Go Back   iRV2 Forums > iRV2.com COMMUNITY FORUMS > iRV2.com General Discussion
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 01-27-2013, 11:39 AM   #1
Junior Member
 
Join Date: Jan 2013
Posts: 2
Financing

Hello,
Hubby and I are new to the forum. We live in Indianapolis, IN and are planning to start full timing at the beginning of next year. We have been researching and planning for a couple of years and are ready to buy our RV. We have run up against a few questions. First, have any of you ever sold your house first and then bought and RV? If so, can you give me some recommendations about what lending institutions are open to that. Second, what if you have your RV, you've sold your house, you are on the road and you decide you want to upgrade to a new RV. Have you done that? While our credit is not perfect, we do have a substantial down payment, but would have an even better one if we could sell our house first. Please let me know your thoughts.
__________________

__________________
Serenity2 is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 01-27-2013, 11:48 AM   #2
Senior Member
 
LindaH's Avatar
 
Winnebago Owners Club
Join Date: Nov 2002
Location: Spokane, WA
Posts: 1,545
Quote:
Originally Posted by Serenity2 View Post
Hello,
Second, what if you have your RV, you've sold your house, you are on the road and you decide you want to upgrade to a new RV. Have you done that?
We started fulltiming in 1998 and came off the road in 2010 (we're now snowbirds). During that 12-year period, we bought a few RVs, the latest was in 2009. We never had a problem getting a loan, but we do have excellent credit.
__________________

__________________
2014 Winnebago Aspect 27K
2011 Kia Soul
LindaH is offline   Reply With Quote
Old 01-27-2013, 02:36 PM   #3
paz
Senior Member
 
paz's Avatar
 
Join Date: May 2005
Location: Full-timers - Home is where we park it.
Posts: 4,716
Serenity2,

I have heard some full-timers having difficulty getting financing recently even with an excellent credit rating due to changes in finance laws that resulted from the real estate blow-up.

That being said, there is reportedly a credit union in Texas (can't remember the name) that a lot of members of the Escapees RV Club use that lends to full-timers, and I have also seen ads for Essex Credit Corp. for loans to full-timers.
__________________
2015 DRV Tradition 375KPS
2015 Chevy Duramax 3500HD LTZ Dually
Full-timers...Home is where we park it.
Check out our blog: Living Our Dream
paz is offline   Reply With Quote
Old 01-27-2013, 02:52 PM   #4
Senior Member
 
DSL417's Avatar


 
Entegra Owners Club
Join Date: Sep 2012
Posts: 6,208
Blog Entries: 2
You may find it useful to have a mortgage broker source your financing...some will criticize this, but your potential dealership can point in a direction of someone they use. Of course they get a flow back, but these brokers know who to go to for credit situation, rates, approvals, etc.

If you're bring significant cash to the table (ie 25-35%) you'll get interest in loaning you the cash, of course credit history is helpful as well.

Good luck and welcome to the forum. We mad this transition less than two months ago and can't wait for the next day, every day.
__________________
Dave and Beth
2015 Cornerstone 45J
Ford F-150 and 2016 Polaris Razor
DSL417 is offline   Reply With Quote
Old 01-27-2013, 06:56 PM   #5
Senior Member
 
MarkQ's Avatar
 
Join Date: May 2012
Posts: 171
If you don't have a relationship with a credit union, develop one. They usually have much more general parameters in loaning. So if you have been a member for a while and have a bit of money deposited there they may be able to do something while you're away from home, and do it in a timely manner.
__________________
'09 Tundra pulling a '12 Arctic Fox 22H
MarkQ is offline   Reply With Quote
Old 01-27-2013, 08:40 PM   #6
Moderator Emeritus
 
Gary RVRoamer's Avatar


 
Join Date: Jan 2000
Location: Silver Springs, FL. USA
Posts: 18,078
A couple years ago there was a change to the federal credit regulations that make it difficult for a bank to issue a collateral loan without a fixed address. They are supposed to know where the collateral can normally be found. Yeah, it doesn't make much sense for an RV, but that's a gov't reg for you. You may run afoul of this regulation unless you have some fixed address you can use on an application. It can be a legal address where you just receive mail and such, but not a post office box. Nor would I mention the words "full time RVer" unless specifically asked about that.

The Escapees mail service gives you a street address, so it sidesteps the fixed address question as long as you don't volunteer anything about being a fulltimer.
__________________

__________________
Gary Brinck
Former owner of 2004 American Tradition
Home is in the Ocala Nat'l Forest near Ocala, FL
Summers in Black Mountain, NC
Gary RVRoamer is offline   Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 01:04 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.