Viewing a single comment thread. View all comments

MikeWPhilly t1_iy8j43t wrote

Reply to comment by Werewolfdad in RV Financing - current interest rates by Longjumping-End-3892

This. I doubt he’ll get approved but DTI of 40% looking to buy a $35k RV on that income -the op really shouldn’t be applying for the loan in the first place

63

isotope_322 t1_iy8lpk4 wrote

Banks are predatory. When I was making $30k I was approved for up to $35k of auto loan. Crazy that it’s even legal.

20

MikeWPhilly t1_iy8m60a wrote

Auto loans fall under different loan requirements than an RV. RV is classed as a luxury item, higher rates and they look far more closely at DTI because the drop in values on RV is far higher than car - in other words banks don’t care about the cars because for the most part with a down payment they know they can sell the collateral easy. Not the case for the RV.

Banks definitely go higher than I am comfortable with on DTI and they can be predatory. But I also feel like people take so little responsibility in their own financial planning also. Case in point the OP has no business buying a RV. I would venture he probably isn’t contributing a lot to retirement either and I’d be curious about CC debt given a 675 score.

32

alinroc t1_iy92ozp wrote

Car dealers right outside the military base selling Chargers to kids in boot camp at 25% interest...

8

Mizzou1976 t1_iy9bv73 wrote

There should be a DMZ within 20 miles of the perimeter of any military base. Car dealers and insurance salesmen should be banned in the area.

2