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Posted in Auto Loans
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Question By
masdrobeda

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Financing a RV and right after a truck. am I able to do it ?
I am looking to finance a $20,000 RV and a $20,000 Truck within the same month. How is this play out on my credit ? Am I be able to do it ?

I currently have 7K motorcycle debt, 15K car debt. I will be selling these two and pay off both right before I get the RV and Truck. I also have about 12K debt in credit cards.

My credit score is ~650 and I have 10 years of credit history.
I will have a co-signer for both purchase with a credit score of 760, owns a house, and has two financed cars under his belt.

What are my chances? Should I contact someone in order to figure it out before I start this plan ? There is anybody such as a bank that can help me out?

Thank you!

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Top Contributor
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You're wasting a lot of money paying interest on auto loans and your credit cards. Your goal should be to get out of debt. It would benefit you to really take some time to read the informative articles here and on other sites.

Top Contributor
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Keep in mind that when you pay off and close the current loans your scores will take a hit. Paying off and closing loans usually results in a ding to your scores, yes this is correct even though it doesn't sound right. Your income and debt to income ratio will play a huge part in this. Most lenders will use a version of FICO scores, I am not sure what kind of score you provided, if it is one from here it is not FICO. You should definitely check your FICO scores. I would assume that the truck would be more important than the RV, so I would definitely advise going for that first. I would also ask yourself why you need to spend twenty grand on each, could you find some cheaper equipment? Getting that credit card debt paid down would also be a great thing for your credit, so if you could put this whole thing off until you get the credit card debt paid way down, you would be in a much better position.

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