Can You Finance 2 RV's

[CGDG93]

We currently own SOB, but would like to buy a GDRV and do not want to wait to sell current RV.

Question: I have heard that a lender will not approve you for a 2nd RV loan even with a 800+ FICA. This supposedly is due to if you did have financial issues the non necessity luxury items would be the first to default.

Anyone have any experience here?

Thanks,
Curtis

[sande005]

Depends on your lender. And if yours was to be concerned then it is very easy to find another. My credit union treats them just like cars - no limit to how many car loans you can have, as long as your overall financial situation easily warrants you being able to support them.

[JColeman]

You were told a bunch of malarky. Any rational lender will look at your credit and ability to repay the loan. They have the assets to back the loan, and that's all they really care about.

[JCZhome]

No problem financing two at a time with a high FICO score and low debt to income ratio. RV, boat, motorcycle all at the same time as my truck a few years back. I did own our home and several rental investment properties at the time. I used our credit union.....so much easier to deal with than a bank.

[huntr70]

We have had that happen with a lot of lenders.

The loans are recreation loans, structured as mortgages. Most lenders will not finance 2 rec loans at the same time.

[Jerryr]

We keep a $250k HELOC open and available so we can use to buy things we plan to pay off quickly. If you have equity in your primary home you may want to look into it.

HELOC tax deductibility is restricted with the new IRS rules but it’s great to have that check book available if you come upon a good deal and you need quick cash. RV recreation loans are generally tax deductible as a 2nd home, but using a HELOC to buy an RV is no longer deductible.

I recently used it to supplement cash on hand to buy a vacation home and put a new roof on it. Using the HELOC allowed us to not use any other assets or having to get a mortgage. Yesterday we closed on a sale of some vacant land we owned and used the proceeds from that sale to pay off the HELOC. So we only paid interest for 65 days and didn’t need to touch brokerage account.

[Aridon]

It's all about your debt to income ratio and credit score for the most part.

Not to say certain banks won't have a policy of not letting you go 20 years on multiple rvs, i would consider that exotic financing and there might be limits on the extreme side. However those limits are not set in stone and if you are paying for it over a reasonable time frame these units are no different than cars. You can certainly buy more than you can afford.

[camper1013]

We just did this. We bought our used 5th wheel and still have out travel trailer. Both are financed.

We have very goo credit and only our house and two other vehicle loans out so I am sure that helps.

We used Good Sam financing. We couldn’t find local banks or credit unions willing to go 15 years on a loan. We like to push our loan terms out and pay extra when we can.