RV finance for fulltimer - where?

[JMonroe]

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.

[mojoracing]

I would never tell the bank it was for a full time residence. I would use one of the kids addresses or something.

[Nana25K]

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.

[sunset4k]

I agree, we went with Alliant and they were great to work with!!

[FlyingDiver]

Originally Posted by mojoracing

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?

[CVO]

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.

[Gary RVRoamer]

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 RVRoamer]

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

[JMonroe]

Originally Posted by Gary RVRoamer

The problem here is federal loan regs....

"I'm from the government and I'm here to help you".

[JMonroe]

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.

[mandn]

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.

[JMonroe]

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.

[timetogo]

What % interest are you willing to pay and how much money do you want?

[Nana25K]

Originally Posted by JMonroe

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.