We are meeting with salesman today. We have been in contact with him since April and are ready to buy. We will be living in the 5th Wheel full time. The RV is made for full timing and they offer full time insurance. Does mentioning you are going to live in it affect financing or do we not mention this and say it is for recreation purposes only? Another salesman at a show said to never mention full time . We have been renting a home for 1200.00 a month would not count on our monthly expenses.
-- Edited by msg/kimm on Sunday 13th of October 2013 11:32:02 AM
SnowGypsy said
07:19 PM Oct 13, 2013
Usually, you don't mention that you are going to full-time to a salesman if you are buying a unit that isn't for full-timing, per the warranty as some specify that the unit is only for recreational purposes. Was that other salesman also a salesman for the RV you are going to be purchasing and if so, I would read through the warranty on the unit I was going to purchase? Are you buying full-time insurance from the RV dealer? It is always good to get a couple different quotes on that because I have seen wildly different rates. I'm not sure what you are saying about the rent not counting on your monthly expenses, is that about qualifying for the loan and thus, you would like to tell them that you would be full-timing so they wouldn't count the expense toward your ability to borrow a certain amount? If the unit is rated for full-time use and the warranty states that, I don't see why there would be a problem telling them that you intend to full-time in the trailer.
karen948 said
07:47 PM Oct 13, 2013
Most banks will not loan if they know you are going to full time, they want you to have a permanent address, so I would finance it using your current address and not say anything about full timing.
Howard said
08:45 PM Oct 13, 2013
Understand that most commercial businesses don't "understand" full-time RVing and it doesn't fall into their nice, neat lending policies. However, there are niche-lenders that will lend to full-timers. Check out Alliant Credit Union. They include the Escapees RV Club as a "Qualifying Organization", so if you are an Escapees Member you can join the credit union. There are others as well. If your credit is good, you can find a lender - it might take a little digging and research, but they are out there.
Hdrider said
12:38 AM Oct 14, 2013
Another I saw in the Escapee's mag is Essex Credit.
msg/kimm said
02:09 AM Oct 14, 2013
Met with the salesman today. I did not mention full time use of the RV. Everything went very well. I should know in the middle of the week how trade ,etc went. Thanks for replying!
NWescapee said
04:04 PM Oct 14, 2013
We used Essex Credit, last December their rates for FT were actually lower than a recreational loan, I have no idea if that's still true. We only had the loan for about 6 months before we paid if off after the sale of our house. Essex did require a huge amount of paperwork through their loan process.
el Rojo and Pam said
12:45 PM Oct 17, 2013
Congratulations on the new RV!!!! Let the fun begin.
Keep us posted on your travels.
Red
jayc said
02:05 AM Oct 20, 2013
Not trying to take anything from Howard and Linda and the great folks here on RV-Dreams, please consider joining us at the Heartland Owners forum where you will find other owners that can and will answer any questions you may have.
We are meeting with salesman today. We have been in contact with him since April and are ready to buy. We will be living in the 5th Wheel full time. The RV is made for full timing and they offer full time insurance. Does mentioning you are going to live in it affect financing or do we not mention this and say it is for recreation purposes only? Another salesman at a show said to never mention full time . We have been renting a home for 1200.00 a month would not count on our monthly expenses.
-- Edited by msg/kimm on Sunday 13th of October 2013 11:32:02 AM
Most banks will not loan if they know you are going to full time, they want you to have a permanent address, so I would finance it using your current address and not say anything about full timing.
Understand that most commercial businesses don't "understand" full-time RVing and it doesn't fall into their nice, neat lending policies. However, there are niche-lenders that will lend to full-timers. Check out Alliant Credit Union. They include the Escapees RV Club as a "Qualifying Organization", so if you are an Escapees Member you can join the credit union. There are others as well. If your credit is good, you can find a lender - it might take a little digging and research, but they are out there.
Keep us posted on your travels.
Red
Not trying to take anything from Howard and Linda and the great folks here on RV-Dreams, please consider joining us at the Heartland Owners forum where you will find other owners that can and will answer any questions you may have.