We actually found our travel trailer at the end of September and they offered 13% financing with $1,300 down. I would go for the UTV last because honestly if you score a good deal on the truck with 0% down and have 10% or less down on the fifth wheel, you may just be able to buy the UTV outright without any financing.ĭefinitely spend time researching and take your time with your decision. You shouldn't have a big downpayment on the fifth wheel, no more than 10% I would guess. If I were to make an educated guess about the loans you will acquire and again after spending almost 3 months researching travel trailer/recreational vehicle financing the truck is more likely to get a 0% down offer vs. If you have $25k to put down on the loans, I would go for the biggest fish first - the fifth wheel or truck first. So I can't say for yours, just our experience. New loans affect credit scores differently. Same with our home loan, I saw a 2 point decrease while my wife saw a 9 point increase. When our travel trailer loan hit, my score decreased 13 points while my wife's saw a 21 point increase. Like you stated, if you applied for one, qualified and signed the loan it would hit your DTI possibly negatively affecting your chances with your other loans. It makes sense that if you apply at the same time, they would pull the same numbers. In my opinion, I would think it best to apply around the same time. Recreational vehicles will have higher interest than average and in all my research, I found that even excellent credit scores rarely qualified for better than 7% interest and no downpayment. We qualified for 8.99% interest with I think 10% down which was $1,300. We had just bought a house and had a little over 50% DTI at the time and $72,000 annual income. We were hovering right around 640 range on scores. We found that the best loan offered was through Aqua Finance which actually financed us through Connexus Credit Union. We just purchased our travel trailer in November last year. Sorry for the long post, wanted to make sure to get most of the important info in there. I'll have at least $25k total to put down on one loan or split between the other loans depending on requirements.

So I'd be going from having one auto loan and 4 CC's, and then adding: I know I'll see a really good jump in a week or two once my now paid off (balance transfered) cards post a near $0 balance, but then I'm sure it will drop a little once the new NFCU card posts for the first time with around 68-85% util (just depends on when it actually posts for the first time to the bureaus).

I'm fully comfortable with these payments.Īny thoughts on the best way to apply for these? Would it be best to apply for all 3 around the same time for the best chances? Would it have a negative affect if I apply for one first before the others assuming it posted on my credit reports raising DTI and potentially lowering my scores due to a new account?Ī little over a year ago my scores were about 675 across the board with one CC around 4-5% util. My current DTI is 25%, if I were to get all of these new loans it would raise my DTI to 35%. From my current research on the best rates all 3 new loans would likely be from different banks/CU's. I will 100% not be financing the trailer and UTV through NFCU, they don't have good rates unfortunately. So, now to the next 2 months or so I'd like 3 new loans. I also have a new truck on order which I do not have financing for yet but will be getting this loan through NFCU once it is built, along with my current auto loan I've had with NFCU for the past 18 months or so. Previously other cards were all around 90% util so I should see a decent point increase from this as well. However, just a few weeks ago I got a new NFCU platinum card for their balance transfer option, so my previous 3 existing CC's will have a $0 balance and within 3-4 weeks once everything updates I'll have one CC showing a balance of hopefully under 69% util. I'm fairly active/adventurous and am seriously considering hitting the road for at least 12 months so am looking to purchase a 5th Wheel travel trailer and a Side by Side (UTV). You can choose from the variety of vehicles it offers, such as cars, SUVs, motorcycles, and trucks.Looking for info/tips/advice on a scenario I'm considering but have concerns about approvals. What types of vehicles are eligible for financing? Additional information for the monetary limitations for financing is not available. The minimum loan amount that it can finance is $10,000.

Connexus credit union aqua finance