Questions For Private Buyers
At RDS, we work with the largest banks on national and regional levels. Our banking and lending partners process massive loans every day, which means we can typically provide a lower interest rate and/or longer terms than your bank. More banking and lending options mean more loan terms to choose from.
We’re proud to offer our customers the fastest possible loan approval process. We’ll work with you to make sure you have all of the necessary paperwork taken care of; from there, we’ll likely be able to get a check to you within three to five business days.
Our online credit application is completely secure, and we work hard to keep it that way. You can rest easy knowing your information is safe with us. Of course, if you’d rather not apply online, you can give us a call. We will gladly take the information over the phone.
Absolutely. Feel free to contact our experts at any time. We want to make the process as seamless as possible for you.
Banks have different lending criteria they review when making a recreational loan. Since we have relationships with several banks, we can direct applications to lenders that best fit the credit profile. We work closely with each customer to conduct a thorough credit interview to provide the bank with any additional information when needed. This can make the difference between approval and denial. Call us at 877-830-9911 to discuss your options.
Several variables go into the rate and terms offered by the individual banks. Credit score, amount of the loan, and amount of down payment are some of the main items, but not all. To get an accurate quote. complete our secure online credit application, and we’ll go to work getting your quote.
The minimum loan amount available is $5,000.00.
Depending on the applicant’s credit score and credit history, the approvals can be as quick as 30 minutes, or for the lower credit scores, where additional documents or information is needed, the approval will depend upon the customer’s response time back to RDS with the requested information. We are available six days a week; however, not all banks are available on Saturday.
Income verification could be required depending on the applicant and the loan amount.
If income is being verified, you may be asked to provide additional information such as:
- If salaried, year to date paystub and/or most recent W-2 & two (2) years 1040 tax returns with all schedules and statements.
- If applicable, if self-employed, most recent two (2) years of personal federal tax returns including all schedules & two (2) business returns including all schedules & K-1s.
- If retired, Social Security, Retirement, and/or disability Benefit Award letter, current pension statement, annuity statement, investment and/or deposit account statements.
Along with the (complete) credit application, the following items will normally need to be furnished to complete the loan process:
- Copy of the front and back of the title
- If a lien is listed, a payoff amount is needed to clear the lien and to whom the lien is owed, or a copy of the lien release showing the previous loan has been satisfied.
- Copy of an insurance binder on the collateral being purchased
- Copy of the driver’s license for each applicant
- Seller information, i.e., name, address, phone, etc.
- Other applicable documents furnished by RDS
Yes, taxes, title, registration, and/or loan processing fees may be included in your loan amount subject to the loan amount meeting the bank’s LTV (Loan to Value) guidelines.
We have access to the most competitive programs in the country. Since we are not the actual lender, we shop rates for you. And because of our volume, we can typically find you rates and terms not available at your local bank.
If you have ever shopped dealerships for any type of vehicle or trailer, you know the damage that can be done to your credit report when multiple banks and lenders pull your credit report within a short period. We are sensitive to that problem. While RDS has access to all of the major credit bureaus, we will typically pull one credit bureau from the company most prevalent in your area. From there, we will analyze your credit history and pass your application along to the lender or lenders that we feel will give you the best possible rates and terms for your financing program; this greatly reduces the number of inquiries you have on your credit report, avoiding an unnecessary negative effect on your credit rating.
In the unlikely event that we cannot get you approved for financing, we will let you know why and offer suggestions for improving your situation so we may be able to get you qualified soon.
RDS will NEVER sell or offer your information to any outside parties. We maintain the highest level of security and confidentiality when safeguarding your personal information.
Yes. We incorporate SSL encryption for our online credit application and insurance quote forms.