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Many people do not realize that a credit score for a lender is very different from a credit score for an individual. Lenders want to be assured that the loan they extend will be paid back in full and on time, so their interest rates are higher. Often times getting approved can depend on how well your personal credit scores stack up against other debt obligations such as car loans or mortgages. In some cases you may find yourself at the bottom of your list when it comes to refinancing your RV with a traditional bank because you have great personal scores but average business ones. This would be due to lenders looking at Risk/Reward Indices which compare a borrowers FICO scores in order to determine what kind of risk one poses in comparison to their reward potential.

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Another aspect of risk and reward indices is the way you make payments; on time, early, or late. The more payments one makes on time will result in a lower credit card utilization ratio which shows how much credit is extended to an individual compared with their total overall score which is listed at 30%. So let's say Mr. B has $20,000 in debt and has a $200,000 income while Mrs. A also has $20,000 in debt but only pulls down $100,000 annually then they both have the same amount of debt but different incomes so their ratios show that Mr. B poses more of a risk than Mrs. A because of his higher credit card utilization ratio even though they have the same debt to income ratio.

So what does all this mumbo jumbo mean and how do you get approved if your scores aren't as high as you would like? The answer is simple: just because your credit isn't perfect doesn't mean that it can't be fixed – and we're not talking about credit repair companies here, we're talking about getting a personal loan to use as a line of credit for your business. In other words, RV refinancing! Some banks will issue personal loans to those with lower business scores as long as they have sufficient equity in their RVs or manufactured homes. This could give those with less than perfect personal scores access to better rates from those who wouldn't consider them otherwise. It may also help you remove a hard inquiry which is another negative factor when it comes to credit. If your application for an RV refinance falls through the cracks, don't give up because small lenders are just waiting to issue loans to those with lower scores in order to get larger business ones.

Of course you want to shop around and compare rates before jumping into anything so let's review how that works when it comes to refinancing your RV or manufactured home. You can do this online very easily by looking at different banks' websites, reading their disclosures about interest rates, fees, etc., and then applying for financing in order to see what is available specifically in your area.