Currently RV loan approval is still hard for some customers to receive.
Mesa, AZ (Vocus) March 19, 2009
RV loans still prove to be a good credit risk compared to other types of lending as recent as the fourth quarter of 2008. The delinquency rate on motorhomes loans historically has been half that of other consumer loans. The ABA (American Bankers Association) reported that from 1999-2007, the RV loan delinquency rate was at 0.95%. Other consumer loans during that time were at 2.0%.
The most recent report from the ABA lists the following delinquency stats for the last quarter of 2008:
- RV loan delinquencies increased from 1.07 percent to 1.27 percent.
- Property improvement loan delinquencies increased from 1.49 percent to 1.63 percent.
- Marine loan delinquencies increased from 1.54 percent to 1.82 percent.
- Direct auto loan delinquencies fell from 1.77 percent to 1.71 percent.
- Home equity loan delinquencies increased from 2.56 percent to 2.63 percent.
- Personal loan delinquencies increased from 2.67 percent to 2.69 percent.
- Mobile home loan delinquencies increased from 3.03 percent to 3.08 percent.
- Indirect auto loan delinquencies increased from 3.07 percent to 3.25 percent.
"We want to keep the stats circulating that show if you are going to lend, the RV industry is an area to be in," says Clint Ethington of Pedata RV. "Currently RV loan approval is still hard for some customers to receive."
On average, Pedata RV finds that a customer will get approved for a loan if you have a credit score of 760 or above and can pay 20% down.
For More Information:
For more information on Pedata RV Center or current trends in the RV industry contact Clint Ethington, General Manager, at clint (at) pedatarvcenter (dot) com or by phone at: 1-888-545-8314 or 520-807-0900. Or visit Pedata RV Center online at http://www.pedatarvcenter.com.
Contact: Clint Ethington
Company: Pedata RV Center
Phone: 1-888-545-8314 or 520-807-0900
Email: clint (at) pedatarvcenter (dot) com
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