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Post Info TOPIC: Financing for Full Timers


RV-Dreams Family Member

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Financing for Full Timers


 We are looking to upgrade our 5ver. We have a debt score (Credit Rating) of 804, and we are finding out that banks are turning loans down if you say you are fulltimeing. If we were to still own a residence there would not be an issue. Sounds as though we will get a loan, just have to put more down than anticipated.

We have talked about buying a lot and setting it up for a couple RVs. Might have to get more serious about it.



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 Ron, Sharon & Molly

 2007 Dodge 6.7

 2013 Montana BigSky 3582 RL

     



RV-Dreams Family Member

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We now F/T and when financing our current 5th wheel, the owner of the dealership we have dealt with for years said "whatever you do, if the Credit Union calls you (they didn't) don't tell them you are going to F/T. This, even though we had financed and paid off several RV over the years, with the same Credit Union,originally recommended by that dealer. She went on to explain that "the banks don't like it, period". So we use our mailbox as our permanent address (permitted in Nevada), for everything. We tell the insurance companies that is our mailing address and residence,deemed to be so under Nevada law. I don't like doing that,but I dislike giving financial and insurance companies an excuse to gouge me, even less. What you don't tell them can be as important as what you do. If using a UPS Store for example the proper address might be 123 Main St, Suite 2,PMB(personal mail box)369, Anytown,Anywhere, 89117. It can also be legally stated as 123 Main St, #2-369,Anytown,anywhere,89117. Although the P.O. would like you to use PMB,there is no legal requirement to do so. I've been doing this for 12 yrs, having financed numerous vehicles. during that period. Hope I was able to state this properly. Doing this can make a big difference in lots of things when dealing in this crazy world we live in.See if your state or one you can easily "move" to will let a mailbox be your residence, like here.

Richard



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Richard & Ginny, travel with Buster,our Schnauzer boy. 2010 Ford Lariat PSD;2011 Open Range 345 RLS, 5th wheel."Not all who wander are lost".



RV-Dreams Family Member

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 Thanks Richard, makes perfect since to me. I understand the "don't ask - don't tell" theory. We also use a mail forwarding service with a street address and box #. It was the dealer that let the proverbial "cat out of the bag". If it wasn't for already signing a purchase agreement upon securing financing we would probably walk.



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 Ron, Sharon & Molly

 2007 Dodge 6.7

 2013 Montana BigSky 3582 RL

     



RV-Dreams Family Member

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I don't know if this will help or not.  In the past, others were having troubles getting loans, but I don't remember if it was because they were full-timing or not.  It was suggested to them to check with USAA (if they were military veterans) and see what would happen.

We got our loan through USAA, but it was during the time we were still in a stix and brix.  However, while USAA offers insurance, they WILL NOT insure an RV if the owners are full-timers.  That is the reason why I'm not sure they will finance a full-timer.

Terry



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Terry and Jo

2010 Mobile Suites 38TKSB3
2008 Ford F450
2010 Ford F150 as Tag-along or Scout

Two minor works in progess....pictures taken over the years and a webblog:

Our photos on Photobucket

Ignoring the Barking Dogs  -  Terry's Blog



RV-Dreams Family Member

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What about insurance companies knowing that you are full-timing?  (Assuming your RV is paid for)  Will they still insure you?  (I guess maybe it would depend on each insurance company, eh?)  *sigh*  So much to think about!



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RV-Dreams Family Member

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Terry and Jo wrote:

However, while USAA offers insurance, they WILL NOT insure an RV if the owners are full-timers.  That is the reason why I'm not sure they will finance a full-timer.


They partner with I think Progressive to offer fulltimer insurance now; at least that's what they told me when I asked them. I wish it was directly with USAA since they're good people; but it is what it is I guess.



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RV-Dreams Family Member

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ESSEX specializes in RV loans...check them out

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cheers,
greg and jean
Gabby and  Turner
Mandalay  -  Explorer Toad



RV-Dreams Family Member

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Bob and Kathy wrote:

What about insurance companies knowing that you are full-timing?  (Assuming your RV is paid for)  Will they still insure you?  (I guess maybe it would depend on each insurance company, eh?)  *sigh*  So much to think about!


 You are right in that not all insurance companies will insure those that are full-timing.  The same can be said of some RV manufacturers who won't warranty an RV in which the owners will be full-timing.  It sure pays to look around.

Terry



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Terry and Jo

2010 Mobile Suites 38TKSB3
2008 Ford F450
2010 Ford F150 as Tag-along or Scout

Two minor works in progess....pictures taken over the years and a webblog:

Our photos on Photobucket

Ignoring the Barking Dogs  -  Terry's Blog



RV-Dreams Family Member

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Bob and Kathy wrote:

What about insurance companies knowing that you are full-timing?  (Assuming your RV is paid for)  Will they still insure you?  (I guess maybe it would depend on each insurance company, eh?)  *sigh*  So much to think about!


 We have our insurance with National Interstate through the Miller Agency (recommended by Howard and Linda) and just upgraded our policy to fulltimer's.  When we were shopping for insurance we were sure to ask if they covered fulltime RVers and National Interstate was one that did.  I costs us about $200.00 more a year vs. the "vacationer" coverage.



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Ron, Joan and beautiful dog Callie
2005 Itasca Sunova 34A
1993 Jeep Wrangler

Fulltiming since 3/28/12

"With change comes opportunity"



RV-Dreams Family Member

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Thanks Terry, Neil and Connie, and RV Ron.  Great information.  Thanks for sharing who your insurance company is.  THIS is why I love this website.  So many knowledgeable and helpful Dreamers.  I sure appreciate you all!



-- Edited by Bob and Kathy on Saturday 7th of April 2012 05:51:01 PM

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RV-Dreams Family Member

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Alliant Credit Union - one of the largest national CU's - will finance fulltimers. If you are an Escapee they will also give you a .5% discount.

It is VERY difficult to get financing these days.

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Jack & Danielle Mayer

http://www.jackdanmayer.com,
2009 Volvo 780 HDT, 2015 New Horizons 45'Custom 5th, smart car
New Horizons Ambassadors - Let us help you build your dream RV.....



RV-Dreams Family Member

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Jack Mayer wrote:

Alliant Credit Union - one of the largest national CU's - will finance fulltimers. If you are an Escapee they will also give you a .5% discount.

It is VERY difficult to get financing these days.


 Jack's correct.  I understand Bank of The West is one of the FEW who will offer RV loans. 

RE: UPS Store for permanent address. We have used them for years. 

RE: INSURANCE:  Chris Yust is a full-time RVer and and independent agent who sells fulltimers insurance in certain states she is licensed in.  Give her a call at 936 425 5041 



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Terry & Candace  RVingFT@Gmail.com

1994 Tiffin Allegro Bay DP

Working FT as mobile hearing technicians

 



RV-Dreams Family Member

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Bank of the West will not finance fulltimers. They used to, but will no longer do it. Essex WILL finance fulltimers, IF you can get through there maze of requirements. I gave up on them. It was one thing after another. It is far easier to deal with Alliant, who actually WANT your business, and you can do everything electronically, even signing.

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Jack & Danielle Mayer

http://www.jackdanmayer.com,
2009 Volvo 780 HDT, 2015 New Horizons 45'Custom 5th, smart car
New Horizons Ambassadors - Let us help you build your dream RV.....



RV-Dreams Family Member

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Thanks all for the input.  Our financing was approved through our credit union (Icon Federal), We had to dig deeper into our savings than we wanted to for the down, but all is good. Placed our order today for a 2012 Keystone Big Sky 3582RL. We will be returning to Idaho the end of May for Granddaughters graduation and to take posession of our new home.

 



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 Ron, Sharon & Molly

 2007 Dodge 6.7

 2013 Montana BigSky 3582 RL

     



RV-Dreams Family Member

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Date:

3fortheroad wrote:

Thanks all for the input.  Our financing was approved through our credit union (Icon Federal), We had to dig deeper into our savings than we wanted to for the down, but all is good. Placed our order today for a 2012 Keystone Big Sky 3582RL. We will be returning to Idaho the end of May for Granddaughters graduation and to take posession of our new home.

 


 That is great news guys! Congrats on the new home!

 



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Phil and Rudee
http://workinrvers.blogspot.com
2002 Winnebago Journey DL
2007 Dodge Dakota
2011 Harley-Davidson Electra Glide Ultra Limited



RV-Dreams Family Member

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It's tricky sometimes to sort through all the logistics.. but with some perseverance, it can be done!


We had difficulty finding full timers full coverage insurance on our vintage bus conversion - but a good agent can navigate the hoops, and get you setup. We went through a couple different agents (Millers included) who flat out turned us down - saying our situation of living & working in a vintage bus conversation, with lots of high tech gear to cover, was too complicated for them. Thankfully, we found one who took interest in us, and went to bat. (Our agent out of Epic Insurance in SD placed us with GMAC, for anyone interested.)

Congrats on getting through the red tape, and taking the next step to achieving your dreams.

- Cherie

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Cherie (and Chris) / Our blog: Technomadia.com

Full time since 2006 as Gen-X 'technomads' (technology enabled nomads)

RV Mobile Internet Resource Center (unbiased information by RVers for RVers)

zephyr_pixel.jpgRV: 1961 GM 4106 Bus

Toad: 2009 MINI Cooper



RV-Dreams Family Member

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Not that this will apply to everyone, but a while back I was checking prices for full-timer's insurance.  GMAC through Good Sam's was the highest by far.  In fact, their 6 month policy was only a couple of hundred dollars less than several of the others' 1 year terms.

Now, even though I asked the lady to verify the price, I'm getting the feeling that she must have entered something wrong.  I guess I need to call back again and see what they price now.

Terry



__________________

Terry and Jo

2010 Mobile Suites 38TKSB3
2008 Ford F450
2010 Ford F150 as Tag-along or Scout

Two minor works in progess....pictures taken over the years and a webblog:

Our photos on Photobucket

Ignoring the Barking Dogs  -  Terry's Blog



RV-Dreams Family Member

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Terry and Jo wrote:

GMAC through Good Sam's was the highest by far.  


 Before we were with GMAC, Progressive was covering us.  

But because we didn't (yet) have a toad - they were going to cancel us.  They apparently have a not-often known requirement of owning a vehicle other than your RV - as they don't want you using your motorhome to run errands.  

Despite having non-ownere's policies for renting/borrowing cars for such things, it didn't matter. 

Anyway, when GMAC took us - their same coverage that we had under Progressive was actually a few dollars less per year. 

 

 - Cherie



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Cherie (and Chris) / Our blog: Technomadia.com

Full time since 2006 as Gen-X 'technomads' (technology enabled nomads)

RV Mobile Internet Resource Center (unbiased information by RVers for RVers)

zephyr_pixel.jpgRV: 1961 GM 4106 Bus

Toad: 2009 MINI Cooper

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