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Old 10-27-2013, 08:21 PM   #1
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Travel Trailer Questions

Think I posted in the wrong place as I did not get any answers, but is it possible to get into a used TravelTrailer or 5th wheel in good condition, with no money down to live in full time?????

Are there any companies who specialize in financing with no money down???

Are private owners who are selling likely to finance someone?? Or would private owners allow for some type of pymnt arrangement???

I am in the East Texas area....Have been living with friends the last 6mnths, but I really need to gain my independence back, for my own emotional health & well being.

Any help would be appreciated.
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Old 10-27-2013, 08:31 PM   #2
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Well, you are asking a financing question. It doesn't really matter what you're buying, but from the information you've given so far, it sounds like the guy with the money has a lot of risk, so your interest rate would be huge. If you have no money to put down and no equity in a home to leverage, why would they expect you to make regular payments.

This is not a knock on you personally, but from the other side of the situation, I'd see no reason to do it.
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Old 10-27-2013, 10:11 PM   #3
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Quote:
Originally Posted by Oscarthecat View Post
Think I posted in the wrong place as I did not get any answers, but is it possible to get into a used TravelTrailer or 5th wheel in good condition, with no money down to live in full time?????

Are there any companies who specialize in financing with no money down???

Are private owners who are selling likely to finance someone?? Or would private owners allow for some type of pymnt arrangement???

I am in the East Texas area....Have been living with friends the last 6mnths, but I really need to gain my independence back, for my own emotional health & well being.

Any help would be appreciated.
There are lots of East Texas people lately . . .

Anyway, private sellers might take payments, but that is up to them.
It doesn't matter if the trailer is in good condition or that you're living in it full time. That will not affect your down payments.

There might be some that "specialize" but you will have lots of interest. Any reason you want an RV and not a park model or mobile home?
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Old 10-27-2013, 10:56 PM   #4
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I doubt if you will find a used trailer in liveable condition that can be financed with no money down, or the interest rate will be horrible.

You might see if you have a relative or friend that could assist in the loan.

Ken
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Old 10-27-2013, 11:54 PM   #5
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I know I would never owner-finance anything... but a piece of land. As a travel trailer owner, I'd be looking for cash, and if you can't get a bank loan, or have cash, I wouldn't do business with you. Not knocking you, personally, because I don't know anything about you. That would just go for anyone... just ask my kids...
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Old 10-28-2013, 11:34 AM   #6
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Actually I am open to those, it's just that I would have to turn around & buy furniture so I figured a trailer or 5th wheel perhaps would be better. As far as park models are there companies that finance these with no money down???....I am a veteran so I don't know if a VA loan would apply to a park model....
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Old 10-28-2013, 12:18 PM   #7
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As stated, you're probably not going to get nothing down. That's not how this day and age is.
I don't see how it being a park model vs. travel trailer is going to make any difference.
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Old 10-29-2013, 08:03 AM   #8
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Originally Posted by Oscarthecat View Post
Actually I am open to those, it's just that I would have to turn around & buy furniture so I figured a trailer or 5th wheel perhaps would be better. As far as park models are there companies that finance these with no money down???....I am a veteran so I don't know if a VA loan would apply to a park model....
Last time I checked, VA guaranteed loans are restricted to real estate (though mobile homes qualify). Further, VA guaranteed loans don't mean you are guaranteed to get a loan, just that the government is backing you in case you default. VA guaranteed loans do not offer the lowest interest rates, either.
As far as purchasing a TT or 5er. There are many available for sale used that are downright dirt cheap. I recently gave away a TT because I don't have time to fool with repairs. None were major, I simply have too many projects already. So, you could conceivably get a camper for as little as "free". The price is going to go up as the condition, size, and amenities go up. I would imagine there are still FEMA trailers to be had for cheap, as well.
How do you intend to move a TT or 5er around? Do you already have a suitable truck? Is it paid for? When you find a suitable camper, simply apply for a personal loan at your credit union, they don't require a down payment on personal loans.
As an aside, I just bought a new camper and let the dealer find the financing. I already had a loan approved at my credit union, but the dealer's "bank" offered a longer term loan, resulting in lower monthly payments. The only money I put down was $500.00 "earnest money", since the unit was being built for me, rather than coming off the lot.
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