Understanding Recreational Vehicle Financing in Reno
Are you thinking it’s the right time for your family to purchase the RV of your dreams? Before you sign on the dotted line, here are tips to help you understand the RV financing process.
According to an article at wikihow.com, “RV Loans”
“The number one factor that impacts RV loan approval is credit history. Most lenders will want a credit score of at least 640, but a score of 700 or better is more likely to obtain an approval at the best rate and most favorable terms.
Know your debt-to-income ratio. This is your monthly revolving debt, (mortgage, auto and credit card payments) divided by your monthly gross income.
Most RV and marine lenders look for a maximum debt-to-income ratio of approximately 45 percent or less, however some will go as high as 50 percent or more with excellent credit.” To read the entire article click here.