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Old 01-27-2013, 10:39 AM   #1
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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.

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Old 01-27-2013, 10:48 AM   #2
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Originally Posted by Serenity2 View Post
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.

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Old 01-27-2013, 01:36 PM   #3
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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.
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Old 01-27-2013, 01:52 PM   #4
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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.
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Old 01-27-2013, 05:56 PM   #5
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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.
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Old 01-27-2013, 07:40 PM   #6
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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.

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