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Rv financing as full timers


Kimberly

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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? 

 

Kimberly Flores, Trail Boss and Wagon Master
Jesse Flores, Coxswain, Shotgun Shipmate
Wagon mates: Cinnamon, Mini Schnauzer
2017 F350 Lariat Dually
2018 Keystone Fuzion 371 Toy Hauler
LovetheRVlife.com

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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. 

Kimberly Flores, Trail Boss and Wagon Master
Jesse Flores, Coxswain, Shotgun Shipmate
Wagon mates: Cinnamon, Mini Schnauzer
2017 F350 Lariat Dually
2018 Keystone Fuzion 371 Toy Hauler
LovetheRVlife.com

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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. 

Kimberly Flores, Trail Boss and Wagon Master
Jesse Flores, Coxswain, Shotgun Shipmate
Wagon mates: Cinnamon, Mini Schnauzer
2017 F350 Lariat Dually
2018 Keystone Fuzion 371 Toy Hauler
LovetheRVlife.com

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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"?

 

 

John

2017 F350 King Ranch DRW 6.7 4.10 B&W hitch

2017 DRV MS 36RSSB3

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  • 2 weeks later...
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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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.

LindaH
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  • 1 month later...
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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Here is a idea...Ask the bank or the lender.

 

Helen and I are long timers ..08 F-350 Ford,LB,CC,6.4L,4X4, Dually,4:10 diff dragging around a 2013 Montana 3402 Big Sky

SKP 100137. North Ridgeville, Ohio in the summer, sort of and where ever it is warm in the winter.

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  • 3 weeks later...

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.

Joe & Cindy

Newmar 4369 Ventana

Pulling 24' enclosed (Mini Cooper, Harley, 2 Kayaks)

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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

 

Kimberly Flores, Trail Boss and Wagon Master
Jesse Flores, Coxswain, Shotgun Shipmate
Wagon mates: Cinnamon, Mini Schnauzer
2017 F350 Lariat Dually
2018 Keystone Fuzion 371 Toy Hauler
LovetheRVlife.com

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