The Official 2009 RVers Guide to Florida

worthiness and ability/willingness to repay a loan, because not following sound credit principals led us into this difficult situation in the first place. With all of this said it makes good sense for potential RV buyers to gather the information needed to ensure that their credit application correctly reflects their personal situation before seeking to finance some portion of an RV purchase. Some of the important items for consideration include the following: - Proving an ability to repay the loan will be high on the list for the credit underwriter reviewing any potential application. It would be a good idea to have supporting information ready to submit with the application to help establish a solid source of income and an ability to repay the loan. This is especially important if you are self-employed, have recently changed jobs, or are looking to finance amounts associated with the purchase of a higher-end motorhome. This requirement should not prevent potential buyers from pursuing their purchase. In most cases, the documents needed are readily available, and it's just a matter of making copies. Be sure to discuss your documentation with the business manager at the dealership or with your financial institution. - Proving a willingness to repay the loan will also be very high on the list of credentials established by any credit underwriter. The underwriter will carefully review an applicant's credit history to establish a payment record showing commitments that have been handled according to the terms and conditions of the loan agreement. It is very important to provide supporting information regarding any period that may not reflect a prompt payment record. Again, potential RV buyers should not let these requirements prevent them from pursuing their purchase. As long as the information provided makes sense, financial institutions will take it into consideration. Be sure to discuss any potential credit issues with the dealer's business manager or your financial institution. Being proactive in providing supporting information and explanations up front is essential to reaching a financing agreement. Down payment requirements also should be considered carefully by potential RV buyers. Typically, financial institutions are looking for down payments ranging from 10% to 20% of the purchase price. Buyers should avoid no-money-down advertisements or the lure of paying a smaller down payment than is advisable and do-able. Putting equity in the RV up front will pay dividends in the long run - especially when trade-in time comes. A substantial down payment also strengthens the loan application from an underwriter's standpoint. The required down payment percentage may vary from one financial institution to another, so, this is another important item to discuss with the dealerships business manager or your lender. There are other items of importance to consider when looking to finance an RV. The term of the loan and interest rate are key considerations. Both will affect the monthly payment and will determine how much equity is built up in the RV over time. RV buyers represent one of today's best and strongest customer demographics in any market or industry. This makes the RV buyer an attractive customer for any financial institution. frvta.org 75 http://www.frvta.org

Table of Contents Feed for the Digital Edition of The Official 2009 RVers Guide to Florida

The Official 2009 RVers Guide to Florida Contents RV Friendly Logos Meet Roadie Behind the Wheel Region 1 - Southwest Florida Region 2 - Southeast Florida Region 3 - Tampa Bay Area Region 4 - Orlando & Space Coast RV Rentals Region 5 - Florida Panhandle Financing Your RV Region 6 - Northeast Florida Region 7 - North Central Florida Florida Regional Shows Region 10 - Out of State Members Indian Mounds in Florida Springs in Florida What’s Your Type? Lighthouse Tour Insurance, Who Needs It?

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