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04-18-2016, 11:55 AM
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#1
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Junior Member
Join Date: Oct 2015
Posts: 8
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Thinking of full-timing?
We are thinking of becoming full-time RV'ers and would want to upgrade our motorhome. Are there any companies out there that finance RV's if you don't have a permanent address? We inquired about financing an RV but were told by a few companies that they would not finance if you were going to have the RV as your full time residence. Also, what is the best state to have a domicile residence in? I think that's the right term. If anyone can help out on these questions we'd sure appreciate it- thank you!
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04-18-2016, 12:16 PM
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#2
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Member
Join Date: Aug 2015
Posts: 31
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I cannot answer the finance question but I am close to full timing & have been researching the domicile issue. I found Escapees RV club can answer most of your questions. Hope this helps, good luck Mike
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04-18-2016, 12:26 PM
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#3
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Senior Member
Join Date: Oct 2012
Posts: 2,328
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Do you have a "permanent" address now? Then finance the MH now. Once it is financed the you can change your domicile and use a mail service.
As for which state to chose the bog three states are TX, FL, and SD. TX requires a non CDL license for mH greater than 26000 GVWR. TX also requires annual inspections. SD has limited health insurance choices if you are not Medicare eligible. FL health insurance varies by county so a little research would,be advisable.
FL works well for us but everyone's circumstances are different.
__________________
Paul, Kathy, and Tux the Mini Schnauzer
2014 Tiffin Phaeton 42 LH, 2013 Honda CRV
"When the time comes to look back, make sure you'll like what you see"
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04-18-2016, 01:35 PM
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#4
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Senior Member
Join Date: May 2009
Location: Mariposa, CA
Posts: 3,931
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Quote:
Originally Posted by Jolene
. . . what is the best state to have a domicile residence in?
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If you're over 65 and on Medicare, or ex-military with health insurance, or have some kind of company/government health plan, then you could probably domicile anywhere.
As previously mentioned, TX, FL, or SD are popular.
However, if you are under 65 and have to purchase your own health insurance, then TX and SD are bad domicile choices.
Why? Read this . .
Selecting a Domicile
__________________
2003 - 2010: 2004 35' National RV Sea Breeze LX 8341
2010 - 2021: 2001 41' Newmar Mountain Aire 4095
2021 - ???? : 2001 31' National RV Sea View 8311
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04-18-2016, 01:44 PM
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#5
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Senior Member
Join Date: May 2009
Location: Mariposa, CA
Posts: 3,931
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Quote:
Originally Posted by Selah
FL health insurance varies by county so a little research would be advisable.
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All health insurance plans purchased through an ACA ("Obamacare") exchange vary by county -- not just in FL.
All FL counties have BCBS EPO health plans which offer nationwide coverage.
__________________
2003 - 2010: 2004 35' National RV Sea Breeze LX 8341
2010 - 2021: 2001 41' Newmar Mountain Aire 4095
2021 - ???? : 2001 31' National RV Sea View 8311
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04-18-2016, 02:38 PM
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#6
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Registered User
Join Date: Aug 2014
Location: western NC mountains!
Posts: 4,106
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no one will loan you any money for ANYTHING without a permanent address. period.
use your last address.
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04-18-2016, 03:10 PM
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#7
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Senior Member
Join Date: Aug 2011
Location: Enjoying the Western States!
Posts: 19,773
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Quote:
Originally Posted by Selah
. TX also requires annual inspections.
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Texas only requires annual inspections if you're actually staying in Texas. It you're just driving through or if you never visit Texas, there are no inspections required. You can re-register online and check a box to exempt you.
__________________
Full-timed for 16 Years . . .
Traveled 8 yr in a 2004 Newmar Dutch Star 40' Diesel
& 8 yr in a 33' Travel Supreme 5th wheel
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04-18-2016, 03:13 PM
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#8
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Senior Member
Join Date: Aug 2011
Location: Enjoying the Western States!
Posts: 19,773
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Jolene, it appears you have a Newmar. Why would you want to upgrade? You've got the best.  As long as there's nothing wrong with it I certainly would not go into debt to full-time.
__________________
Full-timed for 16 Years . . .
Traveled 8 yr in a 2004 Newmar Dutch Star 40' Diesel
& 8 yr in a 33' Travel Supreme 5th wheel
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04-18-2016, 03:16 PM
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#9
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Senior Member
Join Date: May 2009
Location: Mariposa, CA
Posts: 3,931
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Quote:
Originally Posted by MisterT
no one will loan you any money for ANYTHING without a permanent address. period.
use your last address.
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Wells Fargo did for us on a park model. They used our RV as collateral.
__________________
2003 - 2010: 2004 35' National RV Sea Breeze LX 8341
2010 - 2021: 2001 41' Newmar Mountain Aire 4095
2021 - ???? : 2001 31' National RV Sea View 8311
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04-18-2016, 03:18 PM
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#10
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Senior Member
Join Date: Mar 2009
Posts: 448
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Jolene, you will have a permanent address. Your mail forwarding address is your official permanent address used for banking, taxes, voting, drivers license, vehicle reg, insurance, etc
But the fact that you wont have the collateral of a home, makes many of the lenders leary of financing a big ticket item. There are a few banks & credit unions that cater to fulltimers. But the best option is to buy & finance your rig while you still own a house. If you sell the house after the RV loan is initiated, the bank wont care as long as the payments are made.
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04-18-2016, 08:02 PM
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#11
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Senior Member
Join Date: Oct 2012
Posts: 323
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We're full-timers. We used our local bank for a loan. We initially wanted an older Prevost conversion. These are notoriously difficult to finance because there are no "book" values. We had to educate the bank and once we did they were on-board. We ended up buying an 04 Monaco Signature instead of a Prevost and the bank didn't have any issues at all.
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04-18-2016, 08:45 PM
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#12
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Senior Member
Newmar Owners Club Freightliner Owners Club
Join Date: May 2012
Location: Today? Clayton, North Carolina
Posts: 5,093
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Jolene,...... The search function in this forum is your friend. Every question you've asked or are going to ask has been covered in a forum thread. There for the taking, you've only to ask.
John & Diane, fulltiming since '12
'02 DS, FL, Cat, '04 Element
NHSO RVM103
__________________
John and Diane (RIP Lincoln, 21 FEB 22) RVM103 NHSO
Fulltimers since June, 2012
2002 Dutch Star 40, Freightliner, Cat 3126, 2004 Element
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04-18-2016, 11:04 PM
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#13
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Senior Member
Join Date: Aug 2011
Location: Enjoying the Western States!
Posts: 19,773
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[QUOTE=JFXG;3029297]Jolene,...... The search function in this forum is your friend. Every question you've asked or are going to ask has been covered in a forum thread. ]
Hmmmmm...Hasn't every question in all these forums been asked previously? If they didn't ask there would be no forums. Let's try to help.
__________________
Full-timed for 16 Years . . .
Traveled 8 yr in a 2004 Newmar Dutch Star 40' Diesel
& 8 yr in a 33' Travel Supreme 5th wheel
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04-19-2016, 07:05 AM
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#14
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Junior Member
Join Date: Oct 2015
Posts: 8
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No, we don't have a permanent address now so that's the problem I guess. Thank you for the info on the domicile states. Appreciate it!
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