Bad Credit RV, Motorcycle, Boat Loans in South/North Dakota, and ...

Up in North Dakota, Andrew decided that he and his wife were ready to take on one of their dreams. They needed to borrow $65,000 in order to make their dream of buying a recreational vehicle a reality. He did a lot of research in regards to interest rates from banks, and interest rates from RV dealers. Of course, if he had had really good credit with the banks, the latter option would be better. Unfortunately for Andrew though, his credit rating was very poor and he worried that his bank in Fargo would not approve him. Nevertheless, he decided to go down to his branch (which is the Gate City Bank in Fargo North Dakota on 2nd Ave., North) and talk to a loan officer about getting approved for a used RV loan.

instead of a new one. It’s always a problem these days if you want to purchase a used RV or boat (or motorcycle, since we are discussing motorcycle loans below as well) because the banks don’t usually feel comfortable about having a used RV down on the loan agreement as the ultimate security and collateral on the note. But nevertheless, Andrew went down to see a loan officer at his branch to apply for credit.

Andrew made his appointment with the loan officer for his lunchtime break from work, and the whole appointment worked out quite well because he had to stop by Thurlow Welding and Machine to pick up some supplies (Andrew is a self-employed welder by trade). Ah ha! You say, another problem for the banks. This is correct, because banks also have a problem with lending money to self-employed applicants, as they associate self-employment with insecurity in regards to monthly income (being self-employed myself, I have never experienced a problem getting credit from a bank, but that’s because we have had a steady cash flow for over a decade now). So anyways, Andrew got to his appointment on time with the branch loan officer down in North Fargo.

He could tell by the questions being asked of him that he was going to be declined for credit – without question. Indeed, the bank declined on his application for $65,000 for a used RV. All three of the above reasons were cited as reasons why the bank couldn’t go ahead and qualify him for the loan. So once this embarrassing moment was over (Andrew, like anybody else, is a little embarrassed walking out of a bank after being declined for credit) Andrew vowed never to ask for a red penny again, or give a bank any more of his hard-earned money in interest payments. He was going to go private.