Looking for RV Financing

[wbwood]

Originally Posted by GypsyYears

Even with all the negativity on this thread, I GOT THE LOAN at a super low APR and a monthly payment well within my range.

I will continue to save money, and pay for this awesome rig (will more than likely pay it off before the loan term, as I do everything else) and have an awesome rig with LOW miles that will last me as long as I want to travel and live in the RV.

SO EXCITED!!!!

Make sure you do keep saving that money. You will need for the maintenance, things that break, taxes, insurance and registration.

[KerrTx]

WOW! This may be one of my nieces.

[beamisl]

Tasha,


Congratulations on getting you rig. Apparently the bank saw something in you others did not. You will love your Winnebago!


Your habit of always paying a bit extra will help rise that FICO score and put you in a better financial place in five years. Join the Winnebago Owner's forum for any questions you have. I think most people here were not trying to be negative, just trying to help with what they saw as their financial knowledge.


There is a website for Winnebago owners that has everything you may want to know about your rig. We have used this numerous times already.


winnebagoind.com/product-resources/product-information


This site has your model and blueprints / diagrams for electrical, plumbing, appliances, all the what and how to. YouTube also has videos on everything you may want to know.


Good luck with your rig and congratulations again. This is great! Lynne

[GypsyYears]

Originally Posted by wbwood

Make sure you do keep saving that money. You will need for the maintenance, things that break, taxes, insurance and registration.

Already prepared for that thank you though!

Originally Posted by KerrTx

WOW! This may be one of my nieces.

Hum... If I had an uncle who lived the RV lifestyle I would definitely want to know! Haha... Unfortunately I don't think I do.

Originally Posted by beamisl

Tasha,


Congratulations on getting you rig. Apparently the bank saw something in you others did not. You will love your Winnebago!


Your habit of always paying a bit extra will help rise that FICO score and put you in a better financial place in five years. Join the Winnebago Owner's forum for any questions you have. I think most people here were not trying to be negative, just trying to help with what they saw as their financial knowledge.


There is a website for Winnebago owners that has everything you may want to know about your rig. We have used this numerous times already.


winnebagoind.com/product-resources/product-information


This site has your model and blueprints / diagrams for electrical, plumbing, appliances, all the what and how to. YouTube also has videos on everything you may want to know.


Good luck with your rig and congratulations again. This is great! Lynne

Hi Lynne! Yes - I've been looking at the website, figuring out where everything is on the rig and getting to know the electric system and water systems; thank you so much for everything. I cant wait to get traveling

[datrbone8]

Originally Posted by GypsyYears

Thank you! Everything went through and I pick up the RV on Friday cant wait.

Cheers

Congratulations ! You have to understand the majority of the people here are older with significantly different ideas about money (and life).
I'm sure that while it sounded discouraging the comments were meant with the best of intentions from their point of view.

You're at the beginning of your life- Go out and live it

[GypsyYears]

Originally Posted by datrbone8

Congratulations ! You have to understand the majority of the people here are older with significantly different ideas about money (and life).
I'm sure that while it sounded discouraging the comments were meant with the best of intentions from their point of view.

You're at the beginning of your life- Go out and live it

Thank you! I guess I took it semi personal and shouldn't have; I was just in the middle of getting everything figured out and it was frustrating to feel like no one thought I should/could do it.

I agree - I am young and if I have the ability to do something like this - why not do it!?

Have a great day

[beamisl]

Hi Tasha,


Just something my husband and I learned recently about our rig and something to make sure you check to keep from having any damage on your rig. The levelers, check your fluid and only replace it with the transmission fluid they suggest. Levelers up and slide in. We found ours very low.


Hope this is turning out as good for you as you want. Please let us know how you are doing. Maybe some day we can meet up with our Winnebago's and do a campfire together.


Lynne

[ArmandV]

Originally Posted by GypsyYears

The RV in my sig and avatar was the RV I was trying to get - and got!

Even with all the negativity on this thread, I GOT THE LOAN at a super low APR and a monthly payment well within my range.

I will continue to save money, and pay for this awesome rig (will more than likely pay it off before the loan term, as I do everything else) and have an awesome rig with LOW miles that will last me as long as I want to travel and live in the RV.

SO EXCITED!!!!

Congratulations!

You never gave up, which proves that persistence pays off!

[GypsyYears]

Originally Posted by beamisl

Hi Tasha,


Just something my husband and I learned recently about our rig and something to make sure you check to keep from having any damage on your rig. The levelers, check your fluid and only replace it with the transmission fluid they suggest. Levelers up and slide in. We found ours very low.


Hope this is turning out as good for you as you want. Please let us know how you are doing. Maybe some day we can meet up with our Winnebago's and do a campfire together.


Lynne

Lynne,

Thank you for the tips! Basic maintenance and knowledge of the rigs is essential. I definitely plan on doing pre-travel checks each time I drive my Winnebago

Where are you guys currently? My home base is Colorado.

Originally Posted by ArmandV

Congratulations!

You never gave up, which proves that persistence pays off!

Thank you!!! It does pay off, and what happens is meant to happen so I am confident this is the rig for me.

Happy travels

[BeachDude]

Originally Posted by datrbone8

Congratulations ! You have to understand the majority of the people here are older with significantly different ideas about money (and life).
I'm sure that while it sounded discouraging the comments were meant with the best of intentions from their point of view.

You're at the beginning of your life- Go out and live it

Congratulations!!

And, dabone8, That's a great comment!!

I agree that the people here are older with significantly different ideas about money (and life).

There was another thread where a bankrupt person tried to find financing and he was summarily shot down even more severely.

[04266832]

The tone of this thread has certainly changed!

I also wanted to say congratulations, and since I've just come across this thread, throw in my two cents for anyone else that's younger who's shopping for a loan.

I purchased my first RV at 28 and it wasn't just the financial process that was difficult. After visiting multiple RV dealerships I can say it was very difficult to even get someone's attention just to talk about a unit and take me seriously.

Regardless, I'm 32 and just purchased my second unit. While I was approved for a loan through my credit union, I wasn't pleased with the terms and ended up shopping around for a loan. I was denied because of "lack of credit history."

While I've been building credit since I was 18, it was not the "right kind" of credit. Remember that RVs, boats, etc are still considered luxury items (as mentioned in previous posts). Banks and Credit Unions are looking for stability. I've had a mortgage for five years but they're looking for 10. My saving grace is that I have a very high income and have been told (by the loan officers) that banks will overlook just about anything at a certain income level including debit-to-income, credit length, credit score, lack of mortgage, etc.

I suppose my observations to those of us who are younger and enjoy the RV lifestyle is that it's difficult but not impossible to get a loan, as this thread has proven. There are institutions out there that will loan to you and see more than just a credit score and age. Just do your research, make sure it's financially viable for you, expect that you'll be spending thousands in repairs or supplies required to keep your RV going (including campground fees), and don't accept those South Dakota 30% interest rate loans. RVing can be an expensive hobby, even if you're full timing.

[GypsyYears]

Originally Posted by guy.lawless

The tone of this thread has certainly changed!

I also wanted to say congratulations, and since I've just come across this thread, throw in my two cents for anyone else that's younger who's shopping for a loan.

I purchased my first RV at 28 and it wasn't just the financial process that was difficult. After visiting multiple RV dealerships I can say it was very difficult to even get someone's attention just to talk about a unit and take me seriously.

Regardless, I'm 32 and just purchased my second unit. While I was approved for a loan through my credit union, I wasn't pleased with the terms and ended up shopping around for a loan. I was denied because of "lack of credit history."

While I've been building credit since I was 18, it was not the "right kind" of credit. Remember that RVs, boats, etc are still considered luxury items (as mentioned in previous posts). Banks and Credit Unions are looking for stability. I've had a mortgage for five years but they're looking for 10. My saving grace is that I have a very high income and have been told (by the loan officers) that banks will overlook just about anything at a certain income level including debit-to-income, credit length, credit score, lack of mortgage, etc.

I suppose my observations to those of us who are younger and enjoy the RV lifestyle is that it's difficult but not impossible to get a loan, as this thread has proven. There are institutions out there that will loan to you and see more than just a credit score and age. Just do your research, make sure it's financially viable for you, expect that you'll be spending thousands in repairs or supplies required to keep your RV going (including campground fees), and don't accept those South Dakota 30% interest rate loans. RVing can be an expensive hobby, even if you're full timing.

Thanks for the congrats - I am super stoked! I've been moving into the RV this past week and its been exciting. I've also realized how much stuff I don't really need and can get rid of (garage sale time!)... This is one of the reasons I am doing this though, to downsize and live more simple

I am happy to announce that the RV is in tip-top shape. Everything internally works fantastic and was built very "user friendly." I also took the rig to get the engine, tranny, chassis, etc inspected... They couldn't find a single thing that was wrong (thank god.. Now to keep saving for future repairs, maintenance, etc.)

My loan process was similarly hard to yours, but after 5 applications I found a credit union that understood my situation and I am very happy with the loan terms (only 4.5% APR).. Which with my lack of credit and lower income and all things considered - I lucked out.

I am definitely going to be saving money for the unexpected, and I knew this was going to be a "costly" venture... But now I have the opportunity to see the country and to stop throwing money away by "renting" a home. Now my hard earned cash is going towards something that is mine.

Thanks for your comment lawless, happy travels!

[loftygoals]

Congratulations on getting everything worked out!

First, people were a bit rough on you on your credit score. A 690 for your age shows you've done better managing you credit than a majority of your peers.

https://www.creditkarma.com/trends/age

Credit Karma shows that in your age group the average score is only a 628. I'm not saying you should be content with your score, but I know first hand that it can be difficult to establish a solid score unless you were taught how to develop your credit by your parents. When I was 25, I was making $80k a year and still had a hard time getting a loan for anything. My debt to income ratio was great, but I had very limited credit history. It's the chicken and the egg scenario--you can't get a credit because of limited credit history, but you have to have credit to get credit.

You also got hit hard on the ownership costs of a motorhome. At the same time you were given advice to buy a home, first. I know first hand that home ownership is not cheap either! Before I purchased my current home, it was taken to down to the bare studs and remodeled: new floors, new plumbing, new cabinets, new drywall, new electrical, new windows. Basically everything but the brick and foundation was replaced. Despite all of that, I spend more a year in home maintenance and upkeep than I do on motorhome maintenance and upkeep.

The biggest drawback to owning a motorhome vs. a house is the depreciation. Not always, but most the time a home will maintain it's value or appreciate. A motorhome depreciates to nearly nothing 100% of the time. Of course if you are renting, you get exactly 0% of your money back. At least with a motorhome you can deduct the interest on the loan like you would a house on your taxes.

Honestly, I think you've come up with a fun and affordable alternative to renting. I wish I would have thought of that when I was in my 20's. I moved a lot as my career was developing. That meant a lot of rentals and a lot of moving expenses. I could have saved a ton if I had lived in an RV.

I hope you enjoy your new home!

-bj

[GypsyYears]

Originally Posted by loftygoals

Congratulations on getting everything worked out!

First, people were a bit rough on you on your credit score. A 690 for your age shows you've done better managing you credit than a majority of your peers.

https://www.creditkarma.com/trends/age

Credit Karma shows that in your age group the average score is only a 628. I'm not saying you should be content with your score, but I know first hand that it can be difficult to establish a solid score unless you were taught how to develop your credit by your parents. When I was 25, I was making $80k a year and still had a hard time getting a loan for anything. My debt to income ratio was great, but I had very limited credit history. It's the chicken and the egg scenario--you can't get a credit because of limited credit history, but you have to have credit to get credit.

You also got hit hard on the ownership costs of a motorhome. At the same time you were given advice to buy a home, first. I know first hand that home ownership is not cheap either! Before I purchased my current home, it was taken to down to the bare studs and remodeled: new floors, new plumbing, new cabinets, new drywall, new electrical, new windows. Basically everything but the brick and foundation was replaced. Despite all of that, I spend more a year in home maintenance and upkeep than I do on motorhome maintenance and upkeep.

The biggest drawback to owning a motorhome vs. a house is the depreciation. Not always, but most the time a home will maintain it's value or appreciate. A motorhome depreciates to nearly nothing 100% of the time. Of course if you are renting, you get exactly 0% of your money back. At least with a motorhome you can deduct the interest on the loan like you would a house on your taxes.

Honestly, I think you've come up with a fun and affordable alternative to renting. I wish I would have thought of that when I was in my 20's. I moved a lot as my career was developing. That meant a lot of rentals and a lot of moving expenses. I could have saved a ton if I had lived in an RV.

I hope you enjoy your new home!

-bj

Hi Bj

Yeah when everyone was saying my credit score wasn't great - I knew it could be higher but also thought it was decent; so thanks for sharing your two cents on it. And trust me I definitely plan to keep the score going ^^

I am very fortunate to have gotten the loan and at the low APR I did. I agree with you about all the home owning expenses and troubles - and am not ready to do that yet haha. I feel like an RV is a step in that direction and will teach me a lot about owning something more than a car. The depreciation factor is a downside, but I also bought the RV for 20,000 dollars less than its worth - and maybe when I sell it I wont be out to much cash

I also agree I feel like full timing in an RV is a good alternative to renting and throwing money away to someone else's mortgage. I am hoping this lifestyle will pay off and I will see many more places and meet lots of awesome people.

Thanks for your post, cheers