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RV Loans,rv loans,RV loan,rv loan,rv finance,rv financing,rv refinance,rv refinancing,motorhome,motorhome loan,motorhome loans,travel trailer,fifth wheel
Friday, May 9th, 2008
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BESTRVLoans.com Frequently Asked Questions
1. What is my interest rate?
The most popular and logical question. Interest rates are determined by several factors, such as length of loan, loan to value, amount of loan, and of course, your credit profile. Rates do change very often due to changes in the fed and individual banks portfolio performance. We are committed to finding you the best possible rate, and tailoring the loan to meet your needs.
2. Must I have perfect credit?
No! There are several lending sources that specialize in "less-than-perfect" credit profiles, focusing soley on your ability to pay the loan. We will not deny your application based on past credit problems.
3. How long can I borrow for, and, can I re-pay the loan early?
The term of the loan will depend on the amount you need to borrow. The average ranges from 10-20 years. In almost all cases, you can pre-pay the loan with no penalty, or, refinance the loan at a latter date.
4. Can I obtain a "Pre-Approval" ?
Absolutely. Some people want to know what they qualify for before they actually shop or, they want to make sure they can buy before they make a committment to the dealer or individual.
5. What if I'm buying from a private party?
No problem. As long as we can verify the title to the vehicle your purchasing, you can purchase from whomever you would like. Dealers will already have the title on file, individuals will either have a title, or the bank will be holding it until the origianl loan is paid off.
6. Can I re-finance or even cash out on an RV I own now?
Definitely. We can re-finance your current loan at a lower rate and help you save interest charges. If you own your RV outright and want to take out an equity loan we just need to verify the title and you're in business.
7. Can I really write the interest off on my taxes?
In most cases, Yes! We are not I.R.S. agents, but there is a federal law which allows you to write the interest off, considering an R.V. as a second home. You want to check with your accountant to find the proper way to document your purchase, and interest payments.
8. How long is all of this going to take?
Generally, we can have an application processed, submitted, and approved in 1 day. Of course, weekend applications will take a little longer.Once the details of the loan are finalized, we will overnight all necessary paperwork to all parties involved, insuring an expedient approval-to-fund process. You may not even have time to log-on to our application tracker !
9. How much does this cost?
That's the best part! The cost of applying is.....nothing!!! There are no charges to apply and no hidden fees attached to your loan. We will review every number on the contract with you before we print the documents or finalize the loan itself.
10. Why would I use your company instead of the dealers financing?
There's nothing wrong with using the dealer's financing sources. They provide a valuable service. Our strength is in looking for the "Best" possible financing whereas the dealer is just looking for an approval. We do have considerably more funding sources at our fingertips because we're not limited to any specific manufacturer.
We hope this answers most of your questions. If you have more, please don't hesitate to call, we would rather talk to you in person and make sure you understand all of the "ins and outs" !!!
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