller by overnight mail, or simply wire transferred. To save time, you may also choose an RV loan pre-approval so you're ready to close as soon as you find the right RV.

Which Type of Financing is Best?

If you want EASY? Let the dealer handle it.
If you want the BEST RATE? Do a little work.

Sure you will have to do a little more work, but if you break down your long-term savings into the actual time you have spent researching and completing your RV loan... You could be making a VERY short-lived hourly wage roughly equivalent to that of Bill Gates.

For more financing options visit NoCreditCampers.com

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RV Shopping and Financing Online

The "ritual" of shopping for a new RV or Boat, and even recreational vehicle financing, has changed dramatically in the last decade - especially within the last 5 to 8 years. Gone are the days of driving hundreds of miles, from dealership to dealership; always at the mercy of time and distance - and the pressure of the sales office.

Granted, the Internet has been in fairly common use since the early 90's, but only in the last few years have we seen the majority of Recreational Vehicle buyers doing most all of their most focused and "actual purchase" related research and shopping without driving a mile. They are doing their homework at home, (and at work), on the Internet.

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In the earlier days of the Internet, potential buyers had been slow to embrace major purchases, such as RVs and Boats - especially without seeing and inspecting the unit in person. But, smaller online transactions on websites like Amazon.com, eBay.com and other increasingly popular web-shopping sites, have increased consumer confidence and slowly matured into much larger and more expensive online purchases.

With the introduction of eBay Motors in the early 2000's, people began buying and selling all types of motorized vehicles, but the sale and purchase numbers for RVs grew faster than anyone had anticipated. By 2004, the search term "RV" was in the top 10 search terms on the (relatively new at that time), search engine Google.

In the following years more and more people began using the Internet to search for "Bargains", and the numbers of RV buyers and sellers have increased exponentially, year after year. Our experience has shown that online RV sales and online financing to be increasing even faster than expected.

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Today, the "new generation" of RV and Boat buyers span the entire spectrum of recreational-related demographics. Every age group from young families buying their first camper for occasional outings, to retired full-timers in super-luxury units, are joining the online recreational vehicle purchase revolution.

These buyers tend to do their initial research by driving to the dealerships in their comfortable driving area, usually a 50 to 500-mile radius, or by making periodic stops along their travels and adventures over time. By doing this type of initial shopping, they are able to see, feel and drive the types of units available. They can learn the pros and cons of the various styles, sizes and price levels by seeing these units in person at the dealerships they visit - hopefully leaving their checkbook and credit cards in their vehicle. (Lest they meet a salesman, and buy something.)

Once they have narrowed down their general types or units of interest, they can begin their online price shopping. They can slowly narrow down their search to a particular year, make and model, with specific options. From there on out, they simply call each dealer and/or private RV seller with a unit that matches their needs. Sooner or later, they find the right deal - at the right price. Distance seems to be no problem if they feel they are saving enough money, or finding the right unit.

At Nocreditcampers, we have seen our percentage of online, and/or out-of-state purchases grow to more than 50% of our RV financing customers. And, because they are normally unfamiliar with long-distance or private-party sales procedures, we provide them with an easy roadmap to a safe and successful transaction.

The new online RV and motorhome "Private Sellers" are wary of their exposure to unscrupulous or fraudulent buyers, so we help guide them through the complete transaction as well. Our RV pre-approval and loan processing, title research, and closing departments coordinate virtually all aspects of the RV purchase, finance and loan closing. A smooth transaction can be crucial to help guide the purchase and sale process from start to finish, with all parties satisfied with the outcome.

So, now you are able to easily find the best price and financing for just about any type of recreational vehicle. The thousands of dollars in savings normally cover more than the cost of driving or flying thousands of miles to take delivery of your new toy or home on wheels, or on water.

While most potential buyers' interest in saving money intensifies during the frenzy of shopping for a new boat or RV, they should remember those industry related businesses they may need after their purchase. Your local Dealer may be much more likely to go out of their way for "post-sale" related activities like service, troubleshooting, etc. if you purchased the unit from them. As you travel further and further from home, the savings in actual dollars become more and more important.

The rapid rise in the use of the Internet for RV shopping has closed more RV dealerships than any other factor, even the extended economic recession. However, the fortunate dealers with deep enough pockets to survive the recession, and those adaptable enough to survive the Internet, have evolved with the changing times.

Now that much of a dealership's income from unit sales has been reduced, they rely more and more on the increased income produced by other areas such as the parts and service departments. They have added new avenues of income such as rental fleets, consignment sales and other products and services.

If you decide to take the Internet leap and save money by researching, shopping and buying online, remember to give your local dealers a chance at earning your business. If not the sale - be it for service, parts or repairs; a little more money spent locally can go a long way in good relations over the long term.

And don't forget to remember that a "Great Deal" can be found just about anywhere if you look hard enough and smart enough. So start close to home, then go from there.

"For every buyer flying from New York to California to save a little money, there is another flying from California to New York to do the same thing."

Rent to own RVs near me

Basic Factors Involved in RV Loan Approval

Lenders look at several factors when underwriting each RV loan. Every lender is different and stronger areas of your credit profile can help outweigh weaker ones. There are several consistent factors that each lender will pay careful attention to when considering a potential loan.

1. Credit Score - When evaluating the purchasing of a car or even a home, lenders commonly grant an approval based on factors and credit scores lower than those required to purchase an RV. These items, RVs and boats, are considered luxury items. If you were to lose a job, become disabled, or become unable to pay your normal bills, then it is common sense to assume you will stop paying "luxury" items first.

RV lenders normally require a credit score of approximately 700 or better, with no visible credit history of bankruptcies, repossessions, foreclosures, liens, etc. Even late payments as recent as the last several years can be reason for them to decline a loan

2. Debt-to-Income Ratio - Your debt-to-income ratio is the percentage of your monthly revolving debt in relation to your gross monthly income.

Revolving debt is generally considered to be expenses such as monthly mortgage payments, auto payments, credit card debt and other things that may contribute to your monthly debt obligations. Monthly expenses like utilities and other personal items such as cell phone bills are not considered in computing debt-to-income ratios.

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Currently, lenders are limiting the maximum debt-to-income ratios at 42% to 45%. As little as an additional percent or two can be cause for a decline. You can figure your own debt to income ratio by dividing your total monthly revolving debt by your gross monthly income.

For example, to figure your own ratio, use a calculator as follows: $4,000 (monthly debt) divided by $10,000 (monthly income) equals 40% (debt-to-income ratio). Your own figures won't be as simple as this example, but be sure to use "monthly debt divided by monthly income" to get the correct percentage.

3. Liquidity - Liquidity is basically your total amount of readily available cash. Things that are considered are checking accounts, savings accounts, securities and investments. Company retirement accounts that are inaccessible or cause serious penalties for withdrawal are normally not regarded as "liquid assets".

In other words, how much money do you have available to pay bills if your income is interrupted, either temporarily or permanently? There is no set amount or ratio that can be computed. Each lender and situation is evaluated on a case-by-case basis. Excellent credit could allow a lender to accept lower liquidity and vise versa.

4. Loan Value - As with nearly every type of loan, the value of the item being purchased is a consideration. An RV's value is normally determined by its "book value" as listed in the N.A.D.A. valuation guide. Some lenders add value for optional equipment while others do not. Each has its own formula for determining the loan value of a particular RV.

You can look up RV values at NADA RV Values website, but be cautious of how many options you check as applicable. Many of these options are considered standard equipment by both the lender and the unit's manufacturer. For example: A refrigerator is always standard equipment, but a larger, side-by-side with an ice maker would be considered optional equipment.

Since the loan value of a particular RV is a major factor considered in the approval of each RV loan preapproval, you will need to provide basic information on one specific unit, no matter if it is for an actual loan approval or a pre-approval.

It's normally advisable to wait until you have narrowed down your choices to a particular type, year and price range. You can then provide a subject RV's information for the pre-approval. As long as you stay close to the subject vehicle's basic information, the lender can simply switch the collateral (RV information) on the same approval.

Pros and Cons of RV Loan Pre-Approval

You should be wary of "shopping" your RV loan pre-approval to multiple brokers since each one will pull your credit report from one or all three credit bureaus several times. Each broker's loan processing department will need to pull your credit for their own records and information as well as any lender(s) the loan is sent to for potential approval.

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Multiple credit inquiries can lower your credit score by several points per inquiry, although lenders realize that some inquiries are part of any loan approval and consider a few to be normal. Excessive inquiries, 3 to 4 or more in a very short period of time can damage your borrowing ability. Multiple credit inquiries or "Hits" as they are sometimes called, may appear as if you are shopping for loans because you have been turned down elsewhere, even if that isn't the case.

By applying with a single broker or lender you can avoid the problem of multiple financing inquiries on your credit report on the three major credit-reporting agencies. Also, by having your RV loan pre-approved you are able to close on your purchase much faster than if you wait until you find the exact unit you decide to purchase. This is especially helpful when buying on eBay, from other online sources or from a seller who may have other potential buyers who could "beat you to the punch" while you wait for your loan approval.

Just as you shop for the exact RV you may decide to purchase, it is wise to do your homework and check the rates, fees, and terms of various lending sources before you apply for your loan pre-approval. Once you have narrowed your choices down to one or two sources, then you can proceed with your RV loan pre-approval application. Once approved, you will be prepared and ready to purchase the RV that's just right for you.

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Get approved for an RV loan with bad credit

Get approved for an RV loan with Bad Credit

No Credit Campers RVs specializes in loan approval. We work with a number of lenders including national banks, local credit unions, and some banks that work exclusively with sub-prime RV and Travel Trailer loans. While the decision is ultimately up to the banks, we will try our best to get you approved at the best rates possible, no matter what your credit situation is. Get started here!

One reason No Credit Campers RVs has such good luck with bad credit approvals is because our prices are typically well below the "book value." Banks love this because it is a safe investment.

In order to maximize your chances for approval, please keep the following in mind when looking for your RV:

• Look for RVs less than 10 years old

• Look for a selling price that is below NADA book value (most of our inventory will fit this)

• Towables are easier to get approved than Motorized RVs

• The loan amount should be between $5,000 and $40,000 (not an absolute ceiling)

• When deciding on a budget, be sure to factor in a higher interest rate (typically between 17 - 20%)

• At least 10% down is required for sub-prime loans (your trade can count toward your down payment)

• Look for "part-time use" RVs and travel trailers. Banks don't like to loan to full-timers or anyone using their RV as a temporary or permanent residence.

• Your credit score must be at least 550 or above

Click here to browse RVs and Travel trailers 10 years and newer, from $5,000 - $40,000

Q: What will my payment be?

A: Payments depend on a number of factors including the loan amount, loan term (how many months), and the interest rate you get approved for. Sub-prime interest rates on RV loans generally range between 17.95% and 20.95%.

Q: Why are rates so high?

A: To answer this question, you must think like a bank. In any loan situation, the rate is always negatively correlated with your credit score. In other words, the higher your credit score, the lower the rate, and vice versa. This is because your credit score tells a bank how risky it is to loan money to you. RV loans also tend to draw slightly higher rates than car loans do, because an RV is "want" and not a "need." The bank assumes that if times get tough, your RV payment will be a lower priority than your house or car payment.

Q: What happens after I fill out the Online Financing Application?

A: The application gets sent directly to our finance manager. Before doing anything, we always contact the customer to find out exactly what he or she would like to accomplish and what steps are needed to get there. From there, the process depends on what the customer's goals are. Nothing will be done without the customer's permission.

Q. Can I get an RV loan with No Money Down?

A: Not likely. Banks typically look for at least 10% down for sub-prime loans.

Q. What is the maximum loan term when financing an RV with bad credit?

A: The maximum loan term can range from 96, up to 144! This limit depends on factors such as how much money you put down, the year and type of RV that you are purchasing, and your credit score.

Q. Can No Credit Campers RVs help me get a loan if I am buying an RV from another person?

A: No. We are not lenders ourselves, and can only help you get approved for loans on RVs and Travel Trailers that we sell. With our extensive inventory, there's a good chance you can find what you are looking for. Please browse our inventory , or contact a salesmen if you need help finding something that suits your needs!

Q: I have heard that pulling my credit report can hurt my credit score... Will my credit score be hurt from filling out the Online Financing Applications?

A: Your credit score WILL NOT be affected by filling out the Online Financing Application. Again, the application goes directly to our finance manager and no further action will take place until we contact you. That means we will not pull your credit report, send the application out to any banks, or share your information without discussing it with you first.

Q: How do I know my information is safe?

A: As stated in our privacy policy, the information that you give us by filling out the form is only shared with the banks we work with. We DO NOT SHARE OR SELL your information to any third parties, and you WILL NOT be put on any mailing or spam lists. We also keep all private information locked up in accordance with state law.