Shift in credit market may help RV industry recover
While the overall outlook for the RV industry was positive at this month's annual National RV Trade Show, some are saying a turnaround hinges on the ability for consumers to get financing for their purchases.
According to a special report done by WSBT-TV, some industry experts estimate more than 70 percent of potential buyers have been unable to finalize an RV purchase over the last 18 months, because banks won't lend them the money.
Industry insiders say the credit approval rate is improving compared to earlier in the year. It's estimated that about 40 percent of applicants are currently approved for RV loans, compared to 80 percent before the recession started two years ago.
"I don't think it will ever get back to the old levels of easy credit, but things are thawing out. So, it is getting better," financial analyst Greg Badishkanian told WSBT-TV.
Recreational Vehicle Industry Association President and CEO Richard Coon says the industry continues to fight for a shift. "We've been working and pleading for a little more 'oopmh' from the credit people to loan money," he said.