Financing my 5.0? Need advice.

[breeves2245]

I contacted my local bank and a local credit union to get a loan for the 5.0 that is in the build stage now. FICO north of 800 with very low dept / income ratios. So no issue there.

Where I'm hitting a hurdle is the underwriters at the local bank and credit union can't get what they need to value the unit. Escape only has the bill of sale and build sheet to offer which I did, but they need something more like a MSRP invoice. I guess the underwriters can't pull up the unit on some JD Power or Bluebook valuation sheet.

Anyway, I'm also working with Rock Solid Funding out of Texas. The one on Escape's website they suggested. First time working with a CSO (Credit Service Organizations) company. They are not the lender but a broker that finds lenders and of course charge a fee.

Anyone work with them before? Or have a suggestion with a lender that doesn't have the valuation issue? I've had my credit ran three times now in the last three weeks. Hate to keep that up as we all know it has a negative effect on your FICO score.

 

[WillyB]

We used these guys and had zero issues.

Marvin Pojani

Marine & RV Finance Specialist

Newcoast Financial Services

Phone: (727) 431-9940

Fax: (727) 450-1151

2600 McCormick Dr Suite 100, Clearwater, FL 33759

APPLY HERE BOAT APPLY HERE RV

www.newcoast.com

 

[camp4528]

There is helpful information in this recent thread.

Rock Solid As Pea Gravel

A heads up for anyone financing their Escape trailer. We're four weeks out from our trailer being complete. I've had more trouble with Rock Solid Funding than seems reasonable. From the text out of the blue, a few months back, that said, "let's talk about funding," But the text didn't say who it...

www.escapeforum.org

 

[Rockhead]

We had the same issue when we bought our 21. We asked Esacpe who they could contact directly there to get the information they wanted and ETI asked for their contact number and contacted them directly and gave them all the info they wanted. Unfortunately we went back n forth with the finance companies and ended up pay cash for our 21. The issue they both had was the company was not listed on blue book. They wouldn’t budge even after they got all the required info. Good luck in getting your financed

 

[breeves2245]

I went ahead with Rock Solid Funding since I was 90% of the way through the process and was getting nowhere with the local lenders. We are all done. At least they said I'm funded. Sent an email to Escape accounting to confirm.

Looks like they placed my loan with a digital credit union out of Sacramento CA, Alliance Credit Union. Most everything I've read online about Rock Solid regarding reviews, legit, etc looks good.

That and Escape has them as their recommended lender makes me feel somewhat ok. If I had asked this last week and got WillyB's response on the Newcoast lender in Florida, I would have gone that direction.

Rock Solid does a lot of techy type processes via phone that made me uncomfortable but hopefully my bank account doesn't get sweeped clean!

 

[CamperCamper]

It doesn’t get any easier than this. Lightstream

The loan is set up as a personal loan. They wire the funds into your bank account. No lien on your RV. Answer in minutes.

 

[Centex]

It doesn’t get any easier than this. Lightstream

The loan is set up as a personal loan. They wire the funds into your bank account. No lien on your RV. Answer in minutes.

There's usually a higher cost for personal loans vs RV loans secured by the RV, reflected in a higher interest rate for any given term. Pros and cons to each type, folks need to consider carefully which type of loan is best for their particular situation.

 

[CamperCamper]

There's usually a higher cost for personal loans vs RV loans secured by the RV, reflected in a higher interest rate for any given term. Pros and cons to each type, folks need to consider carefully which type of loan is best for their particular situation.

The OP stated (and it’s not the first one I have read with this problem) that the traditional lending sources he was considering were struggling with loaning on an MSO for a foreign built trailer. The personal loan suggested (at a very competitive rate) eliminates the need for a secured loan and dealing with ill informed or reluctant to get informed lending officers. There are other loan sources such as home equity lines etc. Agree that all avenues should be looked at.

 

[Rockhead]

Personal loans ( signature loans) are a good way to go depending on you credit rating and financial institution you have. They’ve come in handy at times.