Financing for full timers?

[savagkd]

Greetings all.

I've been searching for two days for a financial entity that will grant a loan to a full timer for a new RV. Anyone know who will. It seems everyone wants to lend to us until they find out we're full time, then the doors slam shut.

Any help is appreciated.

 

[Redapple63]

Sorry to hear of your troubles.

We financed through M&T bank, prior Class A was through Bank of the West.

Bill

 

[Whitexc]

It’s probably a collateral thing. Do you have the funds to cover it? I would imagine so if you are shopping. Where does it state you have to tell them you are full timing? Just wondering and thinking you must have a home base address that you use. Use it and apply as a regular loan. Best of luck.

We are through connexus.

 

[BoredWeasel]

It’s probably a collateral thing. Do you have the funds to cover it? I would imagine so if you are shopping. Where does it state you have to tell them you are full timing? Just wondering and thinking you must have a home base address that you use. Use it and apply as a regular loan. Best of luck.

We are through connexus.

We had to sign a document stating that we were not living full time in the Trailer during the closing.

 

[Second Chance]

We went through Essex Credit which is an entity of Bank of the West. They are a sub-unit that specializes in marine and RV loans which are then serviced by BOTW. Might give them a try.

Rob

 

[A.Texas.Yankee]

We went through Essex Credit which is an entity of Bank of the West. They are a sub-unit that specializes in marine and RV loans which are then serviced by BOTW. Might give them a try.

Rob

Essex no longer does full timers. No lender officially works with full-time RVers that we could find. We ended up using an in-law's address.

 

[savagkd]

It’s probably a collateral thing. Do you have the funds to cover it? I would imagine so if you are shopping. Where does it state you have to tell them you are full timing? Just wondering and thinking you must have a home base address that you use. Use it and apply as a regular loan. Best of luck.

We are through connexus.

There is the rub. I can cover it, but it would kill me come tax time. I'm just trying to keep from supporting Uncle Sam TOO Much. Spread the load over a few years to stay in the lower bracket.

 

[kb0zke]

Are you looking at a new or used trailer? Private party or dealer? Before we bought our Reflection we did some research with our credit union. They were willing to make the loan, and had a reasonable rate. The dealer did some additional shopping around and found someone who beat the CU, so we went with them. If you are working with a dealership, ask them.

For most things, our PMB address is good enough, but we've run into a few places that don't like that, so we use our lot number at our winter base. No mail can go there, but it gets past the computer. If someone came looking for us they probably aren't going to find us there, at least for most of the year.

 

[savagkd]

Are you looking at a new or used trailer? Private party or dealer? Before we bought our Reflection we did some research with our credit union. They were willing to make the loan, and had a reasonable rate. The dealer did some additional shopping around and found someone who beat the CU, so we went with them. If you are working with a dealership, ask them.

For most things, our PMB address is good enough, but we've run into a few places that don't like that, so we use our lot number at our winter base. No mail can go there, but it gets past the computer. If someone came looking for us they probably aren't going to find us there, at least for most of the year.

it's used from a private party, so no dealer involved.

I'm hearing the reason they won't lend is because it's difficult to repossess a primary residence. looks like we will have to use our son's addy.

 

[trailrydr]

it's used from a private party, so no dealer involved.

I'm hearing the reason they won't lend is because it's difficult to repossess a primary residence. looks like we will have to use our son's addy.

Makes sence..... back when I was in the service (1980's), many local banks would not write vehicle loans for those living out of state (without collateral) due to state repossession laws. If they did, the vehicle had to be registered in the state of the loan first, thus in my case eliminating being able to take advantage of registering first another state with no sales tax.

 

[A.Texas.Yankee]

it's used from a private party, so no dealer involved.

I'm hearing the reason they won't lend is because it's difficult to repossess a primary residence. looks like we will have to use our son's addy.

The problem is that many states recognize RVs as a dwelling. Meaning you can't be repossessed. It's actually an eviction process that needs to be started. Banks don't want that hassle. Essex used to, but Bank kf the West bought them and no longer allow full-time insurance. We ended up with 5/3 Bank, and there was a specific clause stating it won't be used as a dwelling residence.

 

[Pfrog231]

We’ve been retired and full time, no problems and we’ve purchased new camper and traded vehicles 3 times with no issue. With different lending institutions. Good luck

 

[hjmichael]

We used B of A

 

[Gary&Letha]

Greetings all.

I've been searching for two days for a financial entity that will grant a loan to a full timer for a new RV. Anyone know who will. It seems everyone wants to lend to us until they find out we're full time, then the doors slam shut.

Any help is appreciated.

Don't tell them them your going full time.
We got our 5th wheel through M&T bank. We did not say we were going full time.