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KoloradoKamper's avatar
Jun 29, 2013

Need advice regarding new 5th wheel purchase

My wife and I have a question for the forum. We currently own a 2013 Keystone Cougar 24RLS. We have decided to sell our house and become full time RV folk. We have decided to trade in the cougar for a nice 40 foot 5th wheel and live in it. We will be out of our house by the end of July. Our plan is to use some of the proceeds from the house sale to purchase the 2014 5th wheel.

Our problem is this - my wife called an RV dealership with the RV model we desire. She was told that most banks do not lend money for RVs unless you have a valid home address. He proceeded to tell her that it would be better for us to purchase the 5th wheel prior to the sale of our home since we will not have a home address.

So, I wish to ask the kind members of the forum if they have heard of this situation and to get any advice as to how this can be remedied. Any advice is appreciated.

3 Replies

  • You can go both ways without a problem if you have the credit. We have been full time for 15 months. We sold our house and hit the road. 3 months ago, we decided on a new 2013 40' Landmark. None of our normal credit union, banks would touch us, because we have a Livingston address. We even have great credit. Essex Credit picked us up with one phone call and two emails. Once the final price was determined and emailed to them, the check was cut and we picked up our new unit. Most people think they can't get a loan if they don't have a sticks and bricks address, but its not true. Check Costco which goes through Essex also, and I think Sams has something too. Good luck
  • Yes. I can only go by my own very recent experience. I would say to definitely buy it while you still own your house. During our loan application process, we were asked multiple questions if the 5er would be our principle residence. I even joked with the loan guy, by saying it sounded like he did not want us to have a mailbox in front of the 5er. He agreed.....

    Good Luck

    Reck
  • 1. I haven't any experience with obtaining a loan, but I would suggest that you direct this question to the financial institution you plan to deal with for your loan.

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