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infoshot

Rv financing as full timers

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I am wanting to get a new camper but how does anyone answer the finance application question of "own or rent your primary home" when you have a Rainbow Drive address? 

 

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Don't you own the home you sleep in, eat and take showers in?

My MH is my main home and is paid for with no mortgage. I do rent the land it is parked on some nights but not all.
But that isn't the question on the finance application. So answer that you own your home.

Unless someone else has the title for it. :)

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Very true. But I understand most lenders are aware that Rainbow Dr is just used for mail. They are looking for a place to repo the RV if the need arises. 

Just curious how others have done it. 

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3 minutes ago, infoshot said:

Just curious how others have done it. 

We did just as Biker56 said.  We owned the RV we lived in fulltime so we checked the "own" box.

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How would you answer the question if you owned a mobile home in a park?  You own the home but are renting the property it sits on.  Same thing if you own your RV and renting space in a campground.

Edited by Lou Schneider

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I have an application in play already and I did check the "own" box. 

I've done this about 6 months ago and the loan guy basically said I need a permanent address and talked me out of the app. Hindsight says he lost the sale by that. 

Thanks everyone. 

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Nice thing about our CU they know what we do and have no problem with it.  We paid off the previous RV early,  have excellent credit rating,  debt ratio is excellent.  Only question , "how much do you need"?

 

 

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1 hour ago, rm.w/aview said:

Legal Domicile address, not the mail service address, makes sense to me, along with what you've done by checking "own".

My mail service address IS my legal domicile address.

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3 minutes ago, Big5er said:

My mail service address IS my legal domicile address.

That simplifies things, but in some cases are they different as in using the Escapees Mail Service while the domicile is South Dakota?

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4 hours ago, rm.w/aview said:

That simplifies things, but in some cases are they different as in using the Escapees Mail Service while the domicile is South Dakota?

One would still need an address in SD in order to claim domicile.  The Escapees' mail service in SD provides just that.

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On 10/31/2017 at 10:33 PM, 57becky said:

Thanks!! Those places have much better rates than USAA, Penfed or Navyfed. They also do bigger loan amounts. I guess it's because they are geared towards full-timing instead of leisure use.

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Recently went through this loan process.  Sold our S&B and were buying new rig.  What it boils down to is if you are borrowing $150,000 or more than you had better have a physical address.  You will need to provide utility bills and other documentation to prove you actually physically live there if you go that route.  If borrowing under that amount then you may get by with just a mailing address and full time RV status.  According to what we were told it has something to do with changes in numerous banking regulations a few years ago.

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We have found Alliant CU very understanding and easy to deal with. They have 2 people who specialize in RV loans and understand our unique problems(we had on when getting our loan).

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Here's my update : while I couldn't get anything done myself, the dealer I was working with was determined to get me financed, and did! 

With Alliant credit union too! 

And this was after I tried twice with them and got turned down. The catch was that I had to deposit the equivalent of the insurance policy with them which was an interest bearing account. 

All good! 

Thank you everyone for the tips. 

Kimberly Flores

 

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