Why is the credit score the lender pulls different than the one I saw Online???

Understanding credit scores is complicated.  We are often asked why the credit score we pull is drastically different than the credit score our customer "thought" they had.  There are several reasons for this.

#1- There are 3 different credit bureaus...Equifax (most commonly used in our industry/state), TransUnion (used by 2 of my lenders) and Experian (not used by any of my lenders).  Each bureau has their own score and scoring model, so the score we pull on Equifax will typically not be the same score that we might pull on Transunion.

#2- There are many types of credit scores....FICO, Vantage, Beacon, just to name a few.  Many customers have only ever seen their Vantage Score or Beacon Score.  When in actuality, most lenders (including all of ours) use the FICO score.  Each of the 3 credit bureaus has their own FICO score.

#3- As if that weren't all confusing enough, there are also many versions of the FICO score for each bureau.  So, even if you have seen your FICO score, it may not be the same FICO version that the lender is using.   See the chart below, taken from the website myfico.com

I hope that helps clear up some confusion on the subject of credit scores.

I would also like to add one side note on a semi-related topic.  I often hear customers state that they are worried their credit score will drop if I have to send their application to more than one lender.  While I do not "shotgun" an application out as many dealers will, having several lenders pull your credit will not typically hurt your credit score.  See the image below for an explanation on this subject from the myfico.com website

$0 Down Financing vs Putting Money Down

Right now the economy is booming.  We are seeing record sales, record numbers of customers and lenders that are being super aggressive with their rates and terms.  So aggressive in fact that we are even able to offer $0 down financing through two of our lenders.  The rest of our lenders still require 10% down in the form of cash or trade equity.

So....if you can get zero down why in the world would you ever go another route?

Pretty simple really...if you finance your camper with no money down that means you are financing your camper plus your sales tax and title (and any applicable warranties, gap insurance, etc).  You are therefore going into the loan upside down.  It will take you a lot longer to ever be in a positive equity position that it would if you had put 10% cash down in the first place.  If you do end up doing 100% RV Financing, we recommend that at least once or twice per year you make an extra lump sum payment on the principle.  This will help get you out of that "upside down" state faster.

Also, another advantage to traditional 10% down financing is that we are often able to get longer terms and lower rates...that means a lower overall payment for you!

Ready to finance your next camper?  Fill out an online credit app here...