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 11-24-2015, 03:19 PM   #1
Community Moderator
 
JMonroe's Avatar


 
Newmar Owners Club
Spartan Chassis
Join Date: Oct 2009
Location: Deer Creek RV and Golf Resort, Davenport FL
Posts: 6,853
RV finance for fulltimer - where?

I've taken note of past threads on this subject but haven't faced the issue until now. Doing a site search hasn't resulted in my finding any relevant and current information.

Our last two coaches were financed through Bank of the West. We owned a "real" house when those transactions were struck. Now Bank of the West declines, in spite of a stellar past credit history, lifetime and with them, a credit score north of 800, owning property in two states, a cash down of at least 25% and sufficient assets to pay for the rig we are ordering a number of times over (but won't, as our investment income has averaged two to three times current interest rates). Reason for being declined - they won't make an RV loan when that RV is your primary residence. Tried talking to a real person, went around in circles, couldn't get a straight answer on a couple of my questions. Another issue, our "income" isn't sufficient. My response, I could take out two to three times what I do now (from IRA) and still not run out of money for 30 years, even at a lowly investment return of only 4 or 5%. I don't, because I don't need it. There was steam coming out of my ears by this time. I have the impression its a computer doing the underwriting and if the application doesn't meet the strict criteria programed in, no common sense human intervention is allowed.

So, our dealer suggests we try Essex, "they make loans to fulltimers". I call them and the automated response "Essex credit, a division of Bank of the West". What, really? Still have to get some documents to Essex, but in the meantime, thought I'd check here to see if there are any other lending institutions that will work with a full timer.
__________________

__________________
Jay & Peggy Monroe with Dolly
Can't take it with you - don't plan on leaving any behind
2016 Newmar London Aire 4553, Spartan chassis
2017 GMC Acadia toad
JMonroe 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 11-24-2015, 04:53 PM   #2
Senior Member
 
mojoracing's Avatar


 
Fleetwood Owners Club
Ford Super Duty Owner
Join Date: Oct 2013
Location: northern IL
Posts: 2,557
I would never tell the bank it was for a full time residence. I would use one of the kids addresses or something.
__________________

__________________
2014 Fleetwood Bounder 35k
mojoracing is offline   Reply With Quote
Old 11-24-2015, 05:03 PM   #3
Senior Member
 
Join Date: Dec 2007
Posts: 982
Go to Alliant Credit Union. They specialize in fulltimers. They are a commercial member of Escapees and Rich Holke is great. The only stuff we had to fax was our initial ID paperwork for joining the credit union. They are patient, talked to them multiple times over 2 years while we investigated different rigs for our purchase.
When the right rig came along it took a phone call, some email, a couple days and the deal was done. We even signed the loan docs online. They are going to ask for a second address but it just needs to be a relative. We used my sisters. Their rates are great. Believe me you will be very happy.
__________________
Ron & Linda
2000 Dynasty 38PBS
Full time since 2007
Nana25K is offline   Reply With Quote
Old 11-24-2015, 05:16 PM   #4
Senior Member
 
sunset4k's Avatar
 
Holiday Rambler Owners Club
Join Date: Nov 2012
Posts: 304
I agree, we went with Alliant and they were great to work with!!
__________________
sunset4k is offline   Reply With Quote
Old 11-24-2015, 05:33 PM   #5
Senior Member
 
FlyingDiver's Avatar
 
Newmar Owners Club
Join Date: May 2007
Location: Somewhere....
Posts: 3,820
Quote:
Originally Posted by mojoracing View Post
I would never tell the bank it was for a full time residence. I would use one of the kids addresses or something.
So, commit fraud by lying about your legal address?
__________________
2008 King Aire 4562, Spartan K3(GT) w/ Cummins ISX 600
2014 Jeep Grand Cherokee Overland 5.7L V8 Hemi w/ Blue Ox Aventa LX Tow Bar and baseplate, SMI Air Force One brake
FlyingDiver is offline   Reply With Quote
Old 11-24-2015, 07:49 PM   #6
CVO
Member
 
CVO's Avatar
 
Join Date: Oct 2015
Location: up north, Wisconsin
Posts: 84
Check with your financial manager and see if the firm you are with provides security based lending. Depending on the firm and the asset level with them there may be some excellent terms.
__________________
CVO is offline   Reply With Quote
Old 11-25-2015, 08:00 AM   #7
Moderator Emeritus
 
Gary RVRoamer's Avatar


 
Join Date: Jan 2000
Location: Silver Springs, FL. USA
Posts: 18,073
Quote:
So, commit fraud by lying about your legal address?
Not necessarily. If the lender asks where RV is kept, then maybe it is fraud, but mostly they are just asking for a contact address. If so, any address where they can reliably get in touch with you is legit.
__________________
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
Old 11-25-2015, 08:06 AM   #8
Moderator Emeritus
 
Gary RVRoamer's Avatar


 
Join Date: Jan 2000
Location: Silver Springs, FL. USA
Posts: 18,073
The problem here is federal loan regs. Once you declare something to be a "residence", certain federal loan requirements kick in, e.g. escrow for insurance & taxes, etc. Lenders do that in their home mortgage units, but few RV lenders are set up to handle that. They avoid the issue by declining to write loans for fulltime RVs. Many of them feel it costs less to lose the fulltimer business than to comply with the regs. Apparently Essex, an specialty finance unit, is willing to do what is necessary
__________________
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
Old 11-25-2015, 08:15 AM   #9
Community Moderator
 
JMonroe's Avatar


 
Newmar Owners Club
Spartan Chassis
Join Date: Oct 2009
Location: Deer Creek RV and Golf Resort, Davenport FL
Posts: 6,853
Quote:
Originally Posted by Gary RVRoamer View Post
The problem here is federal loan regs....
"I'm from the government and I'm here to help you".
__________________
Jay & Peggy Monroe with Dolly
Can't take it with you - don't plan on leaving any behind
2016 Newmar London Aire 4553, Spartan chassis
2017 GMC Acadia toad
JMonroe is offline   Reply With Quote
Old 11-25-2015, 08:35 AM   #10
Community Moderator
 
JMonroe's Avatar


 
Newmar Owners Club
Spartan Chassis
Join Date: Oct 2009
Location: Deer Creek RV and Golf Resort, Davenport FL
Posts: 6,853
Called Alliant. Yes they will do RV loans to full timers - at 2 points higher than current rates for those anchored by a stick & brick. I politely declined.
__________________
Jay & Peggy Monroe with Dolly
Can't take it with you - don't plan on leaving any behind
2016 Newmar London Aire 4553, Spartan chassis
2017 GMC Acadia toad
JMonroe is offline   Reply With Quote
Old 11-25-2015, 09:10 AM   #11
Junior Member
 
Join Date: Oct 2014
Posts: 2
One year ago today we financed our new 5th wheel toyhauler as full timers through Bank of the West/Essex. They actually dropped our interest from what the dealer had written our contract. we worked through a lady named Sheila out of Alameda California. Contact info is (925) 843-3131.She did all the foot work to get our rig licensed in our home state of Idaho.
__________________
mandn is offline   Reply With Quote
Old 11-25-2015, 11:01 AM   #12
Community Moderator
 
JMonroe's Avatar


 
Newmar Owners Club
Spartan Chassis
Join Date: Oct 2009
Location: Deer Creek RV and Golf Resort, Davenport FL
Posts: 6,853
We've got an application pending at Essex, still waiting to hear back. I also called or financial advisor and he's putting out feelers too.
__________________
Jay & Peggy Monroe with Dolly
Can't take it with you - don't plan on leaving any behind
2016 Newmar London Aire 4553, Spartan chassis
2017 GMC Acadia toad
JMonroe is offline   Reply With Quote
Old 11-25-2015, 12:31 PM   #13
Senior Member
 
Join Date: Feb 2009
Location: Ca
Posts: 1,050
What % interest are you willing to pay and how much money do you want?
__________________
timetogo is offline   Reply With Quote
Old 11-25-2015, 02:07 PM   #14
Senior Member
 
Join Date: Dec 2007
Posts: 982
Quote:
Originally Posted by JMonroe View Post
Called Alliant. Yes they will do RV loans to full timers - at 2 points higher than current rates for those anchored by a stick & brick. I politely declined.
Buying a RV is a luxury purchase. As an old Realtor I would never expect to get an RV loan for the same as a mortgage.
__________________

__________________
Ron & Linda
2000 Dynasty 38PBS
Full time since 2007
Nana25K is offline   Reply With Quote
Reply

Tags
fulltime



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


Similar Threads
Thread Thread Starter Forum Replies Last Post
First Time Buyer - Should I Finance? MrBelvedere Class A Motorhome Discussions 82 07-20-2015 10:53 AM
Need finance options markbo53 iRV2.com General Discussion 12 04-22-2015 06:55 PM
Hershey show RV finance deals jimbo2013 iRV2.com General Discussion 0 09-08-2014 04:35 PM
Dealer Creative Finance Techniques? Edski1999 iRV2.com General Discussion 88 02-21-2014 08:33 PM

» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 11:20 AM.


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