FT loan approved, lot space contract?

[FirstAscent]

Hey everyone,

This is all new to me so I’m hoping you can help provide some tips/info on this

I just got my approval for a full-timer loan on a toy hauler. As part of the approval I’ll need some basic info but one of the items they are requesting is:

“Provide copy of Lot Space Rental Contract Agreement”

This will be my first time full timing and I don’t plan on staying in one place and also wanted to try to do more boondocking. Also, when I first receive the unit I was planning on staying on my parents property for a month or two while I get it setup and road ready. Then of course there is all of the Coronavirus stuff going on with campgrounds temporarily closing.

Did you guys have to provide similar info for your loans (unless you paid cash haha)? And if so, any tips on what would be sufficient enough in order to finalize the loan? Obviously all banks will be different but looking for some general input here before I ask them directly.

Lastly, I could’ve applied for a regular non full timer loan but APR was much lower for full-timer rates, and I’ll be full-timing, so win-win

[Second Chance]

We just applied for a "full-timer" loan in January to finance a portion of our new rig. A copy of the most recent receipt for the park where we were staying sufficed. However, we were already full-time in our previous rig so we were in a space for which we could provide a receipt. Call your lender and explain that you are not yet a full-timer and see what they can do.

Rob

[FirstAscent]

We just applied for a "full-timer" loan in January to finance a portion of our new rig. A copy of the most recent receipt for the park where we were staying sufficed. However, we were already full-time in our previous rig so we were in a space for which we could provide a receipt. Call your lender and explain that you are not yet a full-timer and see what they can do.

Rob

Thanks Rob, yes that sounds easy since you were already a full-timer

Curious as to the receipt you provided, what was the length of stay for that receipt?

I’ll give them a call later today and see what will be sufficient to them.

[Second Chance]

Thanks Rob, yes that sounds easy since you were already a full-timer

Curious as to the receipt you provided, what was the length of stay for that receipt?

I’ll give them a call later today and see what will be sufficient to them.

We were staying on a monthly basis over the winter, so I just provided a receipt for the most recent month I had paid.

Rob

[ckreef]

Why not get a monthly rental agreement from your parents since you'll be there a month or two anyway.

[JColeman]

Why not get a monthly rental agreement from your parents since you'll be there a month or two anyway.

^^^This. Exactly.

It doesn't need to be anything fancy. A few minutes on the Internet will get you a generic rental agreement that can be modified for your needs. Make sure that you specify a reasonable amount of rent.

[FirstAscent]

Update: nothing to worry about and so far it’s been an easy process.

I called up my loan rep and asked him about all the requirements. He said they actually already had most of the info they listed they needed from me.

I had spoke with him before earlier after applying but before approval and explained the situation already that I wasn’t full-timing yet. He confirmed I didn’t need to provide any additional proof regarding a lot space contract etc.

I do need to provide two references with physical addresses which can be relative/neighbor. I thought that was kinda funny, but simple to do obviously.

Other than that just need standard items like bill of sale and MSO. So far so good.

[Akfiredog377]

Where is a good place to look for a full time loan ? We are looking at purchasing a 2021 397TH and looking for some recommendations for financing our new RV.

[Second Chance]

We found these folks extremely easy to work with. The loan is serviced by Bank of the West:

https://www.essexcredit.com/home/

Rob

Sorry - forgot to use Reply With Quote... @Akfiredog377

[Akfiredog377]

We found these folks extremely easy to work with. The loan is serviced by Bank of the West:

https://www.essexcredit.com/home/

Rob

Sorry - forgot to use Reply With Quote... @Akfiredog377

I will look at them. I know some RV dealers are good at finding rates, but if I could get my own loan and walk in the door it would be better.