RV Financing & Full-Timers Question

[Hermes]

Hello, We are getting ready to purchase a 5th wheel. While I understand most banks do not finance full-timers, I have found 3-that do, Good Sam being one, Alliant CU, and Essex (A division of Bank of the West the other two. So my questions are, has anyone had experience with any of these 3 they can share and although they offer financing to full-timers, does the application ask for a residential address and a monthly mortgage or rent payment amount. None of which we have as full-timers. Thoughts, suggestions? Thanks

[arhayes]

ependydad wrote:
I let my dealer deal with financing. I never told them I fulltimed, but I do know was declined based on "home" address alone that they bank knew we were fulltimers.

We ended up with Alliant Credit Union and had to put more down on the deal than I was prepared for.

We actually initially used Alliant when we bought as they had the best rate I could find at that time. We still had a S&B at the time, so address was not an issue though I did let them know we planned to be FT'ers to test the waters.

[ependydad]

I let my dealer deal with financing. I never told them I fulltimed, but I do know was declined based on "home" address alone that they bank knew we were fulltimers.

We ended up with Alliant Credit Union and had to put more down on the deal than I was prepared for.

[ksg5000]

" I was just concerned that on the application they may ask what our monthly mortgage or rent payment which we do not have."

One of the few benefits of being OLD is that eventually we do pay off our home loans - not having a mtg payment/rent is not necessarily something that would raise a red flag. There going to do a credit check on you which is what they rely on.

[Hermes]

Thank you all for your replies and sharing your experiences. We do have a domicile address which is on our drivers licenses, registration etc. which of course is the address we will use, I was just concerned that on the application they may ask what our monthly mortgage or rent payment which we do not have. I would suspect if they are open to fulltimers and charging you a higher interest rate it will not matter. However I am reminded of our insurance experience after we started full timing. We purchased a full timeers policy on our rig, gave our mail forwarding address and yet they kept insisting we provide a residential address with proof such as a utility bill, pay check stub etc. They would not accept a cell phone bill and my paycheck stubs were from our previous address before I retired, my wife was between her previous job and beginning travel nursing. Long story we ended up dragging it out until my wife received her first travel nurse pay check. Even our insurance agent was scratching her head. So I was just hoping we would not run into a similar issue if we decide to finance.

[Michelle_S]

We financed our current unit through GoodSam/Bank of the West. Got one of the best rate going at the time and did everything via e-mail and FAX. Took a few weeks to get through everything.
We had to get some paperwork from the Manufacturer and Selling Dealer, detailing exactly what we were buy and it's cost, plus what our trade was and amount we were putting down.
We were both retired with no income other than SSI, while we have money in IRAs we only withdraw as needed so couldn't count it.

[Second_Chance]

We financed with Bank of the West when we went full-time. They knew we were full-time. We used our Escapees domicile address (Livingston, TX) and they had no issues with it. We paid off the load early to save interest.

Rob

[Lwiddis]

Are some replies suggesting you lie on the loan application? A state and federal crime. “Does anyone "really" need to know you only drop in there to check the mail once ever 5 years?” And “do you "really" have to disclose you are full timing.”

[jorbill2or]

Those companies who finance full time rv know the issues. And I assume you have a domicile address that would work . I haven’t financed as a full timer but those who have that I’ve talked with haven’t had a issue. The rate was about a percent higher due to the increased risk ( ie they can’t find you , someone with real property is less risk)
The rv loan I did have before full timing had a clause in the contract stating not to be used for full time residency. I think if many checked the small print on the contract they might find the same. If that bothers you or not is up to you. Good luck in your search , let us know what you experience

[DutchmenSport]

As long as you have a true permanent address, do you "really" have to disclose you are full timing. I think there is a slight play on words if you consider the phrase 'full timing' vs 'using the camper full time.'

Your drivers license, your auto and camper registration and your auto and camper insurance should all be the same address. Why not use that. Does anyone "really" need to know you only drop in there to check the mail once ever 5 years? As long as the finance company gets their payments and get them on time, I don't think they really care where they are mailed FROM.

[teastman5]

We just financed through Bank of the West but are not full-timers. I do remember putting my address in but the app was really easy and just had to list financials.

[Lwiddis]

Credit applications ask fairly standardized questions about assets, debts, liens, income etc. What isn't standardized is the format. Your credit score will also be important.