RV Loan and Insurance Info

[Thelovingnomads]

Hi there! My husband and I are purchasing a $165k 2010 Monaco to live in full time. We are purchasing from a private seller and were curious about any advice anyone had on getting a loan? We have been informed NOT to disclose we are full timers when looking for a loan - however we will want to disclose this when getting insurance. We will be largely in one spot but do plan to travel on weekends and maybe an additional month or two out of the year. Any information on either of these topics would be greatly appreciated. Thanks I’m advance!

[doxiemom11]

We financed a 10 yr old motorhome with absolutely no problem with the credit union. We did still own our house at the time. They were aware we were going to become full-time within a year. As far as insurance - we established our residency in SD and purchased a full-timers insurance policy with an agent in SD where we also got our drivers licenses.

[2manytoyz]

It's very difficult to get a loan for a used RV. Ours was 3 years old, and wanted to finance less than $70K. We own our home, have an excellent retirement 401K, cash in the bank, and a credit score of 825. I had been with this credit union since 1985.

I was informed that all lenders have the same issue with used motorhomes. The older they are, the harder it is to get a loan. But they let me know if I wanted to buy a new diesel pusher, they'd be willing to loan money immediately.

After some discussion with the regional loan officer, they agreed and the loan was approved. PITA.

As for insurance, I went with Progressive. They are VERY easy to deal with, and know how to do RV insurance. State Farm, on the other hand, was scratching their heads.

Good luck!

[Optimistic_Para]

If you want to really understand RV insurance and what coverage you might need or want, I recommend you take a look at this web page.

https://www.rv-dreams.com/rv-insurance-coverages.html

Others have already mentioned the downsides of buying a ten year old RV. The one upside that no one mentioned is that you're not going to take a beating on depreciation on it like you would on a newer one.

If, for some reason you decide not to buy this RV and start looking at newer ones, check out this site for info on how depreciation is going to affect you.

https://camperreport.com/rv-depreciation-everything-possibly-want-know/

[Thelovingnomads]

Thanks for the responses. Any specific lenders or insurance companies anyone recommends?

[B_O__Plenty]

Maybe a better idea would be to purchase a new or almost new less expensive rig from a dealer who can help with financing and insurance. I don't think I would be too excited about going full-time in a 10 year old diesel rig. Just the cost of maintenance makes me shudder.
B.O.

[time2roll]

You can get basic insurance and the loan at purchase. Upgrade the insurance later if needed. I don't think the lender cares if you are mostly on the road as long as there is an address to serve the default notice. But that would never happen right?

[Yosemite_Sam1]

ksg5000 wrote:
You may find financing a 10+ year old RV maybe challenging ...

Or impossible.

Some private RV parks won't even let in one that's 10-year or older.

[ksg5000]

You may find financing a 10+ year old RV maybe challenging and I suspect any loan is going to carry a high interest rate. Just another consideration to keep in mind.

[DownTheAvenue]

As an attorney (insert attorney joke here), I can tell you failure to answer any question truthfully on a loan or insurance application is fraught with dangers for you. Of course, if they don't ask, then as Bill Clinton said, don't tell! With the loan application, if a loan is granted on false information, the lending institution has the right to call the loan immediately due. If you cannot pay the loan off, they will repossess the RV. On an insurance application if insurance is granted on false information, the insurer can refuse to pay a claim even if the premiums are fully paid. The insurer can also immediately cancel the insurance once they discover the falsehood and refund any balance paid.

Your best policy is be completely truthful with any questions asked.

[Yosemite_Sam1]

KPetrick wrote:
Give us a call at Good Sam Insurance Agency. We have several carriers that will provide full time coverage. The biggest difference with full time is the added liability coverage that covers you away from the campsite. Let's say you are at the grocery store and knock someone over with your cart. Normally homeowners coverage would handle that but if you don't have a home you need the liability coverage on your RV policy.

Keith - Director of Good Sam Insurance Agency

And Good Sam is very good in processing a claim (from my own experience).

One happy and more than satisfied customer here.

[KPetrick]

Give us a call at Good Sam Insurance Agency. We have several carriers that will provide full time coverage. The biggest difference with full time is the added liability coverage that covers you away from the campsite. Let's say you are at the grocery store and knock someone over with your cart. Normally homeowners coverage would handle that but if you don't have a home you need the liability coverage on your RV policy.

Keith - Director of Good Sam Insurance Agency

[Lwiddis]

You won’t disclose unless asked or won’t disclose even if asked? Careful. Lying or misrepresentation on a loan application is a crime. Same for insurance.

[Flute_Man]

For insurance I recommend that you work with an agent and company that insures motorhomes as a big part of their business.

[2oldman]

Which post would you like us to respond to?