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Old 08-01-2017, 06:45 PM   #1
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Full timer rv financing concerns

We are about 6 months away from becoming full time rv residents and our plans look good except for some banking concerns. Once our brick and stick home sells it will give us the needed dollars to upgrade our current MH (2016 Coachman Mirada 35LS) to a bigger diesel pusher. However we might still need to finance a little bit more. Most financial institutions ask if you are living full time in your rv and since our answer will be yes they will not say we qualify. How have others financed while full time?
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Old 08-01-2017, 07:11 PM   #2
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What do they consider full time?
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Old 08-01-2017, 07:14 PM   #3
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What do they consider full time?


Primary residence is the rv. We will live in a 55+ gated rv resort with a physical address but since no brick and mortar, no deal.
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Old 08-01-2017, 08:13 PM   #4
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I just learned this the hard way....kind of. We purchased a new RiverStone 39FL. We had planned to finance the purchase as I would rather the bank take the risk instead of me, especially in times like today with the stock market going so well.

I mentioned to the business manager that we had just sold our house and he told us we had better hurry to finance the new unit as the new one would be nearly impossible to finance once the house closed. We decided to pay cash so there would be no issue but I hate to see that much go out at one time.

We can't wait to pick it up!
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Old 08-02-2017, 06:46 AM   #5
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Yes it is more difficult to finance without a physical house address.
You need to find a dealer/broker that can help you with this. Help in the fact they know which local/national banks/finance companies will do that kind of deal. Expect to pay a higher interest rate as their is more risk involved for the lender. You can basically drive off somewhere stop paying the loan and it would be very difficult for the lender to find the collateral (the RV).
Check out Technomadia and Gone with the Wynns for their stories on the matter.
I went the all cash route. Hope to NEVER have to borrow money ever again. The banks are only looking out for themselves and will cut your throat if it means they will survive. And the federales say it's all ok. Go figure.
Cash is king!
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Old 08-02-2017, 06:49 AM   #6
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It's easier (and possibly cheaper) to get a loan while you still have a stix-and-brix, but I believe Essex Credit and Alliant Credit Union will both finance full-timers.
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Old 08-02-2017, 06:54 AM   #7
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It's easier (and possibly cheaper) to get a loan while you still have a stix-and-brix, but I believe Essex Credit and Alliant Credit Union will both finance full-timers.
We financed with Essex as full timers with no problems.
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Old 08-02-2017, 02:23 PM   #8
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We're preapproved through Essex. Had a long conversation with them about full timing. They do finance full time vehicles. Like any loan, they consider your living expenses. If you're full time, they want to know where you're going to park your RV (RV park, camground, etc.)and they will figure that cost into your approval. If, like us, you won't have a home RV park, they just assume $500 a month for living expenses (i.e. camping fees).

There is no difference in a full time vs part time loan. Same rates, same terms. It's just how they underwrite the loan. Most banks don't want to deal with full time RV issues or don't know how so they wont' risk it. Essex, and some others, do it all the time.
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Old 08-02-2017, 02:35 PM   #9
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Why not upgrade now? Then when you sell the house you can always take the money from the sale to pay down the loan. That's what we did, plus since you have an address no one asks about full timing. Of course, loan rates are so low, you might just be better keeping the money in the bank and making the monthly payment...On the other hand, if you are paying for the majority of the new rv upfront from your home sale, financing a small percentage of the overall rv probably won't be an issue.
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Old 08-02-2017, 02:45 PM   #10
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Why not upgrade now? Then when you sell the house you can always take the money from the sale to pay down the loan. That's what we did, plus since you have an address no one asks about full timing. Of course, loan rates are so low, you might just be better keeping the money in the bank and making the monthly payment...On the other hand, if you are paying for the majority of the new rv upfront from your home sale, financing a small percentage of the overall rv probably won't be an issue.


Financial institutions are very unreasonable to senior citizens these days. All our equity is in the home sale (200k) and no debt. One bank said they could not finance anything right now because we have no proof that we have successfully paid on a loan this large before. I guess we are penalized for being debt free.
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Old 08-02-2017, 03:10 PM   #11
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There is no difference in a full time vs part time loan. Same rates, same terms. It's just how they underwrite the loan. Most banks don't want to deal with full time RV issues or don't know how so they wont' risk it. Essex, and some others, do it all the time.
I've seen several adds for financing, all cite a higher rate for full timers over part timers.
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Old 08-02-2017, 03:16 PM   #12
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Financial institutions are very unreasonable to senior citizens these days. All our equity is in the home sale (200k) and no debt. One bank said they could not finance anything right now because we have no proof that we have successfully paid on a loan this large before. I guess we are penalized for being debt free.
Yep, we found that with the Magna in 2015, had trouble getting a loan and ended up putting $50,000 more down to get it. We also had to come up with $96,000 to pay off the loan on the trade in. We could prove we had paid off a large loan with that. Even the finance person agreed that it was due to our age but the bank would never say that.
When I sell the stick house I should realize enough $ to pay everything off. Paid cash for the CR-V so just the MH and house left now.
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Old 08-02-2017, 04:06 PM   #13
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We just did it with few issue... Well, mostly none.

We have lived aboard our boat for the past two years. We have a PO Box for all our mail. The DMV and such want a physical address (the marina address is what we give them), but they mail all our stuff to our PO Box. We have no stick built home nor do we rent one. We live full time on the boat (and now the RV also).

When we purchased the RV (two weeks ago as of Monday) we paid 18% down and financed the rest. The dealer we purchased from offered the financing to two credit unions. One was my credit union (which I had asked them to do since it was one of the credit unions they use) and they turned us down because of lack of home residence. They have years and years of business with me and know my cash flow and savings. I even took my money from savings at their credit union to pay the down payment. Still they said nope. I think I will be moving my banking elsewhere and let them know why when we do.

Horizon Credit Union in Spokane (not local to us) financed the RV. Nobody asked if we are going to live in the motor home. My local Credit Union knows we live on our boat. That is the only reason stated for turning us down. I got to say, it's strange to get a letter from the financial institution that states they are turning us down for credit because of 'lack of home residence'. Their loss is how I look at it.
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Old 08-02-2017, 04:14 PM   #14
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we purposely built a small rv port home 850Sq Ft and a covered 45 x 26 area for rv up front.

its been paid off since built and we use it as home base and it helps us get insurance a lower rate and of course low rate on the bus financing through our credit union.
it helps with the cars to.
but the lower insurance rates make sit worth while
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