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isotope_322 t1_iy8lpk4 wrote

Reply to comment by MikeWPhilly in RV Financing - current interest rates by Longjumping-End-3892

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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