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11-03-2015, 05:13 PM
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#1
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Member
Join Date: Jul 2015
Location: Ormond Beach, FL
Posts: 46
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Question about buying for fulltiming
Recently I was told that if I sell my house first and then buy an RV for fulltiming it is unlikely to get financing do to lack of a permanent address.
Has anyone had this issue?
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11-03-2015, 05:44 PM
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#2
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Senior Member
Join Date: Jul 2015
Posts: 426
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Sounds right to me , would you loan money on something on wheels if the buyer had no assets to go after ! You might get it done with a very large down payment !
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11-03-2015, 06:14 PM
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#3
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Member
Join Date: Jul 2015
Location: Ormond Beach, FL
Posts: 46
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WanderingBob, has this ever happened to you?
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11-03-2015, 06:49 PM
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#4
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Senior Member
Join Date: Mar 2014
Location: Where the camper is
Posts: 598
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Unless you can get mail at CG or use their address and have a PO Box. You probably don't need to tell them everything if you want a big loan. My bank used to be super easy I could call them and they would say write a check and come by in 10 days or so and sign the loan papers. After the recent years it is by the books. Actually the first time I remember going to the bank was for daughters car of $2000. The 10 acres I still have for an address. Just write the check. Miss those days.
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11-04-2015, 01:30 AM
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#5
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Always Learning
Join Date: Nov 2011
Location: Four Corners, FL
Posts: 21,890
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I've heard the same thing, but you're going to get way more helpful information from the Escapees forum vs. here- simply because of the number of fulltimers that frequent it.
I also belong to a fulltimer's Facebook group.
__________________
Officially a SOB with a 2022 Jayco Precept 36C
Checkout my site for RVing tips, tricks, and info | Was a Fulltime Family for 5 years, now we're part-timing on long trips
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11-04-2015, 02:10 AM
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#6
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RV Vagabond Jerry
Join Date: Nov 2014
Location: Full Time Vagabond
Posts: 157
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It would definately hurt your chances at the bank. And any change in residence in the last 3 years is suspect. So buy first sell second. Unless the home sale would pay the full cost of the RV. Ideally buy the RV without a loan.
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11-04-2015, 11:07 AM
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#7
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Senior Member
Join Date: Apr 2014
Location: West Atlanta Metro
Posts: 1,235
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Quote:
Originally Posted by arpipeliner
My bank used to be super easy I could call them and they would say write a check and come by in 10 days or so and sign the loan papers. After the recent years it is by the books. Just write the check. Miss those days.
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Those WERE the good old days. My dad banked at a small town bank and the owner told him, "you will never have a bounced check here". At my old bank I was getting a loan for a new car, sitting at the loan officers desk the Exec VP came by and said "Hi" and asked the loan officer what he was doing. He said "I'm just checking his credit", the Exec said "just give him the damn money". Another time I needed a small loan and called my bank, the loan officer said "I'm writing a deposit slip right now, come by when you get time and sign the papers". Nothing like that now days.
__________________
2014 Palomino Puma 25RS
2011 F-150 Super Crew XLT
Days camped in 2014 - 23 Camped 2015-47
Camped 2016-71, 2017-33, 2018-29 booked
KT4W
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11-04-2015, 11:15 AM
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#8
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Senior Member
Join Date: Apr 2012
Posts: 3,249
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Sell the home and during your move out period buy the RV. You still live there, so you would have a permanent address to list. Problem solved.
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11-04-2015, 11:16 AM
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#9
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Senior Member
Join Date: May 2013
Location: Georgia
Posts: 647
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Quote:
Originally Posted by BooBoo23
Nothing like that now days.
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I wouldn't say those days are completely gone. 8 years ago my home builder had my house under roof before I had my construction loan approved. He had my house started before I even applied for the loan. As far as I know, he still operates that way today. Of course I would be in big trouble had my loan not gone through, but that is another story that thankfully didn't happen.
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2021 Micro Lite 25FKBS
2021 Ford F-250 XLT CCSB 4wd w/ 6.2l and 6 sp. transmission, 3.73 locking axle
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11-04-2015, 01:24 PM
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#10
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Senior Member
Join Date: Aug 2012
Posts: 331
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We are renting our house instead of selling. We call them house sitters.
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11-04-2015, 01:32 PM
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#11
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Junior Member
Join Date: Mar 2012
Posts: 16
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Fulltiming
Essex Credit finances full timers without any hassle. We have been Fulltiming for 10 years on RV #4 and no problems getting financed with Essex.
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11-04-2015, 01:35 PM
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#12
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Junior Member
Join Date: Mar 2012
Posts: 16
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Essex Credit finances full timers. Been Fulltiming 10 years. Been turned down several times when dealership refuses to listen. Applied with Essex and approved within minute. Other deny you because you Fulltime
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11-04-2015, 02:38 PM
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#13
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Member
Join Date: Jan 2014
Posts: 85
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DW and I talk about fulltiming when I retire. We will have the house paid off by then. We thought that we would buy the RV needed about two years prior to retiring. Then when I hang it up, sell the house and pay off the RV. Give fulltiming a couple years and if we don't think it's for us, pay cash for a small house.
__________________
Greg & Patty
2014 Flagstaff 8528IKWS
2004 Chevrolet Silverado 2500HD Extended Cab 4x4 Duramax/Allison
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11-04-2015, 02:48 PM
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#14
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Senior Member
Join Date: Dec 2014
Posts: 128
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Sell house, put proceeds from sale in Bank you do business with in form of CD and borrow from same bank for 2% over what you get in interest as long as CD stays in Bank. Economics 101.
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11-05-2015, 12:06 PM
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#15
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Member
Join Date: Jul 2015
Location: Ormond Beach, FL
Posts: 46
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Thanks for all the advice. I will look into Essex credit and escapees forum. All the advice is more than helpful and I appreciate it all.
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