A critical factor

I’m calling two banks today to apply for financing for my RV purchase.

I’m calling a tiny bank I’ve used for years in Northern Michigan and a tiny bank we used to buy my husband’s house on the Gulf Coast.

I’m not sure how the financing is going to look for me. My credit scores for the three credit reporting bureaus are 715 (Transunion), 704 (Experian) and 690 (Equifax).

I will probably have to use my husband’s income to help me qualify. My Austin house (only in my name) has a mortgage payment of $2250 — a big chunk of my gross monthly income. (Even if I have to rent my house, it will be such a relief to get out from my huge housing expenses!)

To get a ballpark figure of my RV payment, I have been calculating 10 years at 10%, but I have no idea what kind of financing is actually available. I plan to put 20% down, or about $10K on a $50K purchase. The bank in Northern Michigan will usually match my best financing offer.

My downsizing is dependent on my being able to buy this RV, so let’s hope I can get financing! I have no idea if things are loosening up in the credit markets.

I’ll let you know what they tell me tomorrow.

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