Can't find a bank to finance my new Escape

calvinc · 09-13-2018, 04:20 PM

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

gbaglo · 09-13-2018, 04:24 PM

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".

calvinc · 09-13-2018, 04:38 PM

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.

cpaharley2008 · 09-13-2018, 04:50 PM

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.

**rbryan4** · 09-13-2018, 05:25 PM

Quote:

Originally Posted by calvinc

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/

jd65 · 09-13-2018, 05:31 PM

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...

calvinc · 09-13-2018, 11:55 PM

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 · 09-14-2018, 12:04 AM

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 · 09-14-2018, 12:11 AM

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

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