Can't find a bank to finance my new Escape - Escape Trailer Owners Community

Go Back   Escape Trailer Owners Community > Escape Me | General Topics > Paper Escape
Click Here to Login
Reply
 
Thread Tools Display Modes
 
Old 09-13-2018, 05:20 PM   #1
Junior Member
 
Join Date: Sep 2018
Location: Chino Hills, California
Trailer: Escape 19
Posts: 6
Red face Can't find a bank to finance my new Escape

Dear Escape owners (especially if you live in the US and had to finance your trailer):

I just ordered a new Escape to be picked-up by 12/21/18. However, until now, I still couldn't find a bank that is willing to finance a trailer that is made in Canada, to be purchased by an US buyer. I've tried HELOC but due to drop in income last year, we don't qualify. Based on our current income we should easily qualify though. We also have very good credit close to 800 FICO. Can anyone help point me to the right banks or the best way to finance the trailer?

Thanks!
Calvin
__________________

calvinc is offline   Reply With Quote
Old 09-13-2018, 05:24 PM   #2
Senior Member
 
gbaglo's Avatar
 
Join Date: Oct 2008
Location: North Vancouver, British Columbia
Trailer: 2009 Escape 17B - "Toad". '08 Toyota RAV4 V6
Posts: 12,078
I have a home equity line of credit ( current balance zero ). When I bought my RAV4, I paid by cheque. The dealer suggested I call the bank to let them know this $36,000 cheque was coming.
The bank said, "why are you calling us? We don't care what you spend the money on".
__________________

__________________
2009 Escape 17B "Toad"
2008 Toyota RAV4 V6 Sport
North Vancouver, British Columbia

What happens to the hole when the cheese is gone?
- Bertolt Brecht
gbaglo is offline   Reply With Quote
Old 09-13-2018, 05:38 PM   #3
Junior Member
 
Join Date: Sep 2018
Location: Chino Hills, California
Trailer: Escape 19
Posts: 6
I just tried to apply for a Home Equity Line of Credit with my credit union but was declined due to drop in last year's income. However, our income in 2016 and 2018 are back to normal levels. They insisted they would only use 2017's income.
calvinc is offline   Reply With Quote
Old 09-13-2018, 05:50 PM   #4
Site Team
 
cpaharley2008's Avatar
 
Join Date: Jun 2010
Location: York, Pennsylvania
Trailer: 2019 2ndG Escape 21'LE DejaView pulled by 2014 Ram Hemi/8sp
Posts: 16,209
I'd try a different credit union, if possible. Sometimes one year does not properly represent your income as you stated, perhaps current pay stub with YTD information would help.
__________________
Jim
The two most important days in your life are the day you were born and the day you find out why..Mark Twain
cpaharley2008 is offline   Reply With Quote
Old 09-13-2018, 06:25 PM   #5
Site Team
 
rbryan4's Avatar
 
Join Date: Jun 2014
Location: San Antonio, Texas
Trailer: 2015 19 "Past Tents", 2018 F150 2.7L Ecoboost
Posts: 9,173
Quote:
Originally Posted by calvinc View Post
Dear Escape owners (especially if you live in the US and had to finance your trailer):

I just ordered a new Escape to be picked-up by 12/21/18. However, until now, I still couldn't find a bank that is willing to finance a trailer that is made in Canada, to be purchased by an US buyer. I've tried HELOC but due to drop in income last year, we don't qualify. Based on our current income we should easily qualify though. We also have very good credit close to 800 FICO. Can anyone help point me to the right banks or the best way to finance the trailer?

Thanks!
Calvin
Try Essex Credit/Bank of the West. Decent rates and they have already financed several Escapes, including mine. I think our rate was around 5.69 percent.

https://www.essexcredit.com/home/
__________________
"You can't buy happiness, but you can buy an RV. And that is pretty close."
rbryan4 is offline   Reply With Quote
Old 09-13-2018, 06:31 PM   #6
Junior Member
 
Join Date: Feb 2016
Location: Davis, California
Trailer: 2016 Escape 19'
Posts: 14
We had the same problem when we purchased our 19 two years ago. Two banks where we had done business for years turned us down because of the trailer being sourced from another country. Our credit is excellent, so I just started calling banks and finally found one that was happy to do the loan, US Bank in California. I know they're in other states, as well, so try them if they're in yours. The interest rate was high (7%), but at least they wanted to do the deal. Good luck...
jd65 is offline   Reply With Quote
Old 09-14-2018, 12:55 AM   #7
Junior Member
 
Join Date: Sep 2018
Location: Chino Hills, California
Trailer: Escape 19
Posts: 6
Dear rbryan4:
Thank you for recommending Essex Credit. I saw them on another thread and called once earlier, but a rep told me they don't finance Canadian trailers. After seeing your response, I gave it one more try, and this time a lady said yes of course they will finance as long as I'll bring it back into the US which I will. Thank you so much for your input. You won't believe how much stress I was under staying up until 5am this morning worried. They quoted me 6.24% for 15yrs and all the way down to 5.64% for 5 years. I believe I will go with the 5yr. Again, thank you so much. God bless. Sincerely, Calvin
calvinc is offline   Reply With Quote
Old 09-14-2018, 01:04 AM   #8
Junior Member
 
Join Date: Sep 2018
Location: Chino Hills, California
Trailer: Escape 19
Posts: 6
Dear jd65,
Thank you for your recommendation on US Bank. Someone earlier kindly suggested I try Essex and to my surprise they do finance US buyers and with a decent rate, too. Since I'm in the market, I may as well give US Bank a call as well. Who knows, their rates might be competitive now. I really appreciate the people on this Forum. You guys are the best
Blessings,
Calvin
calvinc is offline   Reply With Quote
Old 09-14-2018, 01:11 AM   #9
Junior Member
 
Join Date: Sep 2018
Location: Chino Hills, California
Trailer: Escape 19
Posts: 6
Dear Jim,
Thanks for the suggestion. I have a few more banks that I will try and see if their helocs would consider a more recent and updated income. Someone recommended Essex, and they confirmed that they do finance Canadian trailers on a simple interest loan. I really appreciate all your help. You guys are so kind, and this forum is such a great resource for wanna be Escape owner like myself. Have a great rest of the week.
Blessings,
Calvin
__________________

calvinc is offline   Reply With Quote
Reply

Tags
credit, finance, heloc, loan, us buyer

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off






» Featured Campgrounds

Reviews provided by

Disclaimer:

This website is not affiliated with or endorsed by Escape Trailer Industries or any of its affiliates. This is an independent, unofficial site.



All times are GMT -5. The time now is 12:25 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2018, vBulletin Solutions, Inc.
Copyright 2012 Social Knowledge, LLC All Rights Reserved.