Community Forums

palehorse89 · 01-02-2016, 05:24 PM

Quote:

Originally Posted by jharrell

Hmm, I didn't do that and based on the process I don't think most people do that. Financing my RV was basically the same process as financing a car. They asked me if I had a mortgage, if so how much was the payment, etc. just trying to determine debt/income ratio, checked credit got approved, done. The collateral is the RV just like a car. You can deduct the interest as a second home though since it has bath/kitchen, just like a boat.

Looking at current home equity rates they seem about the same as the rate I got on the RV loan, low 4's, not sure why I would want to leverage the house if I don't have to, not that the house has much equity after the crash, just now getting back above water..

The topic here is about getting a loan, for a RV without owning a home.
A home equity loan when we bought was the lowest rate I could get.
The ultimate goal for anyone , is to acquire the lowest interest rate for borrowed money. If the rates are the best in home equity loan when I am buying something, it does not matter to me if my home is used as collateral, I plan on making the payments.
We go where the best deal is offered..............
Have you read the entire thread?

jharrell · 01-02-2016, 05:36 PM

Quote:

Originally Posted by palehorse89

The topic here is about getting a loan, for a RV without owning a home.
A home equity loan when we bought was the lowest rate I could get.
The ultimate goal for anyone , is to acquire the lowest interest rate for borrowed money. If the rates are the best in home equity loan when I am buying something, it does not matter to me if my home is used as collateral, I plan on making the payments.
We go where the best deal is offered..............
Have you read the entire thread?

Yes I did read it and if this thread is just about getting RV without a home then whats saying those that have a home get equity lines, why are you saying you need a house for collateral?

I honestly can't remember if the loan application asked if I owned a home, I know it asked if I had a mortgage, they seemed to have no interest in how much my house was worth or appraised for, they just wanted to know if my income would support the loan payment along with my other obligations.

Again the loan is like a typical car loan, the RV is the collateral. My house has very little equity to come after yet they still gave me an RV loan. This seemed pretty typical when going through the loan process at Lazydays.

palehorse89 · 01-02-2016, 05:46 PM

Quote:

Originally Posted by jharrell

Yes I did read it and if this thread is just about getting RV without a home then whats saying those that have a home get equity lines, why are you saying you need a house for collateral?

I honestly can't remember if the loan application asked if I owned a home, I know it asked if I had a mortgage, they seemed to have no interest in how much my house was worth or appraised for, they just wanted to know if my income would support the loan payment along with my other obligations.

Again the loan is like a typical car loan, the RV is the collateral. My house has very little equity to come after yet they still gave me an RV loan. This seemed pretty typical when going through the loan process at Lazydays.

I didn't...........it is a word used when one has a home equity loan, Leverage a home as you put it. Folks that are full time are challenged to get a low interest rate on a new RV without owning a home is all that has came up here, and I have read about it on here before. Glad you did not have any loan problems with your new purchase, and you got a good/satisfied rate, without asking about your home.

Others have not been so fortunate.........
Edit: I did make reference to that back in post#7........

jharrell · 01-02-2016, 05:58 PM

Quote:

Originally Posted by palehorse89

I didn't...........

Quote:

Originally Posted by palehorse89

We all know what they are looking for when they ask that question.........Collateral to back their money they are lending

Am I misreading what you posted, looks like your saying they ask if you own a home for collateral purposes and they would want an appraisal.

Quote:

Originally Posted by palehorse89

As you can see Randy, financial institutions don't just want the RV title to secure the loan........the ones that will, is at a higher interest rate.

Again are you saying you need a house or other asset to secure a loan and the RV will not suffice? This was not my experience, I know for a fact my house is not collateral for my RV loan.

palehorse89 · 01-02-2016, 06:01 PM

Quote:

Originally Posted by jharrell

Am I misreading you posted, looks like your saying they ask if you own a home for collateral purposes and they would want an appraisal.

Again are you saying you need a house or other asset to secure a loan and the RV will not suffice? This was not my experience, I know for a fact my house is not collateral for my RV loan.

If you re-read this thread(Link/s included), I am not the one having trouble getting a good rate for a loan on a new Coach

Other's have..........

jharrell · 01-02-2016, 06:05 PM

Quote:

Originally Posted by palehorse89

If you re-read this thread(Link/s included), I am not the one having trouble getting a good rate for a loan on a new Coach

Just trying to make sure they don't get mislead with inaccurate information, such as needing a house for collateral by sharing my loan experience.

palehorse89 · 01-02-2016, 06:12 PM

Seems the words "Primary residence" for full timers is where the problem starts when trying to borrow money...........

CampDaven · 01-02-2016, 07:24 PM

Quote:

Originally Posted by ctpres

When filling out credit forms a typical question is do you own your home. As full timer with no S&B what do you say? Unless someone in/with authority tells me to say otherwise I plan to say yes. IRS allows interest on RV as second home or vacation home. I live in it and it is my home.

Answer: I can't lie. I would say no.
If you have other assets, they should do fine if they meet the need of the lender. If the lender will allow the value of your RV as collateral, good, but it may be based on the projected value at the end of the loan term. The only thing left is positive cash flow.
If not, no go.
That's it.

Rotis · 01-02-2016, 09:52 PM

Quote:

Originally Posted by palehorse89

Seems the words "Primary residence" for full timers is where the problem starts when trying to borrow money...........

As it was explained to me by the credit union we went through for our full timer loan, it's as simple as, they have more risk. There is no "physical address" to find you at if they need to. That is the only issue with not owning a S/B and getting an RV loan. It's not that big a problem, you just need to understand you have to pay a bit more interest for the higher risk they take. It has nothing to do with home equity for collateral.