Christian Recreational Vehicle Loans
With a proper credit history, Christian recreational vehicle loans are not difficult to obtain. Recreational vehicles (RVs) are popular with diverse groups of people. Retirees are not the only ones entering the RV market these days. Although at one time, a person who chose the RV lifestyle may have done so because it was the only type of housing they could afford, the level of luxury amenities available these days may send an altogether different signal. Athletes, military personnel, and even business people who desire a mobile office for their work are finding RV's a very attractive way to meet their housing and office needs. All types of RV owners find the ability to travel where and when they wish a definite plus. Some RV owners bounce between lifestyles, living a settled life in a home for part of the year and spending extended time on the road for the rest of the time.
Various types of recreational vehicles are available. Recreational vehicle loans may be obtained for these three different classes of RV's. Class A motorhomes are set upon a commercial truck chassis, a commercial bus chassis, or one that is specially designed for the vehicle. Bus conversions are usually the largest motorhomes on the market, and are often highly customized with luxury amenities. This may include entertainment systems which are state-of-the-art, hardwood cabinets and tiled or carpeted floors. Washers, dryers, and even full-sized appliances are often part of these luxury vehicles.
Class B campervans are built using a conventional van body, featuring either a raised roof or the addition of an entirely new body. These generally have a low profile. Sometimes these Class B vehicles are called 'coach-built'. Class C motorhomes are built on a truck chassis with an attached cab section which can be van-based or truck-based. These are sometimes called 'mini motorhomes'. They are recognized by the cab-over profile, which may contain a bed or holds the entertainment system. Depending upon a customer's needs, the proper vehicle can be selected and recreational vehicle loans can be established.
Because each person's financial situation is different, the buyer may have to fill out an application for a loan. This can be accomplished online or at the RV dealership. Some companies which offer recreational vehicle loans are able to give a reply almost immediately, but generally this application process may take 24-48 hours. Before entering into this process, an individual may be wise to check the condition of his or her credit report for any unforeseen problems or errors. A free credit report is available from each of the three major credit agencies once a year.
Most factors which may influence whether applications for recreational vehicle loans are accepted are similar to those of any type of loan. The person must have a stable income, and a solid credit and payment history. The length of the credit history can also be a factor. Also, the type and value of vehicle, and the debt-to-income ratio of the customer will be considered.
A person may finance a recreational vehicle loan for an RV sold by a private party or an established dealer. An Internet search will turn up companies which do not charge a fee for the loan application. Also, many organizations will impose no penalties or fees for paying off the loan earlier than required. Recreational vehicle loans can be designed with either a fixed or a variable rate. Although one offered an interest rate that was about 5%, most lenders seemed to offer a recreational vehicle loan which had about a 6-7% interest rate. Those with excellent credit may be able to get a lower down payment or interest rate. However, even if one's credit is less than perfect, it may be possible to obtain a loan with a higher down payment and interest rate. Later, when one has built up his or her credit score by faithfully making on-time payments to all creditors, a loan may be able to be refinanced to a lower rate. In some cases, interest payments on the loans may be tax deductible. Check with an accountant for current regulations. Most companies will try to work with a number of lenders in order to get the best possible rate allowed by the customer's finances and credit rating. Recreational vehicle loans may run from one to ten years, although some long term loans may extend to 20 years.
There are many positive aspects to owning a RV. Travel in an RV has its advantages -- no airfare or hotel costs, and meals can be prepared in the RV's kitchen facilities. Travelers are not bound by having to obtain reservations or abide by someone else's schedule, but can procede at their own travel pace. Today's recreational vehicles are almost like taking the best parts of home along, instead of staying in a strange hotel room. Recreational vehicle loans can help make it possible to enjoy the RV lifestyle. Be sure to have the loan agent explain all the options before deciding upon a lending contract. Also, be careful to determine the type of vehicle which best meets your travel needs. Sometimes people choose RVs which are more substantial than those required by their travel habits. As the writer of Proverbs 17:24 notes, "Wisdom is before him that hath understanding; but the eyes of a fool are in the ends of the earth." Instead, take the time to research the variety of vehicles which are available and choose the one which is most appropriate. Information can be found online, in libraries, and by talking with current owners of similar vehicles. Trade shows, magazines and websites devoted to the subject of RVs are other cources for up-to-date information.
Christian Car Loan ApplicationA car loan application does not need to be an intimidating process. In fact with the advent of the online car loan application, even the most timid soul can quickly and easily determine the possibility of obtaining funds for the purchase of a vehicle. The availability of funds can be ascertained in minutes with some online systems. However, at times, complications may stretch the process out for a day or two. Networks of financial lenders assure the likelihood of getting a reasonable deal. In fact, although many customers do not shop around for favorable terms and simply look to their car dealership for loan information, online loan rates are generally lower than those found at brick and mortar dealerships.
Even an individual with bad credit is not usually excluded from having their car loan application accepted. Although persons with good or excellent credit scores will undoubtedly obtain better terms and interest rates, those with credit problems can still locate companies which are willing to work with them to get the best possible deal for their current financial and credit situations. In fact, there are quite a number of people who are in that situation. Fewer than 7% of buyers would qualify for the special 0% or low interest offers which car commercials often feature. So a buyer should shop around and take the time to find the best possible deal for his or her current situation.
Remember, even if the only deal which is available has rather high interest, working to improve one's credit score can later result in becoming eligible for a better deal. While shopping, even though a person may dream of obtaining a certain type of car, it is best to be realistic about what can actually be afforded at the present time. Many people buy a more luxurious vehicle than they can really afford, just to impress others or bolster their own self-esteem, only to find out in a short time that they can not keep up with the payments. Instead, as the writer of Proverbs 4:26 instructs, Ponder the path of thy feet, and let all thy ways be established. Needless to say, having a repossession on one's record does not reflect positively in a future car loan application or credit score!
This is not to say that all dealers will shun those who have had cars repossessed or who have experienced other credit difficulties. There are loan products available for these individuals, and some lenders specialize in helping a person who has a poor credit rating with his or her car loan application. However, the one who benefits the most from these deals is likely to be the lender. Payments can be stretched out over time so that any vehicle is 'affordable', yet long term, ongoing loans will result in the accumulation of interest which can change the car purchase into a situation in which an individual is eventually paying far more than the car is worth, or which could be recouped during resale. Instead, take the time to research both car choices and loan products in order to get the best deal for a particular situation.
Interest rates are determined by the lender and influenced by many factors. Some important variables are the buyer's credit score, the existence of any credit problems and the size of the downpayment in relation to the price of the vehicle. Most experts suggest a downpayment of at least 20%, or even 30% if there are credit score problems. Note that the downpayment can have a significant impact upon the interest rate which is assigned. Having a sizeable downpayment (even if one is not required) can allow the buyer to acquire a better interest rate and thus save quite a bit of money on interest costs over the life of the loan. Therefore, it may be wise to delay submitting a car loan application until enough of a payment can be accumulated. Having a co-signer who has a good credit score can also help obtain a better interest rate.
Speaking of rates, the Annual Percentage Rate (APR) is an important item to consider before filling out a car loan application. The APR is the rate of interest which includes all of the expenses which will be required to get the loan. The lenders are required by law to disclose the APR, and it is the most significant figure to consider when deciding between various car loans. Some people are tempted to decide between various loans by the size of the monthly payment which will be required. However, this can be misleading, because a lower payment may actually result in higher interest costs in the long run. Instead, compare loans which have the same length of time by comparing the APR, for this will include all costs associated with the loan. Getting the lowest APR rather than seeking the lowest monthly payment is the wisest course of action.
Many types of vehicles (both new and used) are acceptable choices for a car loan application. Some Christian companies allow the customer to find a vehicle anywhere, while others restrict loans to vehicles offered through their own database of dealers. Some lenders have specific vehicles which do not qualify for loans from their company, such as those used for business instead of personal use. The application process is free from most lenders, so continue to search elsewhere if a lender charges for this service. Lenders advise that an individual should apply for an amount which is slightly higher than that which he or she believes will be necessary. This can help cover any taxes, extended warranties, service contracts, and registration fees which may be required. Some lenders insist that the customer obtain gap insurance. Even if an accident or theft results in the loss of the vehicle, gap insurance will pay for not only the vehicle's cost, but also the interest which has accrued up to that point.