RV loans use things with sleeping quarters that have a VIN and title as collateral, such as a camping trailer, motorhome, or some horse trailers, Pickup Campers, and Motorized Boats.  For Motorized Boats, a UCC must be filed on the trailer and motor.  

 

Don't forget the 2% add for:

• A credit file with less than 18 months history on at least 3 tradelines

• Bankruptcy discharged within last 3 years

• Vehicles 20 years and older

​

Discounts can be allowed for:

• -.25% High Credit Discount for FICOs of 780+

• -.25% Equity Discount for LTV positions of 90% or less

• -1% I Have Connections Discount for existing members with checking account and direct deposit

​

Value Determinations:

• New RV values will be determined using the Invoice or JD Power (NADA) clean retail value. The JD Power (NADA) Used Retail Value will be used for new RV purchases whenever available or when an Invoice Value cannot be obtained. If no Invoice or JD Power (NADA) Retail Value is available, the prior model year JD Power (NADA) Used Retail value plus 10% will be used. (½ of the add ons per JD Power (NADA) may be used for increased value, IF they are not already included in the value for the model type.) 

• Collateral 9 years old and newer qualify for JD Power (NADA) Retail.

• Collateral 10 years old and older qualify for JD Power (NADA) Clean Trade-in. Borrowers with a 700 or high credit score qualify for JD Power (NADA) Retail.

• Collateral 20 years and older does not qualify for values over the lowest JD Power (NADA) value.

• If an JD Power (NADA) value cannot be determined, an appraisal from a registered dealership may be used in its place for value determination; however, the appraisal cannot be from the same dealership as the unit is being purchased from.    

​

LTVs:

• A+ & A Borrowers (FICO’s 700+) can go up to 90% LTV*

• B Borrowers (FICO’s 660-699) can go up to 85% LTV*

• C Borrowers (FICO’s 625-659) can go up to 80% LTV*

• D Borrowers (FICO’s Lower than 625) can go up to 70% LTV

​

*LTV CAPS: over $50,000 = 85% LTV MAX

                    over $75,000 = 80% LTV MAX

                    over $90,000 = 75% LTV MAX & 700+ FICO

​

Terms for New - Nine Years Old:

• Less than $5,000 - up to 36 months

• $5,000 - $10,000 - up to 60 months

• $10,000 - $20,000 - up to 96 months

• Over $20,000 - up to 120 months - Terms of 120 months cannot be extended for Backend Products Sales or DP Adds. Terms longer than 120 months must be approved by the CEO or CLO. 

​

Terms for Older than 9 Years:

• Less than $5,000 - up to 36 months

• $5,000 - $10,000 - up to 48 months

• Over $10,000 - up to 60 months

• Over $20,000 - up to 72 months with approval of CEO, CLO or Credit Manager
   

Full Time / Live in Units: 

When financing an RV it should be asked if the Member will be living in the unit. If we know that the Member will be using the RV to live in, LTV should be reduced to 70% LTV Maximum and the term should be considered and possibly reduced. Parked Trailers may be considered for max LTV of 70% and must be approved by the CEO only.  

 

Example A:  A member is an oil field worker and will be taking the trailer with him to South Dakota but has a mortgage on a home in Idaho. The members LTV should be reduced to 70% LTV.  

 
Example B:  A member is a retired couple that has a home in Idaho but travels to Arizona in the winter with their RV.  Members may be considered for over 70% LTV.  
 
Example C:  A member is a retired couple that has sold their primary residence and wants to travel the US in their motorhome/RV.  Members LTV should be reduced to 70% LTV.  

​