Federally backed loans extended to RVs, pickups

Sylvia A. Smith, Washington editor The Journal Gazette

sylviasmith@jg.net

WASHINGTON - People who want to buy a pricey RV or a Silverado - but who can't get a bank loan even though they have good credit ratings - might have an easier time getting the keys to a new vehicle in the next few months.

Recreational vehicles and light trucks have been added to the list of loans that can be bundled by banks, sold to investors and backed by the government. That kind of security, said Jim Sheldon, chairman of the Recreation Vehicle Industry Association, is expected to help free up bank loans that have stagnated.