Q: Can I find out how much I would qualify for or do I need to have a contract on a RV first?
A: No, you don't need to have a signed contract, In fact many customers will apply for a pre-approval before they even shop for a RV.
Q: What are the advantages of pre-approval?
A: Whether you’re considering a new or used RV, having your financing pre-approved before you shop gives you a number of advantages.
If you’re considering a new RV purchase, a pre-approval will give you flexibility (it will be like shopping with cash in your pocket). You’ll have the ability to negotiate for the best price at any dealership nationwide. You’ll have an interest rate that is LOCKED IN and not affected by a dealer markup and since Open Road Financial works for YOU, you can control the terms of your closing.
If you are considering a used RV, either through broker or a private individual, a pre-approval will give you a clear negotiating advantage. It will establish with the seller that you are a serious buyer (your financing is already in place), your offer can be made without a financing contingency and you have the ability to close quickly.
Other advantages of obtaining a pre-approval are:
(A) It helps determine your credit / loan limits, (B) It allows us to address and resolve any unknown credit issues before you enter into a contract (C) It will also eliminate any financing anxiety you might have after you have already entered into a purchase contract.
Q: How do I get pre-approved?
A: Complete our on-line application, supply us with your income information, tell us what type of RV you are considering and about what price range. In one or two working days, you can have a formal, IN WRITING, credit decision that is good for 60 days. It’s that simple.
Q: How much of a down payment do I need?
A: As a general guide line, you can finance up to 85% of the selling price of the RV. The selling price can include any extras that you are adding to the RV at the time of purchase.
Q: How long of a term can I get?
A: This depends on the amount you're financing and the age of the RV. Most loans over $100,000.00 can be financed for as long as 20 years. Loans between $50,000.00 and $99,999.00 would have a maximum term of 15 years.
Q: Is there an advantage to financing for a shorter vs. a longer term?
A: Our general feeling is that a shorter term has many advantages. However there are a number of individual issues that should be considered (i.e. percentage of down payment, financial ability to handle increased monthly payment....) Basically, a shorter term loan will build up your equity in the RV quicker. Down the road this translates into more money into your pocket when it's time to sell. Call or e-mail one of our offices and let use do a dollar vs. term comparison for you.
Q: How long will it take to process my RV loan?
A: Whether you are applying for a pre-approval or for a loan on a specific RV, once we have your information it only takes us 1 or 2 working days to give you a formal, IN WRITING, credit decision which will be good for 60 days.
Q: Do you charge an application fee?
A: There is never an application fee, points or hidden closing costs.
Q: What do I need to get started?
A: Simply complete one of our applications and send it along with your income information and within 1 to 2 working days you will have a WRITTEN credit decision. Or call one of our convenient offices and we will personally take an application over the phone and answer any question you might have.
Q: Can I refinance my existing loan?
A: We can offer you a number of refinancing options. With interest rates still low and because your out of pocket cost to refinance is minimal, refinancing can save you thousands over the life of your loan. Call or e-mail one of our offices for details.
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