Trying to see if FT RV'n is for us

[BeachLife4Us]

Hello all!

My girlfriend and I are considering living in a FW FT. We are looking at the GD 350M but we are confused. We thought we could get an RV loan but that is not the case if we wind up living in it FT. According to USAA we would have to take out a personal unsecured loan at 8.99% for 60 months!!! OUCH! With the RV being $85k and a truck around $60k that is some serious payments. We don't have any other debt since we will be debt free by the time we do this in the next 10 months.

We are both disabled veterans and I work at a local dive shop and she works from home so living in one sounds easy to us. Our income is great! We love the idea of living in one and being able to go to Nascar races or traveling and going whenever we want. In fact we found a great park on the Marina here in Ft. Lauderdale.

I have seen a lot of negative comments regarding financing as a FTer. I understand the RV is like a vehicle and will depreciate but if we pay it off in 5 years that wouldn't be so bad right? Should we consider a used model maybe a year old? We like new but don't mind one that is maybe a year old.

Is there anyone or any couples out there in their 40's doing this? We can't bounce around like we would like right now b/c of my job but in the future that will be our plan.

Is this a crazy idea???

I guess my question is if we can swing the payments for the 5 years for the truck and RV should we go for it?

[BeachLife4Us]

BeachLife4Us wrote:

donn0128 wrote:
Park models are basically tiny homes. Watch an episode of tiny homes on HGTV some time. Generally there around 350 Sq ft. Have residential appliances and decent bed rooms. Because they have no holding tanks, and are designed to be moved often cost is usually much less.

We watch tiny homes all the time and that isn't what we are looking for.

That is an excellent idea! Yes we are living in an apartment now.

[Muddydogs]

Sounds like its time to find a new bank / credit union that deals with RV loans as the one you are using obviously isn't cutting it. Don't tell the financial institution that you are planning on living in it, its none of the business, your buying a camper that's all they need to know.

[allen8106]

Secure the RV loan BEFORE you sell the house. Then you're not technically living in it full time. Go full time in the RV after securing the loan and selling the house.

[timmac]

$85,000 for a 5th wheel and $60,000 for a truck, ??

You can buy a nice used motorhome for less, 3 to 6 years old with slide outs and such than just buy a small 4 cly car to tow behind.

Don't say your going to live fulltime to loan place.

[rockhillmanor]

Regarding borrowing money on a new or used RV.

Buy it and get a loan on it while you have a home address simply as an RV, period. The bank does not need to know nor do they care what you are going to do with it. Unless you sit there and tell them!
That question is not even on a loan application.

Regarding living in an RV due to the job you have right now. THAT is what you will be doing. Not full time 'RV'ing' which is traveling in an RV.

Also Ask around at the CG's what a seasonal site or permanent resident site costs in your area. That added cost may or may not be within your budget.

IMHO, Buy a used one you can afford that is not overpriced. Live in it and if you don't like it you can still sell it for what you paid for it. "IF" you bought it right. That way you can find out if you like living in one and not loose all your income/savings trying it out.. :W

[2gypsies1]

If you want to travel a Park Model is not for you. It doesn't travel.

I'd advise to buy a used trailer and a used truck within your budget. Don't finance and you'll take the stress off and really enjoy yourselves.

[doxiemom11]

We took out our RV loan while we still owned and lived in our house. You are currently living in an apt or home aren't you? Then when you purchase, you will not be full-time. It will be for vacations and holidays. Our credit union loan officer was aware that we planned to full-time in the future but indicated that completed the loan app and requesting the loan that the information was for "today" - not future as plans can and do change. We also found that a credit union didn't have the age limitations and minimum amounts for the loans like others did.

[BeachLife4Us]

donn0128 wrote:
Park models are basically tiny homes. Watch an episode of tiny homes on HGTV some time. Generally there around 350 Sq ft. Have residential appliances and decent bed rooms. Because they have no holding tanks, and are designed to be moved often cost is usually much less.

We watch tiny homes all the time and that isn't what we are looking for.

[donn0128]

Park models are basically tiny homes. Watch an episode of tiny homes on HGTV some time. Generally there around 350 Sq ft. Have residential appliances and decent bed rooms. Because they have no holding tanks, and are designed to be moved often cost is usually much less.

[BeachLife4Us]

We aren't looking to build/repair anything so that isn't an option.

Not sure what "park models" are???

Something used for RV/Truck is an option just not too old.

Maybe renting one is a good idea...hmmm so how does that work? Do we drive it ourselves? Is it parked some where? Can we get our cable/internet hooked up?

[kyle86]

Buy used truck/rv if you are capable of fixing it up yourselves. Not sure how much $ you have on hand but with $20-30k you ought to be able to have something decent. Stuff like tires, brakes, etc is what really ads up. Seems like everything for sale needs new tires.

[darsben1]

Florid has a million good used snowbird RV's for sale and plenty to rent for a couple months.

[agwill]

There are some very nice used RVs that would be good to give it a try. Lemons come in all shapes and sizes new does not mean better by a long shot. Lots of older people with well kept trailers sell their rigs in Florida because of their health and move into smaller mobile homes in retirement parks. A very good deal can be had.

[Bumpyroad]

look at park models instead.
bumpy

[Old-Biscuit]

Go rent an RV then LIVE in it for at least 2 full months.

We Full Timed in a 5th wheel for 7 yrs. BUT we traveled some place NEW every week.