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I've been soul searching, and listing out what my goals are, being honest with myself about what I feel is important, etc. But before I keep looking at things, I really need to figure this part out...

The question is - can I even get financing?

Currently, I rent a place in Mexico. I have a post office box in Washington, my driver's license is Washington and my voter's registration is Washington. But I technically do not have a physical permanent address in the US.

I'm worried that this would keep me from financing my rig.

I'm also self employed, although I've gotten loans before by showing my tax returns. And I almost bought an RV about 18 months ago, and they were going to finance me just fine - BUT I was renting in an apartment at the time - again, a physical residence.

I was trying to not cash out all my assets, as I'd prefer they were sitting their making their interest and dividends. And if I had to cash out, it completely changes what I can afford because after the tax man smacks me around

Has anyone financed without being in a home or rental apartment at the time? like maybe already being a full timer?

And along that line, is there a place where I could get financed without having to lie about being a full timer? Even last time the RV salesman told me to not mention full timing - lol. But I really hate being dishonest like that.

There's a blog that I read regularly -- the Gypsy Journal. Nick has worked with a bank (or maybe a credit union?) that will work with people with unique situations. You might try sending him a note through his blog and see what he says.

Laura

Yes, who do you bank with, even though you are in Mexico? And where are your assets? I am assuming you mean stock or mutual funds. Check with that bank or credit union first.

By the way, an advantage of belonging to a credit union is that you can use ATM machines in thousands of other credit unions across the country. Can even go in and deposit checks.

ALso, you will have to declare a residency eventually because you will need it to pay federal taxes. Your residency also determines things like costs of medical and vehicle insurance. Do you have a relative whole home you can use as a residence, even if you do not live there? I use my son's home in Ohio, for example. He gets my mail and forwards it every few months.

I have 2 credit unions - one I've belonged to in California since 1999, and my Washington credit union since 2013. I checked the rates for RVs on both and they are awful compared to say the rates published on Good Sam. And the loan term is shorter. I prefer longer terms and making additional payments on my terms, so that I have lower minimums in case something goes wonky on me and I need to make other plans.

And then credit cards and paypal. Everything is done online, and then I take cash out locally in pesos at the moment for living expenses. Bills are all paid online.

I was hoping to have other options besides the credit union - and I would have to completely pretend I'm not full time with them. It's considered a "lifestyle loan" by the credit union, hence the higher interest rates and shorter financing length.

Has anyone used Good Sam or another RV savvy lender that understands full timing and also not having a permanent RV residence?

I'll definitely find Nick's Gypsy Journal also - thanks!

Nick is experienced with most RV situations and will share the truth. There are several companies that specialize in RV loans and insurance etc., especially for the full time folks.

Depending on the $$'s being financed, many banks finance as well as CU's in the RV knowing world. Google online and see what you end up with but, of course, be careful as scammers are out there. There are ladies here who did the online financing and got good deals. When you think about how many full timers there are, then reason says they finance through banks and CUs. I never told anyone I didn't full time. I did and still do have an address for my bills, vehicle registration and insurance, health insurance, and to pay my Uncle Sam his taxes but my State has no income tax.

Knowing your credit score can give you information like who wants your business. Top rated credit score you get top rated banks and interest rates. Good credit score but not top, you pay a bit more interest. A so-so credit score you may have to look harder for your financing. I would start with my current bank as they know you. I am using the same bank for this rig as my previous rig.

Don't expect a long loan period as your rig is not likely to hold up like a stick and brick on land. Think collateral as that is what your financing company is basing your loan. I have heard of a 20 year loan on a $275,000 rig but many stop at 15 years for under $100,000. Some places know you probably won't keep it 15 or 20 years but they know you will be upside down when you pick up the key. You should know that too.

And your Washington address is your legal address.

Thanks everyone. Actually in Washington, my post office box is legal for everything except car registration. They are not counted as physical addresses - part of that whole "Real ID" act thingy from the government. When I was looking at a rig about 18 months ago, the salesmen said something to me about it being good to buy it now while I still had a real address.

Credit score is pretty good at 750. I've been trying for years to break that 800 mark, closest I ever got was 786 - but it's usually in the 750 range.

I've been doing tons of googling, but so much is hidden behind the "give us all your info so we can spam you to death" form that it gets a little frustrating to separate the truth from fantasy.

BirdbyBird wrote:Nick is experienced with most RV situations and will share the truth. There are several companies that specialize in RV loans and insurance etc., especially for the full time folks.

Is Nick okay with just an out-of-the-blue contact through the form on the website? Is it okay for me to say the folks on this forum recommended reaching out? I don't want to be "that annoying person" - haha

Just as an FYI Good Sam financing is no different than any other financial institution They use Bank of the West. I wouldn[t volunteer that you are a full timer to a loan institution but I would to my insurance company. Remember never "volunteer" info. LOL

karen

Feel free to credit the forum for suggesting you ask Nick. He is knowledgeable and uses his daily blog to connect with RVers. I think part of his PR is being a resource to us out here in internet land. He has many useful print materials for sale and his blog is entertaining even now that he is no longer full timing but only part timing. He and his wife were full timers for 17 years.

And I just remembered seeing an ad in the latest Escapees Magazine about a division of the Bank of the West.....as in they understand RV loans, etc.

I know that I bought me last unit here in Ohio but they found he best deal for me through Bank of the West. That was the first timeI had heard of them.

That is good news about Bank of the West. I also have my loan thru them. I didnt have any trouble but I dont full time and I have an address. But good news for other fulltimers Thanks Tina for the info.

karen

When my fifthwheel was financed through the credit union,
they do NOT want to hear you are living in it full time. Well,
my credit union was like that.

Thanks everyone. The financing thing is so hard for me to figure out... on the one hand, I don't really want to cash out assets, but on the other hand, there is something that makes me feel better about not having a loan payment.

So many decisions....

bghouse wrote:Thanks everyone. The financing thing is so hard for me to figure out... on the one hand, I don't really want to cash out assets, but on the other hand, there is something that makes me feel better about not having a loan payment.

So many decisions....

I got to thinking about the post you made towards the end of this thread:

http://womenrv.com/forum/viewtopic.php?f=4&t=15923&start=60

. . . and thought I would post a further thought. For me at least, there is a BIG difference between purchasing/financing a new or used tow vehicle, and a new or used RV. My posts on the thread above had to do with the purchase of a tow vehicle. . . and the pros and cons of new vs. used tow vehicle.

But in reading your further posts, it looks to me like you are not looking for a tow vehicle, but rather for just an RV.

I mean no disrespect, but this is kind of like comparing apples to oranges. For myself, I would likely never consider the purchase of a new RV, for much the same reasons that Beth posted (the value of the new RV pretty much falls off the cliff when one drives it off the lot) and also because - in a great many cases - RV's are purchased by people that have big plans, but end up using said RV a relatively small amount (unlike a used tow vehicle, that might have had a rough "previous life").

I have a DIY-converted cargo van (see this link for my van-build story),

http://heartdogs.net/wordpress/?page_id=171

. . .that I purchased new as a bare-bones cargo van (for the reasons outlined in the above thread) and then converted myself to my (now) bare-bones RV.

However, from time to time, when I am feeling weak , I entertain the dream of a small and simple (the smaller the better - by "simple" I mean no slides) Class C. A Class C of just a couple of years old, with 20,000 - 30,000 miles on the odometer, can sometimes be found for nearly half the price of new. Not always, but they do happen.

Anyway, I thought I would post this for clarification.

All of us here hope you find the RV of your dreams, whatever it might be.

Good luck to you, and please keep us posted. We are a nosey lot, and love to read about someone else's adventures.

Thanks.

Anne

bghouse wrote:Thanks everyone. The financing thing is so hard for me to figure out... on the one hand, I don't really want to cash out assets, but on the other hand, there is something that makes me feel better about not having a loan payment.

So many decisions....

You might want to talk to a CPA who is also a financial advisor regarding using your assets. There are certain ones you don't want to use particularly anything in an IRA or Roth as you would pay massive penalties and tax. Also you need to know which assets to use first, has something to do with if tax free or taxable. I financed part of my newer RV as my thought was, the market is so well, I would rather pay the bank interest as it is currently less that what I'm earning. Good luck, it will be worth the worry and work!