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Bad Credit RV Loan in San Francisco California – $150,000

Our client on this particular application would like to have a $150,000 RV loan with a bad credit rating approved. They currently live  in San Francisco, California , however they have their home up for sale and plan to live in the RV as they travel around the US and perhaps Canada. This RV loan request is for $150,000, which is also the price of the RV.

There are a couple of reasons why the bank may be nervous about making a loan to this couple. First and the most obvious is the bad credit rating that they have. Although there is an apparent reason for this situation, the bank will not likely take the time to investigate the issues around this.

Secondly, the applicant is not planning to use any of his own money in this purchase. Most banks would want the owner to have some of their own money also tied up in the purchase of this particular asset to avoid a situation were the owner would just walk away from the asset.

Lastly, they have not indicated how they will handle mail and the issue of a permanent address.  They need to provide a permanent address so that the bank can contact them easily if there is an issue of some kind with the RV loan. Based on these three reasons it is unlikely that this RV loan will be approved as is. The client may have to adjust their application by indicating that they will place some of their own money into this deal, decreasing the banks exposure and providing a means of easy contact. Since they will be moving around , they are really transient and difficult to get in touch with.

Regarding the RV loan monthly payments, this client has sufficient income to carry the RV loan, however we question the plan to live in this RV on a permanent basis and what will they do once they get tired of traveling or get tired of the cramped space they live in. This does not appear to be a good long term living arrangement or financially sound decision. While a home will appreciate over time, even in our current market conditions, an RV will never appreciate. The value only declines over time.

RV/Mortgage Loan Amount :: $150,000

RV Loan Application and Processing Speed (when do you need the funds):: Quickly to avoid losing this opportunity to purchase this particular RV

Do you currently have a mortgage? ::

Bank Name and Branch :: Bank of America, Market St

What City/Town, State and County do you live in? :: San Francisco, California

Zip :: 94109

What is your employment field? :: Retired

Employment Position :: Retired

When are you paid? (monthly/weekly/biweekly):: Pensions are paid monthly

Your credit rating to be – excellent, fair, or bad? :: Bad, with an explanation

How did you find us? :: checking for RV loans over the internet

How are you paid? (direct deposit/paper check):: Direct deposit

Gross Amount Per Paycheck ::  Total of all our pensions for my wife and I are $5000 / month

Do you agree to have this information published online, without your PRIVATE information of course? :: ok

Extra information here please (some detail):: My wife and I have just retired, we have our home up for sale and as soon as it is sold we plan to start traveling around  the US in an RV that we would like to purchase. Our home is worth approximately $200,000 based on the reduced real estate market prices here in San Francisco and we expect to sell it within the next 2 months. We have several offers and are just finalizing the details with one of the people who would like to purchase our home. There is no mortgage on it and we plan to invest the proceeds to augment our income, after repaying several loans that total approximately $45,000.

Our credit is apparently bad as a result of having had a dispute with one company over the interest rate they were charging us. We held back payment for a few months while we attempted to resolve the issue and found to our disbelief that they filed a bad credit report against us even though it was determined in court that they were in the wrong. This dispute is now resolved however we are left with a bad credit rating.

Note to Lender :: We have a decent income from our pension and plan to augment the income using the sale of our home. We could buy the RV outright, however we feel that we would be better off taking out a loan for the RV and making the monthly payments to help reestablish our credit rating.

This particular RV is spectacular with 4 pullouts, sleeps 4, double freezer , even a flat screen TV and all of the advantages of home. We are really excited about this change in our life style and just need your approval of the RV loan so that we can make this purchase. It will take us a few weeks to prepare and place all of our things in the RV or in storage, so we do not have a lot of time to finalize all of the arrangements for the RV loan. Hopefully we can work out this issue of bad credit and the impact it may have on us being approved for the loan. We are really looking forward to beginning a new life style.

Category: RV Mortgage Loan APR 5.25% APR 4.89% APR 4.75%
Loan Principal $150,000 $150,000 $150,000
Payment Schedule Monthly Monthly Monthly
Length of Term 15 15 30
Amount to be paid $209,386.57 $205,314.35 $221,543.08
Total interest paid $59,386.57 $55,314.35 $71,543.08
Paid per installment $1,147.32 $1,125.01 $910.45