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-   -   No more loans on Sportsmobiles? (http://www.sportsmobileforum.com/forums/f9/no-more-loans-on-sportsmobiles-1385.html)

climbsolo 07-17-2008 07:50 PM

No more loans on Sportsmobiles?
 
I have been on the phone all afternoon trying to get a loan for a Sportsmobile. You can no longer get an RV loan on a class B RV. And it's not me, my credit rating is 773. Yes I called Sportsmobile West and they confirmed that they cannot get loans either. I do not belong to a credit union so that is not an option. I also don't have $35K in my wallet. So if anyone knows someone that is still providing RV loans for a Sportsmobile, I would love to know! Not only is this bad for me and Sportsmobile, but it is bad for any of you who may be thinking about selling your Sportsmobile. Please help if you can.

Tom

Greg In Austin 07-17-2008 08:11 PM

We saw some of this starting or in progress when we bought our SMB. I was at SMB TX when they confirmed that their main financing provider backed out. It was later that week that they secondary financer said they could no longer help.

A lot of this has to do with the home mortgage market and the economy in general. The financing providers are thinking that for those folks that have a home loan and an RV loan, that if they have trouble, it is the RV loan payment that would get ignored.

We financed through our credit union. I know you said you are not currently a member, but I bet there are a number of creit unions you would be able to join.

We actually thought that we had a better financing package lined up with another place, and after them being positive and optimistic for weeks, they folded at the last second. I think things would have been different if we had been talking a month earlier.

It seemed like everyone and their brother was ready to lend against our house, but we did not want to do that.

There are dozens of big financing houses on the internet and around the country.

Good Luck

sdwindansea 07-17-2008 08:27 PM

Climbsolo - do you own a home? If yes, and it's possible given your loan, look into an Equity Line of Credit to finance a SMB. These are typically variable rates and you should be able to get one for prime if not a 1/4 point lower. The best part is that the interest is also tax deductible. Good luck.

gerrym51 07-18-2008 03:53 PM

I guess the obvious. Join a credit union, get a home equity loan,
find your own bank.

the other questionis what do most purchasers of sportsmobile use in past.

did a lot use sportsmobiles source of financing.


gerry :a1:

adventureduo 07-20-2008 02:55 PM

I hope this isn't the case for most lenders out there. We are starting our loan docs tomorrow for a 2003 SMB and we have basically sold our other rigs to get into the SMB. I will let you guys know what transpires.. we are working with State Farm Bank (yes they do vehicle bank loans now).

:crossing fingers:

Soloracer 07-20-2008 09:49 PM

Same boat
 
We could not find a loan either, we also have excelent credit. Lynn sent us an email saying they are going to start using Wachovia for their financing so they may be worth a try. I have not tried them, so all disclaimers are in full effect.

What I find most frustrating about trying to finance a sportsmobile is that all the "loan officers" assure us that they will finance a class B, but when it comes down to it, they won't. I don't like giving them personal information to begin with so when it is all for nothing, I get even more frustrated with the whole process.

Joanna 07-21-2008 08:59 AM

We qualified for a great loan through USAA, shorter by a third and at 5% but my husband is Irish with temporary work papers, and in the end, they folded for that reason. We decided not to try to see if I could get the loan on my own because we were up against time restraints to move to TX. We went with the company SMB west was using. I'm not happy with the interest rate (our FICO is in the high 700's) and the 15 year life of the loan, but simply glad to have gotten the vehicle. We're paying off as early as possible.
I don't anticipate wanting to sell any time soon, but the financial news is really unsettling. Worst come to worst, I'll live in the SMB.

adventureduo 07-21-2008 11:27 AM

Ok guys, i just got off the phone with my lender (State Farm Bank) and they know nothing about the whole deal of not lending for Class B motorhomes right now. In fact, they see nothing on the horizon about stopping either. So we just filed our loan app and should hear back in a couple hours. Wish us luck!

adventureduo 07-21-2008 04:01 PM

Ok we are approved and we will be picking up the SMB Thursday night. Super excited!

BroncoHauler 07-21-2008 05:01 PM

Quote:

Originally Posted by adventureduo
Ok we are approved and we will be picking up the SMB Thursday night. Super excited!


CONGRATS!!!


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