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Most lenders who specialize in RV loans base their underwriting criteria on different factors than other loans, such as home mortgages and auto financi

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ng. Home and car loans are considered to be “necessities”, while RV loans are considered to be more of a “luxury” type loan.

Even though statistics sh

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ow that RV loans have a lower default and late payment percentage; these same statistics show that most people, when strapped for cash, will pay their

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

necessary” loan payments first. Because of these statistics, lenders will normally implement more stringent underwriting guidelines for RVs and even bo

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ats.

The number one factor that impacts RV loan approval is Credit History. Most lenders will want a credit score of at least 640, but a score of 700

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

r better is more likely to obtain an approval at the best rate and most favorable terms.

The second factor considered is your Debt-to-Income ratio. Th

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

is is basically your monthly revolving debt, (mortgage, auto and credit card payments) divided by your monthly gross income. Most RV and marine lenders

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

look for a maximum debt-to-income ratio of approximately 45% or less, however some will go as high as 50% or more with excellent credit.

The third fac

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

tor considered is the Loan Value of the RV. Each lender has their own formula for determining the amount they will loan on any particular RV. Most lend

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

rs will loan somewhere between wholesale and retail, depending on the previous factors listed above. Some will loan up to the RV’s retail value on refi

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

nancing. Again, the better the credit history, the more flexible the lenders are likely to be.

Other factors are considered when determining interest

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

rate, such as the age of the RV and the total amount financed. The higher the loan amount, the lower the interest rate, with common break points common

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

y set at amounts such as: $25,000 - $50,000 - $100,000, etc. Also, the older the unit, the higher the interest rate, but this also varies.

Many online

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

financing sources specialize in RV loans - and it’s your right as a consumer to find what is best for you. You should however be aware that each time

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ou submit an application, your credit history may be pulled up from 1 to 2, or even more times. Each time a company accesses your credit report, it can

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

result in 2, 3 or even 5 points deducted from your credit score. You should always avoid lenders or brokers who “shotgun” your application to numerous

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

lenders.

Your online rate and lender shopping can be done by going to your favorite search engine and typing in search terms such as: “RV loans”, “mot

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

or home financing”, etc. Normally, approval takes only a day or two, with loan completion and funding in about a week. Loan documents are usually sent

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

irectly to your home or work.

The best policy is to check rates with different financing sources without enabling them to pull your credit report unti

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

l you are relatively sure you have found the company you would like to work with. At that time you should submit your actual application.

Happy RV’ing

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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One thing I want out mission statement to convey is that we are in business to serve our clients, not ourselves. But the more I thought about this the more I realized that this sentiment is not entirely true. While we want our purpose to be client-centric we realized that in order for us to properly server our clients we have to serve ourselves as well.

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