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Open Roads Forum  >  Beginning RVing

 > Beginning RVer: Is this Scenario Doable?

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bsteinagel

Tucson

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Posted: 05/22/22 06:31pm Link  |  Quote  |  Print  |  Notify Moderator

Hello,

I am just beginning my research process into RVing full-time. My plan is to live in Wisconsin half the year and in Arizona during the winter traveling between the two a couple times a year. I would like to purchase my RV after my lease is up in my apartment next year. My main concern is: will a bank or other financial institution give me a loan for a travel trailer without a permanent address? For those of you who RV full-time and don't have a permanently located home, how do you do it?

My parents said I could use their address as my permanent home, but my concern is that this may make them financially liable for the loan if something happens and I'm unable to make payment and I don't want to do that to them.

Thanks in advance for any light you can shed on this! I hope this is doable but am concerned I may be missing something here.

Brad

pianotuna

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Posted: 05/22/22 09:15pm Link  |  Quote  |  Print  |  Notify Moderator

Hi Brad,

Welcome to the forums.

How about setting up a line of credit loan?


Regards, Don
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2112

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Posted: 05/23/22 04:24am Link  |  Quote  |  Print  |  Notify Moderator

Using your parents address does not make them liable. Only the name(s) on the contract is liable.


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RetiredRealtorRick

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Posted: 05/23/22 05:06am Link  |  Quote  |  Print  |  Notify Moderator

Surely you'll purchase it while you're still in your apartment (although very near the end of your lease) -- use that address.


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valhalla360

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Posted: 05/23/22 05:48am Link  |  Quote  |  Print  |  Notify Moderator

Unless your parents co-sign or otherwise materially participate in the loan contract, there is no reason they could be liable for the loan (I assume you are an adult and not under any special guardianship to your parents).

The easiest would be to get the loan while you still have the apartment.

How will you be paying the loan? Will it include changing jobs? Is the income to payment ratios reasonable? It's quite reasonable for the bank to have questions if your financial situation is changing drastically and you are purchasing an item that can disappear or be destroyed in a heartbeat.


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Posted: 05/23/22 07:18am Link  |  Quote  |  Print  |  Notify Moderator

Wouldn't they just use the address that's on your driver's license?


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valhalla360

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Posted: 05/23/22 07:45am Link  |  Quote  |  Print  |  Notify Moderator

JKJavelin wrote:

Wouldn't they just use the address that's on your driver's license?


Technically, you are supposed to keep your license address current.

Also, if there is a conflict between your address and you license, you could run into issues.

Of course, if you get the loan while you are in the apartment and it matches your license, there is no conflict and you aren't lying on the application.

It's OK not to highlight your situation but don't do anything that could be considered fraudulent.

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Posted: 05/23/22 08:44am Link  |  Quote  |  Print  |  Notify Moderator

pianotuna wrote:

Hi Brad,

Welcome to the forums.

How about setting up a line of credit loan?


That's a horrible option, interest wise, even if the guy can take a personal line of credit.

OP, yes you can get a loan if your qualified. Yes you can use just about any viable address, generally, in my experience.
No, the owners of the address you use will not be liable for any misgivings you may have unless that same person co-signs on your loan.


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Lwiddis

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Posted: 05/23/22 11:04am Link  |  Quote  |  Print  |  Notify Moderator

"My parents said I could use their address as my permanent home, but my concern is that this may make them financially liable for the loan if something happens and I'm unable to make payment and I don't want to do that to them..."

Basic contract law...no, your parents won't have liability without signing something.


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Matt_Colie

Southeast Michigan

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Posted: 05/23/22 11:28am Link  |  Quote  |  Print  |  Notify Moderator

Brad,
Your situation begs that you look up Escapees. This is what they know about and are good at dealing with all the time. They can even provide a fixed address.
Matt


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A sailor, his bride and their black dog (one is waiting for us at the bridge) going to see some dry places that have Geocaches in a coach made the year we married.


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