Financing for Full Timers - RV-Dreams Community Forum

3fortheroad · RV-Dreams Family Member

Financing for Full Timers

rclvnv · RV-Dreams Family Member

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

3fortheroad · RV-Dreams Family Member

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.

Terry and Jo · RV-Dreams Family Member

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

Bob and Kathy · RV-Dreams Family Member

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!

Neil and Connie · RV-Dreams Family Member

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.

bigredoes · RV-Dreams Family Member

ESSEX specializes in RV loans...check them out

Terry and Jo · RV-Dreams Family Member

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

RVRon · RV-Dreams Family Member

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.

Bob and Kathy · RV-Dreams Family Member

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

Jack Mayer · RV-Dreams Family Member

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.

rvingft · RV-Dreams Family Member

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

Jack Mayer · RV-Dreams Family Member

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.

3fortheroad · RV-Dreams Family Member

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.

Workinrvers · RV-Dreams Family Member

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!

Technomadia · RV-Dreams Family Member

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

Terry and Jo · RV-Dreams Family Member

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

Technomadia · RV-Dreams Family Member

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