Securing Financing on SSDI ,full time?
Hi, I have a dilemma coming up where I would need to live full time in a travel trailer. I am on SSDI & bring in less than 20k a year in income. Will it be hard to get financing? My credit is just'ok...
Forum Discussion
bgum wrote:
There is a second way to look at this. Your income is guaranteed by the federal government. The lender knows that it will be there month after month. Just get your numbers in line with what you want to purchase. I mean don't try and purchase a new diesel pusher on SSDI.
Problem is there are legal protections for SSDI, so if the OP drives off and stops making payments (not suggesting he would), the bank has little recourse but to try and track him down and repossess. For a $10k trailer that is beaten up...it's just not worth it.
Plus if the OPs total income is only $20k, even if they consider the SSDI, he probably won't qualify on financials to buy a trailer.
