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Werewolfdad t1_iy8hfbs wrote

>What interest rates could I expect to see financing $35,000 with a credit score of 675 and annual income of $64k? My DTI is 40% currently,

You can't afford an RV.

Expect high rates if you were even to be approved

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MikeWPhilly t1_iy8j43t wrote

This. I doubt he’ll get approved but DTI of 40% looking to buy a $35k RV on that income -the op really shouldn’t be applying for the loan in the first place

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isotope_322 t1_iy8lpk4 wrote

Banks are predatory. When I was making $30k I was approved for up to $35k of auto loan. Crazy that it’s even legal.

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MikeWPhilly t1_iy8m60a wrote

Auto loans fall under different loan requirements than an RV. RV is classed as a luxury item, higher rates and they look far more closely at DTI because the drop in values on RV is far higher than car - in other words banks don’t care about the cars because for the most part with a down payment they know they can sell the collateral easy. Not the case for the RV.

Banks definitely go higher than I am comfortable with on DTI and they can be predatory. But I also feel like people take so little responsibility in their own financial planning also. Case in point the OP has no business buying a RV. I would venture he probably isn’t contributing a lot to retirement either and I’d be curious about CC debt given a 675 score.

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alinroc t1_iy92ozp wrote

Car dealers right outside the military base selling Chargers to kids in boot camp at 25% interest...

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Mizzou1976 t1_iy9bv73 wrote

There should be a DMZ within 20 miles of the perimeter of any military base. Car dealers and insurance salesmen should be banned in the area.

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Subject_Technician89 t1_iy8lzg5 wrote

Sorry, but this. I would expect a rate in the low teens, if you even get approved. I'm assuming you're looking at a long term loan for the RV, as that's the only way it'd be remotely affordable. On a 15 year loan, at 12%, you're looking at a ~$450/mo payment. That would likely push you over 50% DTI. Not to mention you'd pay $40k in interest over the course of the loan.

My suggestion is to resist the impulse to buy, and wait until you're in a better financial position to purchase such a high dollar discretionary item. Sucks to hear, but financially is the best choice.

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notapilot43 t1_iy98uar wrote

Waiti wait wait. RVs can be financed out to 15 years. Op won’t admit it, but that’s what he/she will do…. Source: family owns an rv dealership and they see people that are bad with money do this all the time.

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ItsWetInWestOregon t1_iy9j599 wrote

I thought maybe with that income they were planning on living in the RVz

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Werewolfdad t1_iy9jkyv wrote

From what I gathered, OP is buying her mom an RV to live in because OP is getting kicked out of florida and is selling her house, but instead of providing additional context like a normal person, threw a hissy fit because forums don't act like vending machines for questions

I suppose we owe her a refund on all the money she spent on the free advice.

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