I am two years from an early retirement (62) and want to buy an RV and live in it full time and travel, too. I really dont know where to start. Right now I have some debt but excellent credit. Should I buy now before the bank/loaning company considers me too old or is it safe to wait? We'll start with that.
Terry and Jo said
09:43 PM Sep 5, 2011
Sherri,
First of all, welcome to the RV Dreams forums. There are a bunch of friendly and knowledgeable folks here and you can get answers for any kind of RV from slide in pickup campers all the way up to big motorhomes and fifth wheels.
Feel free to ask any questions you want. Never worry as to whether a question is dumb or not. They generally aren't dumb if you don't know the answer to start with. Now, there can be some smart-alecky answers on occasion, but don't hesitate to ask. Even us older, more experienced owners are still learning.
As for financing, it would be hard to answer that. I was about 64 when we got financing for our RV, but that was through USAA instead of a regular bank. When we ordered our RV, we had a pre-approval. When our RV arrived, the pre-approval had been rescinded. I have since learned that banks have a tendency to allow a pre-approval for only 60 days. Our order/build time was closer to 12 weeks than 8.
I would say that you might check with your local banker as to their procedures and requirements. However, they will want to know how much you will want to borrow, how much down payment you have, etc. That will be hard to know as to how much you want to borrow since you won't have an idea yet of what kind of RV you want to get.
I don't know if this will help you or not, but there are a number of folks with more experience with banking/finance than I have. I'm more of an earn it/spend it/woo hoo kind of guy. (See, there is a smart-alecky answer.)
Terry
Workinrvers said
04:32 AM Sep 6, 2011
Sherri,
Welcome to the forum. We bought our rig before retirement and ended up selling the house and have lived in it since March of '09 while still working. We have saved over $1k per month by dumping the house, of course everyones situation is different depending on how much your monthly house bills are.
We are now seeing the light at the end of the tunnel and I am pulling the plug on my job and we are going to hit the road. These last few years have been tough in the winter but not unbearable. Our 5er has the "Arctic Package" but there is still only so much insulation they can put in these things! We have learned alot about cold weather Rving!
Good Luck.
Phil
NorCal Dan said
08:27 AM Sep 6, 2011
Welcome Sherri. I've seen a few posts on the net from folks who said they were unable to secure financing because they did not have jobs. I don't see where being employed should be a disqualifying element if you can show an income level to support the purchase. But banks are very picky about loans so who knows...
If it were me I would pay off all debt first, if possible. The only exception would be a mortgage, and hopefully if selling the S&B you can pay that off before hitting the road. Then if you must finance the rig at least it will be the only debt you owe, might have some impact on how the bank treats your loan request.
Waggin Tails said
08:04 PM Sep 6, 2011
PLEASE NOTE, THE FOLLOWING IS MY OPINION AND SHOULD NOT BE CONSIDERED FINANCIAL ADVICE.
My take on this would be to do it debt free. That is clear your current debt except for mortgage and the pay cash for RV. NorCal presents good advice as does Terry and Phil. Your finance options won't be based on age, but will most likely be based on income/debt ratio. No income or low income will have a big impact on this. Of course a comfy retirement nest egg should offset the no or low income.
Hi All,
I am two years from an early retirement (62) and want to buy an RV and live in it full time and travel, too. I really dont know where to start. Right now I have some debt but excellent credit. Should I buy now before the bank/loaning company considers me too old or is it safe to wait? We'll start with that.
Sherri,
First of all, welcome to the RV Dreams forums. There are a bunch of friendly and knowledgeable folks here and you can get answers for any kind of RV from slide in pickup campers all the way up to big motorhomes and fifth wheels.
Feel free to ask any questions you want. Never worry as to whether a question is dumb or not. They generally aren't dumb if you don't know the answer to start with. Now, there can be some smart-alecky answers on occasion, but don't hesitate to ask. Even us older, more experienced owners are still learning.
As for financing, it would be hard to answer that. I was about 64 when we got financing for our RV, but that was through USAA instead of a regular bank. When we ordered our RV, we had a pre-approval. When our RV arrived, the pre-approval had been rescinded. I have since learned that banks have a tendency to allow a pre-approval for only 60 days. Our order/build time was closer to 12 weeks than 8.
I would say that you might check with your local banker as to their procedures and requirements. However, they will want to know how much you will want to borrow, how much down payment you have, etc. That will be hard to know as to how much you want to borrow since you won't have an idea yet of what kind of RV you want to get.
I don't know if this will help you or not, but there are a number of folks with more experience with banking/finance than I have. I'm more of an earn it/spend it/woo hoo kind of guy. (See, there is a smart-alecky answer.)
Terry
Welcome to the forum.
We bought our rig before retirement and ended up selling the house and have lived in it since March of '09 while still working. We have saved over $1k per month by dumping the house, of course everyones situation is different depending on how much your monthly house bills are.
We are now seeing the light at the end of the tunnel and I am pulling the plug on my job and we are going to hit the road.
These last few years have been tough in the winter but not unbearable. Our 5er has the "Arctic Package" but there is still only so much insulation they can put in these things! We have learned alot about cold weather Rving!
Good Luck.
Phil
If it were me I would pay off all debt first, if possible. The only exception would be a mortgage, and hopefully if selling the S&B you can pay that off before hitting the road. Then if you must finance the rig at least it will be the only debt you owe, might have some impact on how the bank treats your loan request.
My take on this would be to do it debt free. That is clear your current debt except for mortgage and the pay cash for RV. NorCal presents good advice as does Terry and Phil.
Your finance options won't be based on age, but will most likely be based on income/debt ratio. No income or low income will have a big impact on this. Of course a comfy retirement nest egg should offset the no or low income.