Best financing for full timers?

TheRowlands · 05-13-2016, 08:42 PM

Those of you who full-time, how did you finance your RV, besides paying cash? We have just about everything through USAA, and planned to finance the RV through them as well (already approved, pending VIN from factory). However, one of the questions they asked is if I would be using the RV as a primary residence. I asked why they asked this, and he explained that they would not write a loan for a full-time RV! I told him I would be living in my house (not a complete lie, as I have to sell the house before I can go full time.)

My main concern is that they will eventually find out we are full timing (especially when our address changes to a mail service such as MyRVMail) and then they may default the loan?! I'm guessing we'd be better off just going with Good Sam Finance?

B and B · 05-13-2016, 08:45 PM

Can you use a kids address?

TheRowlands · 05-13-2016, 08:53 PM

No, our kids are 7 and 5

We were going to use my wife's parents' address, but we decided to "move" to Florida instead. I don't want to burden them with our mail, and of course, there's the added benefit of no income tax in FL.

AquaMan · 05-13-2016, 09:17 PM

You're not full timing, you're between homes. The RV is not permanent, as they don't last forever, you're just traveling in it until you buy another home, regardless of how long that may be. That would be my story.

Sent from my iPhone using Forest River Forums

**ependydad** · 05-14-2016, 01:08 AM

IMO, FRF is a great forum but there are relatively few fulltimers. I'd search the "Fulltime Families" Facebook group. This is covered about weekly.

lbrjet · 05-14-2016, 09:56 AM

Honesty is the best policy.

2010 F250 5.4L 3.73
2011 Flagstaff 831FKBSS
Equal-i-zer 4pt 12K

Kayakerfl · 05-14-2016, 12:10 PM

I financed through USAA too and was asked the same question. As I will at times sleep other places I did not consider myself full time. I vacation a lot, as I'm sure you do too. USAA is not the type of financial institution to default on the loan, after all you could decide in a year you want to be permanent and USAA would not penalize you for changing your mind at a later time.

Military Retired
Proud American

kaymfischer · 05-14-2016, 03:10 PM

We obtained our loan through Essex Credit. They do the loan and it is then transferred to Bank of the West. They will go up to 20 years for full-timers and their interest rate is around 3.99%. They are very easy to work with.

One other problem is who you have your insurance for the RV with. We had ours with State Farm but when we went full time found out they will not insure full-timers. We now have our coverage with Progressive because they have an option to pay for an "agreed price" if something would happen to the RV. They determine what the book value is on the day you become insured and that is the amount they will pay you as long as the coverage is paid for.

You really should be honest - someone always know what you are doing if you are pretending you are not a full-timer (neighbors, family members, co-workers, etc. will spill the beans) and coverage can be denied. We are happy with the loan thru Essex Credit and Progressive. Also, Alliant does full-time RV loans but I don't believe they will go as long as 20 years.

TheRowlands · 05-14-2016, 07:00 PM

Thanks for all the feedback so far. I had asked on a Facebook group as well and have received similar advice.

My goal is to be honest, which is what raised this question in the first place. We have plans to go full time as soon as we fix and sell the house (and most belongings).

When I first called USAA to get a loan, I was asked asked if I plan to live in it full time and I said yes. He then said I must have misunderstood the question, as they will not finance it for full time. I responded that I currently own a house in which I live, and he said that was a better answer. I took this as him fully understanding my intent, and guiding me toward a better answer for technicalities. The loan is currently pending, as I do not yet have a VIN from the factory.

I called back yesterday and asked what would happen if I got the loan, and later decided to go full time, and wasn't able to get a clear answer. He (different person than prior conversation) kept saying it wasn't his department. I asked to speak to that department, and he told me that since the loan is not yet written, if I talk to them and ask that question, they will likely stop the loan from being written. He also said if I get the loan and later go full time, I will have to call and tell them so they can note it on the loan, but didn't think they would rescind the loan (I'm not even sure if they have the ability to rescind it for that). When I asked why they need to note it, he said it had to do with taxes, and that if I live in it full time, I would not be able to receive yearly tax documents for the interest paid.

I can't imagine I would really feel the need to tell them if I move into it, but I had planned to obtain insurance with Progressive through USAA. Initially my insurance will be USAA. They will insure an RV, but they do not have full time coverage. They partner with Progressive for that. If I change to full time rv coverage with partner company, it would be hard for them to not know.

If we go with USAA and are later asked if we are full-timing, I will certainly tell the truth. I just want to find out from those who have done it what the repercussions are in this with USAA, if any. They have been great to me so far. Almost everything in my life relating to financing and insurance is through them, and I really appreciate what they stand for. I would like to go with them if I feel like I can do so honestly and without worry.

beauski99 · 05-14-2016, 08:50 PM

My wife and i sold our home and bought a new 5th wheel a month later. We have lived in it for almost a year now. We too have nearly everything with USAA. When we first inquired on the loan with them we too were asked the same questions, although we have a home on the coast, and were told to use that address. I was not comfortable with that at all. Afterall, they handle accounts from checking to investments, auto loan and insurance, even life insurance. We actually went with Capitol One because, as odd as it sounds, they beat USAA by nearly a point. They also are ok with full-timing, at least they didnt ask any other questions. We covered the insurance through National General and love them so far. Good luck on the move. We love it and have not regretted it for a second.

kaymfischer · 05-14-2016, 08:51 PM

Sounds like you have your head on straight and are going about this in the right way. Good luck and happy travels.

John Hagen · 05-15-2016, 03:40 PM

We are full timers and retired. We financed through Alliant Credit Union in Chicago (we maintain an Oklahoma residence). Alliant is RV friendly and there wasn't an issue. Got the loan for $105k, 20 years, 3.99%. Give them a try. Cheaper than Good Sam and was all done online. By the way, we were not members of Alliant until we requested the loan.

John

97flhtcui · 05-15-2016, 11:28 PM

We are fulltimers and have bought 3 rv's since. Our first loan was Wachovia, then in 08 loan is from bank of the west fo 15 yr loan. In February of 15 we bought a new cedar creek and the dealer wanted to go with a different lender but we were supposed to lie about fulltiming. I told them to go through bank of the west. Another 15 year loan. Our insurance is through national general (good Sam). There are plenty of lenders that do fulltimers. We use a p.o. box for mail and we host at a local state park 4 months out of the year and use that address as our physical if needed.

You may also like: