RV lot loans

[tinstartrvlr]

Evening everyone,

 

I tried to find some info about this in the forum search without luck so I'm betting someone here has experience with this.

 

After bouncing around for the past few years, I am considering purchasing a lot so as to have a more permanent existence, while still traveling occasionally.

 

I don't want break the bank by buying outright, so I wondered if banks make loans (sorta like a mortgage) on deeded lots.

 

I didn't want to waste time with the financial institutions if the answer is going to be an across the board "no", so I thought this would be a good place to find out beforehand.

 

Thanks for any feedback.

[Kirk W]

Some of them do although you probably won't be able to get a home mortgage like you would on a house, but such lots are often financed. Many of the sales people have access to institutions who do so.

[I'mdonewiththis forum]

Would it be possible to get a personal loan if the amount was 'small' enough?

[Mr. Camper]

We've looked into this before but with recent events decided to keep our sticks and bricks home for the time being. We have a low mortgage rate and it gives us a chance to continue, for now, to add to our savings account each month. While we were looking, many of the lots were financed through the previous owner or through the park directly. We did a cost analysis and found it better to take monthly sites up to seasonal stays in a variety of close ones. Personally, we'll need to see where fuel costs go as well as Social Security and Medicare in the next few years. Right now we aren't doing anything dramatic. Our daughters take their vacations by coming here and house sit for us during our times on the road and when possible we take the grandkids with us. We had a place lined up for this next summer through the site owner but he and his wife had the same idea/thoughts we had so he refunded our money and gave us a few ideas of where there might be something closer to us so we're looking into that from mid-August through early November. Good luck in your search.

[bobsallyh]

tinstartrvir, Are you asking about a lot in a RV Park? RV lots here in the Foothills in Yuma, AZ. are eligible for loans as they are in residential areas.

[k4rs]

When we purchased our lot we ran into difficulties with some of the larger banks and loan companies. Then I thought to check a small, hometown bank in the community where we purchased. After speaking with the loan officer on the phone I received a loan application via email. I completed the application and submitted it with supporting documents the same day. I had a loan approval within a few hours.

 

It could not have been easier (I really prefer doing business with small hometown banks).

 

Safe Travels...

[AdrianH]

well, it depends on your credit history and the Bank you want to contact. Most banks that have a low interest rate are very picky and are unlikely to give you a loan. On the other hand, those who have a high interest rate are always ready to help, but you understand that it is not so profitable for you. I can recommend a site that I went to when I needed a loan. That's it https://credit-10.com/se/leasy-logga-in/https://credit-10.com/es/. I hope this helps!

Edited July 30, 2020 by AdrianH

[markandkim]

On 11/21/2016 at 9:07 AM, k4rs said:

When we purchased our lot we ran into difficulties with some of the larger banks and loan companies. Then I thought to check a small, hometown bank in the community where we purchased. After speaking with the loan officer on the phone I received a loan application via email. I completed the application and submitted it with supporting documents the same day. I had a loan approval within a few hours.

 

It could not have been easier (I really prefer doing business with small hometown banks).

 

Safe Travels...

Excellent tip.

Thanks

[richfaa]

We do have a S&B domicile in Ohio but last year purchased a RV lot  at our HOA facility in Florida. We had no problems, We had a good credit score. We had the down payment . We used Center State Bank in Davenport the purchase was smooth with no issues at all.